Tuesday, August 13, 2013

Market Trend: Philadelphia's Office Deliveries, Construction and Inventory

During the second quarter 2013, three buildings totaling 23,100 square feet were completed in the Philadelphia market area. 

This compares to seven buildings totaling 722,360 square feet that were completed in the first quarter 2013, six buildings totaling 275,256 square feet completed in the fourth quarter 2012, and 46,319 square feet in four buildings completed in the third quarter 2012. 

There were 790,192 square feet of office spaceunder construction at the end of the second 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 Five Crescent Dr, a 207,779-square-foot building that delivered in first quarter 2013 and is now 100% occupied. 

The largest projects underway at the end of second 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 397,855,549 square feet in 20,051 buildings as of the end of the second quarter 2013. The Class-A office sector consisted of 127,387,442 square feet in 936 projects. Within the Office market there were 888 owner-occupied buildings accounting for 35,276,735 square feet of office space. 

This trend is compared to U.S. National Office deliveries and construction, which saw 219 buildings totaling 10.26 million square feet complete construction, with an additional 71.06 million square feet of office space still under construction at the end of the second quarter. A 685,000-square-foot facility at 200 S 108th Ave. in the Omaha/Council Bluffs market delivered, while 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 10.34 billion square feet in more than 493,000 buildings at the end of the second quarter 2013, including almost 20,000 owner-occupied buildings accounting for 879.9 million square feet. 


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