Friday, August 23, 2013

Philadelphia's Industrial Deliveries, Construction and Inventory

During the second quarter 2013, one Industrial building totaling 70,000 square feet were completed in the Philadelphia market area. 

This compares to one building totaling 15,500 square feet that were completed in the first quarter 2013, 11 buildings totaling 3,944,948 square feet completed in the fourth quarter 2012, and 2,229,000 square feet in four buildings completed in the third quarter 2012. 

There were 4,149,992 square feet of Industrial space under construction at the end of the second quarter 2013. 

Some of the notable 2013 deliveries include: Albert's Organics, a 70,000-square-foot facility that delivered in second quarter 2013 and is now 100% occupied, and Mid Valley Industrial Park - Building 4, a 15,500-square-foot building that delivered in first quarter 2013. 

The largest projects underway at the end of second 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 1,015,889,237 square feet in 19,663 buildings as of the end of the second quarter 2013. The Flex sector consisted of 83,056,168 square feet in 3,224 projects. Within the Industrial market there were 2,531 owner-occupied buildings accounting for 234,526,240 square feet of Industrial space. 

This trend is compared to U.S. National Industrial deliveries and construction, which saw 167 buildings totaling 17.46 million square feet complete construction with an additional 56.6 million square feet of industrial space still under construction at the end of the second quarter. The 1.29 million-square-foot Home Depot BTS delivered in the Atlanta market, 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 20.8 billion square feet in more than 611,000 buildings at the end of the second quarter 2013, including almost 67,500 owner-occupied industrial buildings.

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