Philadelphia Retail Deliveries, Construction and Inventory

During the third quarter 2014, five retail buildings totaling 80,793 square feet were completed in the Philadelphia market. Over the past four quarters, a total of 842,776 square feet of retail space has been built in Philadelphia.

There were 389,251 square feet of retail space under construction at the end of the third quarter 2014.

Some of the notable 2014 deliveries include: 4300 Broadway, a 59,840-square-foot facility that delivered in third quarter 2014 and is now 100% occupied, and 332 S Broad St, a 45,000-square-foot building that delivered in first quarter 2014 and is now 100% occupied.

Total retail inventory in the Philadelphia market area amounted to 500,055,236 square feet in 41,234 buildings and 2,554 centers as of the end of the third quarter 2014.

This trend is compared to U.S. National Retail deliveries and construction, which saw 542 buildings totaling 13.91 million square feet complete construction, with an additional 53.3 million square feet of retail space still under construction at the end of the third quarter. 837 Washington St, a 58,200-square-foot facility in the New York City market, delivered this quarter, as did the 148,000-square-foot Main St N. Brunswick Costco in the Northern New Jersey market. Total retail inventory in the U.S. market totaled more than 12.54 billion square feet in almost 1.1 million retail buildings at the end of Q3 2014, including 97,500 shopping centers.

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