Friday, February 21, 2014

Philadelphia's Industrial Deliveries, Construction and Inventory

During the fourth quarter 2013, four Industrial buildings totaling 764,000 square feet were completed in the Philadelphia market area. This compares to two buildings totaling 526,590 square feet that were completed in the third quarter 2013. 

There were 5,023,394 square feet of Industrial space under construction at the end of the fourth quarter 2013. 

Some of the notable 2013 deliveries include: First Logistics Center @ I-83, a 708,000-square-foot facility that delivered in fourth quarter 2013, and Subaru, a 526,050-square-foot building that delivered in second quarter 2013 and is now 100% occupied. 

The largest projects underway at the end of fourth quarter 2013 were West Hills Business Center - Building A, a 980,000-square-foot building with 100% of its space pre-leased, and Berks Park 78 - Dollar General, a 906,919-square-foot facility that is 100% pre-leased. 

Total Industrial inventory in the Philadelphia market area amounted to 1,012,355,131 square feet in 19,861 buildings as of the end of the fourth quarter 2013. The Flex sector consisted of 83,247,212 square feet in 3,244 projects. Within the Industrial market there were 2,549 owner-occupied buildings accounting for 234,313,339 square feet of Industrial space. 

This trend is compared to U.S. National Industrial deliveries and construction, which saw 150 buildings totaling 18.5 million square feet complete construction, with an additional 98.46 million square feet of industrial space still under construction at the end of the fourth quarter. The 1.62 million-square-foot Home Depot Distribution Center delivered in the Chicago market, while a 2.1 million-square-foot manufacturing building was still underway in the Phoenix market. Total industrial inventory in the U.S. market totaled 20.87 billion square feet in almost 615,000 buildings at the end of the fourth quarter 2013, including almost 68,000 owner-occupied projects.

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