Tuesday, August 12, 2014

Philadelphia Office Deliveries, Construction and Inventory

During the second quarter 2014, seven office buildings totaling 413,734 square feet were completed in the Philadelphia market area. This compares to four buildings totaling 121,952 square feet that were completed in the first quarter 2014.

There was 2,116,720 square feet of office space under construction at the end of the second quarter 2014.

Some of the notable 2014 deliveries include: Two City Center, a 296,025-square-foot facility that delivered in second quarter 2014 and is now 40% occupied, and 1401 Roosevelt Ave, a 60,000-square-foot building that delivered in first quarter 2014 and is now 100% occupied.

The largest projects underway at the end of second quarter 2014 were FMC Tower / Walnut Street Tower, an 830,000-square-foot building with 68% of its space pre-leased, and 3737 Market St, a 340,000-square-foot facility that is 82% pre-leased.

Total office inventory in the Philadelphia market area amounted to 401,999,668 square feet in 20,835 buildings as of the end of the second quarter 2014. The Class-A office sector consisted of 128,991,730 square feet in 955 projects. Within the Office market there were 942 owner-occupied buildings accounting for 35,997,940 square feet of office space.

This trend is compared to U.S. National Office deliveries and construction, which saw 217 buildings totaling 11.38 million square feet complete construction, with an additional 101 million square feet of office space still under construction at the end of the second quarter. 3905 NW 107th Ave., an 80,000-square-foot facility delivered in the South Florida market, while the 354,845-square-foot 520 Newport Center Dr. in the Orange County market is still underway. Total office inventory in the U.S. market totaled almost 10.42 billion square feet in more than 500,800 buildings at the end of Q2 2014, including some 20,800 owner-occupied buildings accounting for 905 million square feet.

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