Friday, April 26, 2013

Philadelphia's Industrial Vacancy Decreases to 9.0%

The Philadelphia Industrial market ended the first quarter 2013 with a vacancy rate of 9.0%. 

The vacancy rate was down over the previous quarter, with net absorption totaling positive 566,950 square feet in the first quarter. That compares to positive 136,987 square feet in the fourth quarter 2012. Vacant sublease space decreased in the quarter, ending the quarter at 2,083,524 square feet. 

Tenants moving into large blocks of space in 2013 include: Binney & Smith, LLC moving into 800,280 square feet at 3025 Commerce Blvd, Perdue moving into 223,750 square feet at 1801 Dulaney St, and The American Red Cross. moving into 119,310 square feet at 530 Herman O. West Dr. 

Rental rates ended the first quarter at $4.47, a decrease over the previous quarter. 

There was 2,978,919 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 8.6% from the previous quarter, with net absorption positive 47.23 million square feet in the first quarter. Average rental rates increased to $5.21 this quarter, and 166 industrial buildings delivered to the market totaling almost 16 million square feet.

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