Monday, September 18, 2017

Philadelphia's Mid-Year Industrial Deliveries, Construction and Inventory

During the second quarter 2017, 14 buildings totaling 5,075,807 square feet were completed in the Philadelphia market area. This compares to 13 buildings totaling 2,848,399 square feet that were completed in the first quarter.

There were 15,226,755 square feet of Industrial space under construction at the end of the second quarter 2017.

Some of the notable 2017 deliveries include: 575 Old Forge Rd, a 1,002,000-square-foot facility that delivered in second quarter 2017 and is now 100% occupied, and Goodman Logistics Center Carlisle Building 2, a 938,828-square-foot building that delivered in second quarter 2017 and is now 0% occupied.

The largest projects underway at the end of second quarter 2017 were FedEx Regional Hub, a 1,200,000-square-foot building with 100% of its space pre-leased, and United Business Park - Lot 6, a 1,200,000-square-foot facility that is not pre-leased.

Total Industrial inventory in the Philadelphia market area amounted to 1,089,388,733 square feet in 21,490 buildings as of the end of the second quarter 2017. The Flex sector consisted of 87,184,348 square feet in 3,444 projects. Within the Industrial market there were 2,723 owner-occupied buildings accounting for 233,021,749 square feet of Industrial space.

This trend is compared to the U.S. National Industrial deliveries, which saw 537 buildings totaling 64.42 million square feet completed in the second quarter, with 272.4 million square feet of industrial space still under construction across the country. Total Industrial inventory in the U.S. market area amounted to almost 22.2 billion square feet across more than 643,700 buildings, including 92,000 flex projects and 72,000 owner-occupied buildings.

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