Monday, February 16, 2015

Philadelphia Office Deliveries, Construction and Inventory

During the fourth quarter 2014, two Office buildings totaling 343,850 square feet were completed in the Philadelphia market area. This compares to two buildings totaling 218,836 square feet that were completed in the third quarter 2014.

There were 2,966,000 square feet of office space under construction at the end of the fourth quarter 2014.

Some of the notable 2014 deliveries include: 3737 Market St, a 340,000-square-foot facility that delivered in fourth quarter 2014 and is now 83% occupied, and Two City Center, a 296,025-square-foot building that delivered in second quarter 2014 and is now 96% occupied.

The largest projects underway at the end of fourth quarter 2014 were Comcast Innovation & Technology Center, a 1,336,682-square-foot building with 100% of its space pre-leased, and FMC Tower / Walnut Street Tower, an 830,000-square-foot facility that is 65% pre-leased.

Total office inventory in the Philadelphia market area amounted to 405,122,371 square feet in 21,069 buildings as of the end of the fourth quarter 2014. The Class-A office sector consisted of 129,738,709 square feet in 967 projects. Within the Office market there were 980 owner-occupied buildings accounting for 37,342,438 square feet of office space.

This trend is compared to U.S. National Office deliveries and construction, which saw 194 buildings totaling 15.92 million square feet complete construction, with an additional 117.7 million square feet of office space still under construction at the end of the fourth quarter. One Franklin Park, a 267,751-square-foot facility delivered in the Nashville market, as did the 1 million-square-foot ExxonMobil Campus - Ph. I in the Houston market, while the 366,858-square-foot North Hills Tower II in the Raleigh/Durham market is still underway. Total office inventory in the U.S. market totaled almost 10.47 billion square feet in more than 503,600 buildings at the end of Q4 2014, including some 22,000 owner-occupied buildings accounting for 937 million square feet.

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