The Philadelphia Industrial market ended the fourth quarter 2013 with a vacancy rate of 8.6%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 6,776,750 square feet in the fourth quarter. That compares to positive 1,105,038 square feet in the third quarter 2013. Vacant sublease space decreased in the quarter, ending the quarter at 1,463,921 square feet.
Tenants moving into large blocks of space in 2013 include: Walmart moving into 1,200,000 square feet at 2785 Commerce Center Blvd, Subaru moving into 526,050 square feet at Subaru, and Harley Davidson moving into 438,000 square feet at York Business Center.
Rental rates ended the fourth quarter at $4.52, an increase over the previous quarter.
A total of four buildings delivered to the market in the quarter totaling 764,000 square feet, with 5,023,394 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Industrial vacancy rate, which decreased to 8.0% from the previous quarter, with net absorption totaling positive 78.93 million square feet in the fourth quarter. Average rental rates increased to $5.36 this quarter, and 150 industrial buildings delivered to the market totaling more than 18.5 million square feet.
www.omegare.com
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