Tuesday, May 29, 2012

Philadelphia's Retail Vacancy Stays at 6.2%

"The Philadelphia retail market did not experience much change in market conditions in the first quarter 2012.

The vacancy rate remained at 6.2% from the previous quarter. Net absorption was positive 770,096 square feet, and vacant sublease space increased by 15,188 square feet.

The largest lease signings occurring in 2012 included: the 66,485-square-foot-lease signed by Impact Thrift at 101 E. Street Rd; the 57,680-square-foot-deal signed by Kohl's at Fairlane Village Mall; and the 31,436-square-foot-lease signed by Ross Dress for Less at 5084-5098 Jonestown Rd.

Quoted rental rates were unchanged from fourth quarter 2011 levels, ending at $13.93 per square foot per year.

A total of 18 retail buildings with 556,997 square feet of retail space were delivered to the market in the quarter, with 446,897 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. national retail vacancy rate, which stayed at 6.9% from the previous quarter, with net absorption positive 9.53 million square feet in the first quarter."

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