Three new Philadelphia industrial buildings delivered to the Philly industrial space market in the fourth quarter 2014, bringing 327,200 square feet of new Philadelphia industrial space to the market, the CoStar Group reported in its latest market trend report.
In comparison, the third quarter 2014 saw the Philly industrial space market grow with the delivery of four Philly industrial buildings totaling 906,337 square feet, according to CoStar’s Fourth Quarter 2014 Market Report.
Notable Philadelphia industrial buildings that delivered in 2014 include: West Hills Business Center – Building A, a 980,000-square-foot facility, and Berks Park 78 – Dollar General, a 906,919-square-foot project, both of which delivered in second quarter 2014 and are now fully occupied, CoStar said. An additional 16,734,334 square feet of industrial space in Philly remained under construction as the quarter and the year came to an end, the report said.
Of the Philly industrial buildings still underway at quarter’s end, the largest was Liberty at Shippensburg – Building B, a 1,700,000-square-foot undertaking that has all of its space pre-leased, and Majestic Bethlehem Center – Site 2, a 1,644,450-square-foot facility that also has been 100% pre-leased, the market report said.
Total inventory of industrial space in Philadelphia was 1,030,722,790 square feet in 20,377 Philadelphia industrial buildings at the end of the fourth quarter 2014, according to the report, which also noted that the Philadelphia flex space sector covered 85,676,583 square feet in 3,312 buildings. There were 2,650 owner-occupied Philly industrial buildings that amounted to 241,093,478 square feet of Philly industrial space.
In comparison to fourth quarter results from the market for industrial space in Philly, the national industrial market saw 240 new industrial buildings deliver, accounting for 41.79 million square feet of new industrial space nationally, the Costar report said. Construction was ongoing on another 164.7 million square feet of industrial space at the end of the quarter and year.
Nationally, notable deliveries in 2014 included South Washington Park – Building 2, a 227,000-square-foot industrial building in Northern New Jersey, and 2150 Opdyke Road, a 168,000-square-foot project in Detroit, CoStar said, adding that 3507 Pasadena Boulevard, a 600,000-square-foot facility in Houston was still underway at quarter’s end. Total U.S. industrial inventory was almost 21.15 billion square feet in more than 623,000 buildings at the end of the quarter, the report said. That total included roughly 90,000 flex buildings, CoStar said.
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