The vacancy rate was up over the previous quarter, with net absorption totaling positive 1,782,519 square feet in the second quarter. That compares to positive 9,931,174 square feet in the first quarter 2017. Vacant sublease space in the Philadelphia commercial real estate market increased in the quarter, ending the quarter at 1,193,014 square feet.
This report on national and Philadelphia industrial commercial properties is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.
The flex building market recorded net absorption of positive 428,315 square feet while the warehouse building market consisting of Philadelphia commercial real estate properties recorded net absorption of positive 1,354,204 square feet in the second quarter 2017.
Tenants moving into large blocks of space that were among 2017 Philadelphia industrial commercial real estate listings include: Uline moving into 1,070,000 square feet at Liberty Business Center III – Building 1, Mattel moving into 1,002,000 square feet at 575 Old Forge Road, and PepsiCo moving into 502,754 square feet at 545 Oak Hill Road.
Rental rates in the commercial real estate market of Philly industrial space ended the second quarter at $4.84, a decrease over the previous quarter.
A total of 14 buildings added to the Philadelphia industrial commercial real estate listings in the quarter totaling 5,075,807 square feet, with 15,226,755 square feet still under construction at the end of the quarter.
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