Market Trend: Philadelphia Office Deliveries, Construction and Inventory

During the first quarter 2014, five office buildings totaling 131,624 square feet were completed in the Philadelphia market area. This compares to eight buildings totaling 457,209 square feet that were completed in the fourth quarter 2013. 

There were 1,194,598 square feet of office space under construction at the end of the first quarter 2014. 

Some of the notable 2014 deliveries include: 1401 Roosevelt Ave, a 60,000-square-foot facility that delivered in first quarter 2014 and is now 100% occupied, and 3069 English Creek Ave, a 40,000-square-foot building that delivered in first quarter 2014 and is now unoccupied. 

The largest projects underway at the end of first quarter 2014 were 3737 Market St, a 340,000-square-foot building with 74% of its space pre-leased, and 2006 Route 130 N, a 215,100-square-foot facility that is 100% pre-leased. 

Total office inventory in the Philadelphia market area amounted to 400,734,635 square feet in 20,694 buildings as of the end of the first quarter 2014. The Class-A office sector consisted of 128,911,199 square feet in 955 projects. Within the Office market there were 916 owner-occupied buildings accounting for 35,288,471 square feet of office space. 

This trend is compared to U.S. National Office deliveries and construction, which saw 321 buildings totaling 16.1 million square feet complete construction, with an additional 90.1 million square feet of office space still under construction at the end of the first quarter. 50 Northern Ave., a 550,000-square-foot facility delivered in the Boston market, 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 almost 10.4 billion square feet in more than 499,500 buildings at the end of the first quarter 2014, including some 20,000 owner-occupied buildings accounting for 884.5 million square feet of office space. 
www.omegare.com