Friday, May 17, 2013

Philadelphia's Industrial Deliveries, Construction and Inventory

During the first quarter 2013, no new space was completed in the Philadelphia Industrial market area. 

This compares to 10 buildings totaling 3,308,868 square feet that were completed in the fourth quarter 2012, four buildings totaling 2,229,000 square feet completed in the third quarter 2012, and 71,858 square feet in two buildings completed in the second quarter 2012. 

There were 2,978,919 square feet of Industrial space under construction at the end of the first quarter 2013. 

The largest projects underway at the end of first quarter 2013 were Berks Park 78 - Dollar General, a 906,919-square-foot building with 100% of its space pre-leased, and PetSmart, an 870,000-square-foot facility that is 100% pre-leased. 

Total Industrial inventory in the Philadelphia market area amounted to 1,012,862,282 square feet in 19,483 buildings as of the end of the first quarter 2013. The Flex sector consisted of 82,641,464 square feet in 3,189 projects. The Warehouse sector consisted of 930,220,818 square feet in 16,294 buildings. Within the Industrial market there were 2,399 owner-occupied buildings accounting for 229,134,214 square feet of Industrial space. 

This trend is compared to U.S. National Industrial deliveries and construction, which saw 166 buildings totaling 15.95 million square feet complete construction with an additional 54.82 million square feet of industrial space still under construction at the end of the first quarter. The 1 million-square-foot facility at 3851 Youngs Rd. in Chicago delivered, and the 1.8 million-square-foot Intel Ronler Acres D1X in the Portland market is still underway. Total industrial inventory in the U.S. market area totaled 20.79 billion square feet in approximately 520,000 buildings at the end of the first quarter 2013, including almost 60,500 owner-occupied industrial buildings.

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