The Philadelphia Office market ended the fourth quarter 2013 with a vacancy rate of 11.2%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,209,045 square feet in the fourth quarter. That compares to positive 93,523 square feet in the third quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 1,265,856 square feet.
Tenants moving into large blocks of space in 2013 include: GlaxoSmithKline moving into 205,000 square feet at Five Crescent Dr; Drexel University moving into 117,464 square feet at Three Parkway; and Comcast moving into 110,000 square feet at 2801 Valley Rd.
Rental rates ended the fourth quarter at $21.10, an increase over the previous quarter.
A total of five buildings delivered to the market in the quarter totaling 374,040 square feet, with 797,349 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Office vacancy rate, which decreased to 11.5% from the previous quarter, with net absorption positive 25.62 million square feet in the fourth quarter. Average rental rates increased to $22.06, and 177 buildings delivered to the market totaling more than 11.7 million square feet.
www.omegare.com
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