During the third quarter 2013, 15 retail buildings totaling 427,588 square feet were completed in the Philadelphia retail market.
Over the past four quarters, a total of 809,173 square feet of retail space has been built in Philadelphia. In addition to the current quarter, seven buildings with 122,691 square feet were completed in second quarter 2013, eight buildings totaling 154,692 square feet completed in first quarter 2013, and 104,202 square feet in 14 buildings completed in fourth quarter 2012.
There were 452,361 square feet of retail space under construction at the end of the third quarter 2013.
Some of the notable 2013 deliveries include: 3450 Fox St, a 124,900-square-foot facility that delivered in third quarter 2013 and is now 90% occupied, and 116 Township Line Rd, a 75,371-square-foot building that delivered in first quarter 2013 and is now 100% occupied.
Total retail inventory in the Philadelphia market area amounted to 487,038,544 square feet in 38,745 buildings and 2542 centers as of the end of the third quarter 2013.
This trend is compared to U.S. National Retail deliveries and construction, which saw 660 buildings totaling 13.82 million square feet complete construction, with an additional 42 million square feet of retail space still under construction at the end of the third quarter. American Furniture Warehouse completed a 628,000-square-foot retail center, and The Fashion Outlets of Chicago, a 538,000-square-foot outlet center, delivered in the third quarter. Total retail inventory in the U.S. market totaled 12.37 billion square feet in almost 1.05 million buildings at the end of the third quarter 2013, including almost 97,000 shopping centers.
www.omegare.com
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