Thursday, July 19, 2012

Philadelphia's Industrial Vacancy Decreases to 8.9%

The Philadelphia Industrial market ended the second quarter 2012 with a vacancy rate of 8.9%.

The vacancy rate was down over the previous quarter, with net absorption totaling positive 2,886,675 square feet in the second quarter. Vacant sublease space increased in the quarter, ending the quarter at 2,993,658 square feet.

Tenants moving into large blocks of space in 2012 include: Ulta Inc moving into 361,900 square feet at I-81 Distribution Center - Bldg 1, and Kimberly Clark moving into 342,500 square feet at 500 Independence Ave.

Rental rates ended the second quarter at $4.48, a decrease over the previous quarter.

A total of two buildings delivered to the market in the quarter totaling 71,858 square feet, with 5,876,105 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. national industrial vacancy rate, which decreased to 9.2% from the previous quarter, with net absorption positive 46.48 million square feet in the second quarter.
Full report:

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