Saturday, August 16, 2014

Philadelphia Industrial Deliveries, Construction and Inventory

During the second quarter 2014, eight industrial buildings totaling 3,127,992 square feet were completed in the Philadelphia market area. This compares to three buildings totaling 214,056 square feet that were completed in the first quarter 2014.

There was 8,276,767 square feet of Industrial space under construction at the end of the second quarter 2014.

Some of the notable 2014 deliveries include: 9645 West Hills Ct, a 980,000-square-foot facility that delivered in second quarter 2014 and is now 100% occupied, and 30 Martha Dr, a 906,919-square-foot building that delivered in second quarter 2014 and is now 100% occupied.

The largest projects underway at the end of second quarter 2014 were Liberty at Shippensburg on Olde Scotland Rd, a 1,700,000-square-foot building with 100% of its space pre-leased, and 3215 Commerce Center Dr, a 1,644,450-square-foot facility that is 100% pre-leased.

Total Industrial inventory in the Philadelphia market area amounted to 1,021,212,845 square feet in 20,149 buildings as of the end of the second quarter 2014. The Flex sector consisted of 84,692,787 square feet in 3,265 projects. Within the Industrial market there were 2,617 owner-occupied buildings accounting for 239,826,483 square feet of Industrial space.

This trend is compared to U.S. National Industrial deliveries and construction, which saw 229 buildings totaling 28.56 million square feet complete construction, with an additional 119.7 million square feet of industrial space still under construction at the end of the second quarter. The 2.1 million-square-foot 4500 S. Dobson Rd. delivered in the Phoenix market, while the 1.8 million-square-foot D1X Mod 2 building was still underway in the Portland market. Total industrial inventory in the U.S. market totaled 20.96 billion square feet in more than 618,000 buildings at the end of the second quarter 2014, including more than 69,000 owner-occupied projects.

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