Philadelphia Retail Deliveries, Construction and Inventory

During the fourth quarter 2014, six buildings totaling 33,257 square feet were completed in the Philadelphia retail market. Over the past four quarters, a total of 487,458 square feet of retail space has been built.

There were 762,131 square feet of retail space under construction at the end of the fourth quarter 2014.

Some of the notable 2014 deliveries include: 3400 Hartzdale Dr, a 100,000-square-foot facility that delivered in second quarter 2014 and is now 100% occupied, and 4300 Broadway, a 68,000-square-foot building that delivered in third quarter 2014 and is now 100% occupied.

Total retail inventory in the Philadelphia market area amounted to 503,062,643 square feet in 41,601 buildings and 2,561 centers as of the end of the fourth quarter 2014.

This trend is compared to U.S. National Retail deliveries and construction, which saw 561 buildings totaling 14.66 million square feet complete construction, with an additional 49.4 million square feet of retail space still under construction at the end of the fourth quarter. 10973 Summerlin Centre Dr., a 1.6 million-square-foot retail facility in the Las Vegas market, delivered this quarter, as did the 880,000-square-foot Mall at University Town Center in Tampa / St. Petersburg. Total retail inventory in the U.S. market totaled almost 12.58 billion square feet in almost 1.1 million retail buildings at the end of Q4 2014, including 97,000 shopping centers.

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