Thursday, May 2, 2013

Philadelphia's Office Deliveries, Construction and Inventory

During the first quarter 2013, two buildings totaling 505,170 square feet were completed in the Philadelphia Office market area. This compares to five buildings totaling 267,256 square feet that were completed in the fourth quarter 2012, four buildings totaling 46,319 square feet completed in the third quarter 2012, and 357,309 square feet in 10 buildings completed in the second quarter 2012. 

There were 858,284 square feet of office space under construction at the end of the first quarter 2013. 

Some of the notable 2013 deliveries include: Endo Pharmaceuticals, a 300,000-square-foot facility that delivered in first quarter 2013 and is now 100% occupied, and 5 Crescent Dr, a 205,170-square-foot building that delivered in first quarter 2013 and is now 100% occupied. 

The largest projects underway at the end of first quarter 2013 were 3737 Market St, a 272,700-square-foot building with 70% of its space pre-leased, and CrossPoint at Valley Forge, a 272,109-square-foot facility that is 31% pre-leased. 

Total office inventory in the Philadelphia market area amounted to 395,899,425 square feet in 19,773 buildings as of the end of the first quarter 2013. The Class-A office sector consisted of 126,835,611 square feet in 929 projects. There were 7,605 Class-B buildings totaling 173,037,232 square feet, and the Class-C sector consisted of 96,026,582 square feet in 11,239 buildings. Within the Office market there were 831 owner-occupied buildings accounting for 33,330,645 square feet of office space. 

This trend is compared to U.S. National Office deliveries and construction, which saw 168 buildings totaling 5.92 million square feet complete construction with an additional 72.14 million square feet of office space still under construction at the end of the first quarter. A 639,002-square-foot facility at 200 Innovation Way in the Cleveland market delivered, and the 3.02 million-square-foot One World Trade Center in New York City is still underway. Total office inventory in the U.S. market area totaled 10.3 billion square feet in almost 491,000 buildings at the end of the first quarter 2013, including more than 18,000 owner-occupied buildings accounting for 855.6 million square feet.

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