During the second quarter 2014, eight retail buildings totaling 66,506 square feet were completed in the Philadelphia market. Over the past four quarters, a total of 1,197,460 square feet of retail space has been built in Philadelphia.
There was 203,783 square feet of retail space under construction at the end of the second quarter 2014.
Some of the notable 2014 deliveries include: 332 S Broad St, a 45,000-square-foot facility that delivered in first quarter 2014 and is now 100% occupied, and 1900 N 9th St, a 30,000-square-foot building that delivered in first quarter 2014 and is now 93% occupied.
Total retail inventory in the Philadelphia market area amounted to 498,222,528 square feet in 40,822 buildings and 2,549 centers as of the end of the second quarter 2014.
This trend is compared to U.S. National Retail deliveries and construction, which saw 522 buildings totaling 10.83 million square feet complete construction, with an additional 50 million square feet of retail space still under construction at the end of the second quarter. A 152,000-square-foot Wal-Mart delivered in the second quarter in the Minneapolis market, and a 155,361-square-foot building delivered in the San Antonio market back in the first quarter. Total retail inventory in the U.S. market totaled more than 1.38 million buildings at the end of the second quarter 2014.
www.omegare.com
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