Monday, November 18, 2013

Philadelphia's Office Deliveries, Construction and Inventory

During the third quarter 2013, three office buildings totaling 61,700 square feet were completed in the Philadelphia market area. 

This compares to three buildings totaling 33,100 square feet that were completed in the second quarter 2013, eight buildings totaling 726,360 square feet completed in the first quarter 2013, and 276,492 square feet in six buildings completed in the fourth quarter 2012. 

There were 791,386 square feet of office space under construction at the end of the third 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 third quarter 2013 were 3737 Market St, a 272,700-square-foot building and CrossPoint at Valley Forge, a 272,109-square-foot facility. 

Total office inventory in the Philadelphia market area amounted to 396,322,067 square feet in 20,316 buildings as of the end of the third quarter 2013. The Class-A office sector consisted of 127,191,204 square feet in 948 projects. Within the Office market there were 900 owner-occupied buildings accounting for 35,387,640 square feet of office space. 

This trend is compared to U.S. National Office deliveries and construction, which saw 244 buildings totaling 12.2 million square feet complete construction, with an additional 83.8 million square feet of office space still under construction at the end of the third quarter. A 1.05 million-square-foot facility at 250 W. 55th St. in the New York City market delivered, while the 3.04 million-square-foot One World Trade Center in New York City is still underway. Total office inventory in the U.S. market totaled 10.34 billion square feet in almost 497,000 buildings at the end of the third quarter 2013, including almost 20,000 owner-occupied buildings accounting for 876.2 million square feet.

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