Friday, April 19, 2013

Philadelphia's Retail Vacancy Stays at 6.3%

The Philadelphia retail market did not experience much change in market conditions in the first quarter 2013. 

The vacancy rate remained constant at 6.3%. Net absorption was positive 40,514 square feet, and vacant sublease space increased by 91,278 square feet. In fourth quarter 2012, net absorption was negative 120,533 square feet. 

Tenants moving into large blocks of space in 2013 include: Weis Markets moving into 52,000 square feet at 2000 County Line Rd; Tractor Supply Company moving into 37,800 square feet at 870 US Route 15.; and Goodwill moving into 34,325 square feet at 201 E Baltimore Ave. 

Quoted rental rates increased from fourth quarter 2012 levels, ending at $13.85 per square foot per year. 

A total of 4 retail buildings with 59,481 square feet of retail space were delivered to the market in the quarter. 

This trend is compared to the U.S. National Retail vacancy rate, which decreased to 6.7% from the previous quarter, with net absorption positive 19.26 million square feet in the first quarter. Average rental rates increased to $14.48 this quarter, and 561 retail buildings delivered to the market totaling more than 9.3 million square feet.

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