Friday, December 5, 2014

Philadelphia Industrial Deliveries, Construction and Inventory

During the third quarter 2014, four industrial buildings totaling 906,337 square feet were completed in the Philadelphia market area. This compares to 10 buildings totaling 3,377,992 square feet that were completed in the second quarter 2014.

There were 12,035,258 square feet of Industrial space under construction at the end of the third quarter 2014.

Some of the notable 2014 deliveries include: West Hills Business Center - Building A, a 980,000-square-foot facility that delivered in second quarter 2014 and is now 100% occupied, and Berks Park 78 - Dollar General, 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 third quarter 2014 were Liberty at Shippensburg - Bldg B, a 1,700,000-square-foot building with 100% of its space pre-leased, and Majestic Bethlehem Center - Site 2, a 1,644,450-square-foot facility that is 100% pre-leased.

Total Industrial inventory in the Philadelphia market area amounted to 1,027,459,201 square feet in 20,288 buildings as of the end of the third quarter 2014. The Flex sector consisted of 85,700,596 square feet in 3,302 projects. Within the Industrial market there were 2,646 owner-occupied buildings accounting for 241,022,503 square feet of Industrial space.

This trend is compared to U.S. National Industrial deliveries and construction, which saw 206 buildings totaling 30.84 million square feet complete construction, with an additional 148.9 million square feet of industrial space still under construction at the end of the third quarter. 6100 Garfield Ave is a 620,000-square-foot facility that delivered this quarter in the Los Angeles market, while the 1.7 million-square-foot RidgePort Logistics Center in the Chicago market is still under way. Total industrial inventory in the U.S. market totaled almost 21.08 billion square feet in more than 621,000 industrial buildings at the end of Q3 2014, including almost 71,200 owner-occupied properties.

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