The Philadelphia Industrial market ended the third quarter 2013 with a vacancy rate of 9.2%.
The vacancy rate was unchanged over the previous quarter, with net absorption totaling positive 1,044,866 square feet in the third quarter. That compares to negative 1,033,043 square feet in the second quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 2,188,427 square feet.
Tenants moving into large blocks of space in 2013 include: Perdue moving into 223,750 square feet at 1801 Dulaney St - Building 1, Genco moving into 204,338 square feet at 61 Green Mountain Rd, and Schenker Logistics moving into 181,939 square feet at 700 Allen Rd.
Rental rates ended the third quarter at $4.52, an increase over the previous quarter.
A total of two buildings delivered to the market in the quarter totaling 526,590 square feet, with 8,132,177 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Industrial vacancy rate, which decreased to 8.3% from the previous quarter, with net absorption totaling positive 50.37 million square feet in the third quarter. Average rental rates increased to $5.31 this quarter, and 202 industrial buildings delivered to the market totaling more than 22.4 million square feet.
www.omegare.com
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