Friday, July 27, 2012

Philadelphia's Retail Vacancy Stays at 6.2%

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

The vacancy rate stayed at 6.2%, same as in the previous quarter. Net absorption was positive 106,941 square feet, and vacant sublease space increased by 25,143 square feet.

Tenants moving into large blocks of space in 2012 include: Wegmans moving into 140,000 square feet at The Village at Valley Forge; Speed Raceway moving into 106,000 square feet at Village Mall; and Burlington Coat Factory moving into 70,500 square feet at Garden State Pavilion.
Quoted rental rates decreased from first quarter 2012 levels, ending at $13.86 per square foot per year.

A total of four retail buildings with 81,065 square feet of retail space were delivered to the market in the quarter, with 408,909 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% over the previous quarter, with net absorption positive 2.85 million square feet in the second quarter.
Full report:

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