Sunday, December 8, 2013

Philadelphia's Industrial Deliveries, Construction and Inventory

During the third quarter 2013, two Industrial buildings totaling 526,590 square feet were completed in the Philadelphia market area. 

This compares to one building totaling 70,000 square feet that were completed in the second quarter 2013, nothing completed in the first quarter 2013, and 3,686,168 square feet in 11 buildings completed in the fourth quarter 2012. 

There were 8,132,177 square feet of Industrial space under construction at the end of the third quarter 2013. 

Some of the notable 2013 deliveries include: Prologis Lehigh Valley West - Building 200, a 493,200-square-foot facility that delivered in third quarter 2013 and is now 37% occupied, and Albert's Organics, a 70,000-square-foot building that delivered in second quarter 2013 and is now 100% occupied. 

The largest projects underway at the end of third quarter 2013 were Liberty at Shippensburg - Bldg 2, a 1,185,750-square-foot building with 100% of its space pre-leased, and West Hills Business Center - Building A, a 980,000-square-foot facility that is 100% pre-leased. 

Total Industrial inventory in the Philadelphia market area amounted to 1,014,384,870 square feet in 19,814 buildings as of the end of the third quarter 2013. The Flex sector consisted of 82,951,153 square feet in 3,235 projects. Within the Industrial market there were 2,553 owner-occupied buildings accounting for 234,330,423 square feet of Industrial space. 

This trend is compared to U.S. National Industrial deliveries and construction, which saw 202 buildings totaling 22.43 million square feet complete construction, with an additional 75.12 million square feet of industrial space still under construction at the end of the third quarter. The Helen of Troy Building, a 1.2 million-square-foot facility delivered in the third quarter, and the 1 million-square-foot N. Chrisman Rd. at Prologis Park Tracy II is still under development. Total industrial inventory in the U.S. market totaled 20.86 billion square feet in almost 615,000 buildings at the end of the third quarter 2013, including almost 90,000 flex projects and 68,000 owner-occupied buildings.

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