Monday, February 10, 2014

Philadelphia's Office Deliveries, Construction and Inventory

During the fourth quarter 2013, five office buildings totaling 374,040 square feet were completed in the Philadelphia market area. This compares to four buildings totaling 24,500 square feet that were completed in the third quarter 2013. 

There were 797,349 square feet of office spaceunder construction at the end of the fourth quarter 2013. 

Some of the notable 2013 deliveries include: Endo Pharmaceuticals, a 300,000-square-foot facility that delivered in first quarter 2013 and Five Crescent Dr, a 207,779-square-foot building that delivered in first quarter 2013. 

The largest projects underway at the end of fourth quarter 2013 were 3737 Market St, a 340,000-square-foot building and Great Valley Corp Center, a 205,836-square-foot facility that is 100% pre-leased. 

Total office inventory in the Philadelphia market area amounted to 400,032,971 square feet in 20,506 buildings as of the end of the fourth quarter 2013. The Class-A office sector consisted of 128,600,713 square feet in 950 projects. Within the Office market there were 910 owner-occupied buildings accounting for 35,631,708 square feet of office space. 

This trend is compared to U.S. National Office deliveries and construction, which saw 177 buildings totaling 11.7 million square feet complete construction, with an additional 86.9 million square feet of office space still under construction at the end of the fourth quarter. 4 World Trade Center, a 2.85 million-square-foot facility delivered, while the 3.04 million-square-foot One World Trade Center in New York City is still underway. Total office inventory in the U.S. market totaled 10.37 billion square feet in almost 498,000 buildings at the end of the fourth quarter 2013, including almost 20,000 owner-occupied buildings accounting for 884.5 million square feet.

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