Friday, February 15, 2013

Philadelphia's Industrial Vacancy Increases to 9.1%

The Philadelphia Industrial market ended the fourth quarter 2012 with a vacancy rate of 9.1%. 

The vacancy rate was up over the previous quarter, with net absorption totaling positive 1,388,935 square feet in the fourth quarter. That compares to positive 549,201 square feet in the third quarter 2012. Vacant sublease space increased in the quarter, ending the quarter at 2,714,612 square feet. 

Tenants moving into large blocks of space in 2012 include: Cardone Industries Incorporated moving into 1,455,000 square feet at 5400 Langdon St, Westport Axle moving into 516,800 square feet at 650 Boulder Dr, and Ulta Inc moving into 361,900 square feet at I-81 Distribution Center. 

Rental rates ended the fourth quarter at $4.48, an increase over the previous quarter. 

This trend is compared to the U.S. National Industrial vacancy rate, which decreased to 8.8% from the previous quarter, with net absorption positive 70.41 million square feet in the fourth quarter. Average rental rates increased to $5.18.

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