Monday, November 10, 2014

Philadelphia Office Deliveries, Construction and Inventory

During the third quarter 2014, two office buildings totaling 219,036 square feet were completed in the Philadelphia market area. This compares to nine buildings totaling 455,834 square feet that were completed in the second quarter 2014.

There were 3,506,297 square feet of office space under construction at the end of the third 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 Five Crescent Dr, a 207,779-square-foot building that delivered in first quarter 2014 and is now 100% occupied.

The largest projects underway at the end of third quarter 2014 were Comcast Innovation & Technology Center, a 1,566,794-square-foot building and FMC Tower / Walnut Street Tower, an 830,000-square-foot facility.

Total office inventory in the Philadelphia market area amounted to 402,879,847 square feet in 20,930 buildings as of the end of the third quarter 2014. The Class-A office sector consisted of 129,867,900 square feet in 966 projects. Within the Office market there were 985 owner-occupied buildings accounting for 37,487,321 square feet of office space.

This trend is compared to U.S. National Office deliveries and construction, which saw 233 buildings totaling 13.16 million square feet complete construction, with an additional 108.2 million square feet of office space still under construction at the end of the third quarter. 8 Education St, a 321,503-square-foot office building in the Boston market delivered this quarter, as did the 409,000-square-foot facility at 3965 Eagan Outlets Pky in the Minneapolis market, while the 1.5 million-square-foot State Farm Campus in the Dallas / Ft. Worth market is still underway. Total office inventory in the U.S. market totaled almost 10.44 billion square feet in more than 502,400 buildings at the end of Q3 2014, including some 22,000 owner-occupied buildings accounting for 930 million square fee

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