The Philadelphia Industrial market ended the second quarter 2014 with a vacancy rate of 8.6%.
The vacancy rate was unchanged over the previous quarter, with net absorption totaling positive 3,596,954 square feet in the second quarter. That compares to positive 3,102,097 square feet in the first quarter 2014. Vacant sublease space increased in the quarter, ending the quarter at 1,491,782 square feet.
Tenants moving into large blocks of space in 2014 include: Wal-Mart (Distribution center) moving into 1,200,000 square feet at 2785 Commerce Center Blvd, Ocean Spray moving into 980,000 square feet at 9645 West Hills Ct, and Kane Warehousing, Inc. moving into 955,935 square feet at 6 Kane Lane.
Rental rates ended the second quarter at $4.51, a decrease over the previous quarter.
A total of eight buildings delivered to the market in the quarter totaling 3,127,992 square feet, with 8,276,767 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 7.7% from the previous quarter, with net absorption positive 53.93 million square feet in the second quarter. Average rental rates increased to $5.44, and 229 buildings delivered to the market totaling almost 28.6 million square feet.
www.omegare.com
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