Philadelphia's Retail Deliveries, Construction and Inventory

During the fourth quarter 2013, 15 retail buildings totaling 252,369 square feet were completed in the Philadelphia retail market. 

Over the past four quarters, a total of 1,008,403 square feet of retail space has been built in Philadelphia. In addition to the current quarter, 17 buildings with 436,926 square feet were completed in third quarter 2013. 

There were 282,479 square feet of retail space under construction at the end of the fourth quarter 2013. 

Some of the notable 2013 deliveries include: Wegmans, a 125,000-square-foot facility that delivered in fourth quarter 2013 and is now 100% occupied, and 3450 Fox St, a 124,900-square-foot building that delivered in third quarter 2013 and is now 90% occupied. 

Total retail inventory in the Philadelphia market area amounted to 490,015,456 square feet in 39,257 buildings and 2,552 centers as of the end of the fourth quarter 2013. 

This trend is compared to U.S. National Retail deliveries and construction, which saw 563 buildings totaling 10.42 million square feet complete construction, with an additional 46.5 million square feet of retail space still under construction at the end of the fourth quarter. A 747,500-square-foot retail facility delivered in the fourth quarter at 75 W. Rte 59 in the Northern New Jersey market, and a 628,000-square-foot building delivered in the Phoenix market back in the third quarter. Total retail inventory in the U.S. market totaled 12.4 billion square feet in more than 1.05 million buildings at the end of the fourth quarter 2013, including almost 97,000 shopping centers 
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