Saturday, February 28, 2015

Philadelphia Industrial Deliveries, Construction and Inventory

During the fourth quarter 2014, three Industrial buildings totaling 327,200 square feet were completed in the Philadelphia market area. This compares to four buildings totaling 906,337 square feet that were completed in the third quarter 2014.

There were 16,734,334 square feet of Industrial space under construction at the end of the fourth 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 fourth quarter 2014 were Liberty at Shippensburg - Building 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 1,030,722,790 square feet in 20,377 buildings as of the end of the fourth quarter 2014. The Flex sector consisted of 85,676,583 square feet in 3,312 projects. Within the Industrial market there were 2,650 owner-occupied buildings accounting for 241,093,478 square feet of Industrial space.

This trend is compared to U.S. National Industrial deliveries and construction, which saw 240 buildings totaling 41.79 million square feet complete construction, with an additional 164.7 million square feet of industrial space still under construction at the end of the fourth quarter. South Washington Park Bldg 2, a 227,000-square-foot industrial facility in the Northern New Jersey market, delivered last year, as did the 168,000-square-foot 2150 Opdyke Rd. in Detroit, while 3507 Pasadena Blvd., a 600,000-square-foot facility in the Houston market, was still under way. Total industrial inventory in the U.S. market totaled almost 21.15 billion square feet in more than 623,000 buildings at the end of Q4 2014, including 90,000 flex projects.

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