Philly Industrial Space Deliveries, Construction and Inventory.

research-information-graphic-phlFour new Philadelphia industrial buildings were completed in the Philly industrial space market in the third quarter 2014, adding 906,337 square feet of new Philadelphia industrial space to the market, a new report from the CoStar Group said.

In comparison, 10 Philly industrial buildings were completed in the Philadelphia industrial space market in the second quarter 2014, bringing 3,377,992 square feet of new industrial space in Philly to the market, according to CoStar’s Third Quarter 2014 Market Report. 

Another 12,035,258 square feet of industrial space in Philadelphia remained under construction at the end of the third quarter, CoStar said.

Among the significant deliveries to the Philly industrial space market in 2014 were:  West Hills Business Center – Building A, a 980,000-square-foot project that came to the market in the second quarter and is now fully occupied, and Berks Park 78 – Dollar General, a 906,919-square-foot building that also delivered in second quarter and is fully occupied, CoStar said.

The largest Philadelphia industrial buildings still under construction at the end of the third quarter were Liberty at Shippensburg – Bldg B, a 1,700,000-square-foot project that is 100% pre-leased, and Majestic Bethlehem Center – Site 2, a 1,644,450-square-foot building that also is 100% pre-leased, the report said.

Total inventory of industrial space in Philadelphia stood at 1,027,459,201 square feet in 20,288 Philly industrial buildings at the end of the third quarter 2014.  The Philadelphia flex space sector of the Philadelphia industrial space market equaled 85,700,596 square feet in 3,302 Philadelphia industrial buildings.  Within the market for industrial space in Philly, there were 2,646 owner-occupied Philly industrial buildings with a total of 241,022,503 square feet of industrial space in Philadelphia.

In comparison to third quarter results from the market for industrial space in Philly, the national industrial market increased by 206 buildings in the third quarter or a total of 30.84 million square feet, Costar noted.  At the end of the quarter, another 148.9 million square feet was still under construction.  CoStar also reported that 6100 Garfield Avenue, a 620,000-square-foot project, delivered in this quarter in the Los Angeles market and RidgePort Logistics Center, 1.7 million-square-foot in the Chicago market, remains under construction.  Total industrial inventory in the U.S. market was nearly 21.08 billion square feet in more than 621,000 industrial facilities at third quarter end. That included almost 71,200 owner-occupied properties, CoStar said.

For more information about Philly industrial space, Philadelphia flex space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philadelphia industrial space and Philadelphia flex space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly industrial space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to clients and prospects to help them achieve their real estate goals.  If you are looking for industrial space in Philly for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

U.S. and Philly Industrial Space Absorption Likely To Spike in Fourth Quarter

research-information-graphic-phlAfter lackluster demand for U.S. industrial space, which includes Philly industrial space, in the first nine months of 2014, absorption of industrial space in Philadelphia and elsewhere in the U.S. is expected to increase in the last three months of the year as an estimated 50 million square feet of new warehouse and light industrial space comes to the market, a new report says.

The strong fourth quarter will come on the heels of nine months of flat demand for U.S. and Philadelphia industrial space, including warehouse space, which traditionally has increased quarterly but was flat in 2014, according to the CoStar Third Quarter Industrial Real Estate Review and Outlook.

With vacancies very low, there has been virtually no new industrial space in Philly or the nation for tenants to move into.  The dozens of new buildings that will come to the U.S. and Philadelphia industrial space market by December 31 represent both build-to-suit properties and speculative buildings, the report said.

Logistics construction also is on the rise, with approximately 100 million square feet of logistics under construction nationwide, according to the report.  Rising rents and demand justify the construction in most markets, giving developers confidence to build on spec.  More than half of the logistics construction now underway is being built without signed tenants on board.  One estimate put the current construction at about 30% below the market’s potential.

As rents rose at a higher rate than replacement costs, developers were encouraged to build more to meet rising demand for industrial space in Philadelphia and the U.S.  The U.S. vacancy rate dropped to 6.9%, the report said, lower than it was at the same point in the last cycle, while rents came to within about 0.8% of their long-term trend.

At the end of the third quarter, rent was up 3.4% over the year prior in both the logistics and light manufacturing sectors of the U.S. industrial market, which includes industrial space in Philly.  That very strong performance still had notable differences between higher quality and less functional space, CoStar said.

For more information about Philly industrial space or any Philadelphia commercial properties, please contact Lee Fein (215-799-6900-office; 215-206-5580-cell; lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm with expertise in Philadelphia commercial real estate listings and services.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new industrial space in Philly with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for industrial space in Philadelphia for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for available Philadelphia industrial space, as well as a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Industrial Space Vacancy Rate Declines

research-information-graphic-phlThe vacancy rate for Philly industrial space declined in the third quarter 2014, ending the quarter at 8.3%, according to the CoStar Group’s latest market trend report.

The Philadelphia industrial space vacancy rate had been holding steady at 8.6% in the previous two quarters.  Net absorption stood at positive 3,482,534 square feet of industrial space in Philly in the third quarter, compared to positive 3,536,167 square feet in the previous quarter, CoStar’s Third Quarter 2014 Market Report said.  Vacant sublease space in the Philly industrial space market ended the quarter at 942,647 square feet, a decrease over the previous quarter, according to the report.

CoStar said tenants moving into large blocks of industrial space in Philadelphia in the third quarter included:  Wal-Mart Distribution, moving into 1,200,000 square feet of industrial space in Philly at 2785 Commerce Center Boulevard; Ocean Spray, moving into 980,000 square feet of Philadelphia industrial space at West Hills Business Center – Building A, and Kane Warehousing, Inc., moving into 955,935 square feet of Philly industrial space at Distribution Center 6 in the Stauffer Industrial Park.

Rental rates for industrial space in Philadelphia  remained steady in the third quarter at $4.49, the same rental rate as in the previous quarter, CoStar noted.

The report said that a total of four buildings delivered to the Philadelphia industrial space market in the third quarter, for a total of 906,337 square feet of industrial space in Philly.  Another 12,035,258 square feet of industrial space in Philadelphia was still under construction at the end of the third quarter.

In comparison to the third quarter 2014 results in the Philly industrial space market, the U.S. National Industrial vacancy rate dropped to 7.5%  in the third quarter, CoStar said.  Net absorption equaled positive 64.71 million square feet.  Average rental rates for the national industrial market increased to $5.47 in the third quarter, and 206 industrial buildings delivered to the national market, totaling nearly 28.6 million square feet, according to the market report.

For more information about Philadelphia industrial space or any Philadelphia commercial properties, please contact Lee Fein (215-799-6900-office; 215-206-5580-cell; lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings and services.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new industrial space in Philadelphia with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for industrial space in Philly for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Industrial Space Market to Benefit from Growing Manufacturing Sector

skyline 9-26-14Philadelphia regional manufacturing firms voiced optimism for continued growth as more manufacturers expect to expand their workforce in the next six months — a display of confidence from which the Philly industrial space market is well positioned to benefit.

The Federal Reserve Bank of Philadelphia’s September 2014 monthly survey of manufacturing firms in the Philadelphia region, which covers southern New Jersey, found that nearly 44 percent of manufacturers anticipate a rise in hiring in the next six months, up almost seven percent from the 37 percent of manufacturing companies that had forecast employee growth in August 2014.

“The regional survey’s broad indicators were all positive this month,” said Michael Trebing, senior economic analyst for the bank. “Most indicative of the optimism was the notable increase in firms’ hiring plans for the next six months.”

In addition, 59 percent of manufacturers predict increases in total production growth in the third quarter, while only 29 percent of manufacturers foresaw production declines, the bank’s survey noted.  The average production growth in the third quarter is projected to be two percent.

For the fourth quarter, the optimism continues with 54 percent of manufacturing firms expecting production growth and 21 percent anticipating a decline.

“We’re getting comments that demand has picked up, and many of these firms are at the point where they have to hire additional workers to accommodate the increased production,” Trebing said.

For more information about Philly industrial space, Philly flex space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philly industrial space and Philly flex space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly industrial space or Philly flex space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.

If you are looking for Philly industrial space or Philly flex space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need as your strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philadelphia Industrial Space Deliveries, Construction and Inventory

research-information-graphic-phlThe completion of eight Philly industrial buildings in the Philadelphia industrial space market brought 3,127.992 square feet of Philly industrial space to the market during the second quarter of 2014, a new market trend report from the CoStar Group said.

In comparison, three Philadelphia industrial buildings totaling 214,056 square feet were completed in the Philly industrial space market in the first quarter 2014, according to CoStar’s Second Quarter 2014 Market Report. 

Notable deliveries of Philly industrial buildings in the second quarter 2014 include:  9645 West Hills Court, a 980,000-square-foot building that is now 100% occupied, and 30 Martha Drive, a 906,919-square-foot facility building that also is now 100% occupied, the report stated.

At the end of the second quarter, an additional 8,276,767 square feet of industrial space in Philadelphia remained under construction, CoStar said.

The largest of these Philadelphia industrial buildings still under construction at the end of the second quarter were Liberty at Shippensburg on Olde Scotland Road, a 1,700,000-square-foot project with 100% of its space pre-leased, and 3215 Commerce Center Drive, a 1,644,450-square-foot building that also is 100% pre-leased, according to the report.

The total inventory of industrial space in Philly totaled 1,021,212,845 square feet in 20,149 Philly industrial buildings by second quarter’s end, CoStar said.  The Philadelphia flex space sector encompassed 84,692,787 square feet in 3,265 projects, the report stated.  There were 2,617 owner-occupied Philadelphia industrial buildings in the Philly industrial space market, representing 239,826,483 square feet of industrial space in Philadelphia.

In comparison to second quarter 2014 results from the market for industrial space in Philly, the national industrial market grew by 229 projects completed in the second quarter and comprising 28.56 million square feet, Costar said.  Another 119.7 million square feet of industrial space remained under construction at the end of the quarter.  CoStar noted that the second quarter deliveries in the national market included the 2.1 million-square-foot 4500 S. Dobson Road project that delivered in the Phoenix market, while the 1.8 million-square-foot D1X Mod 2 facility was still under construction in the Portland market.  At second quarter’s end, total U.S. industrial inventory amounted to 20.96 billion square feet in more than 618,000 buildings, of which more than 69,000 were owner-occupied.

For more information about industrial space in Philadelphia, Philadelphia flex space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specializes in industrial space in Philly and Philadelphia flex space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia industrial space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly industrial space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philadelphia Industrial Space Vacancy Rate Unchanged

research-information-graphic-phlThe Philadelphia industrial space vacancy rate held steady at 8.6% in the second quarter 2014, according to the CoStar Group’s newest market trend report.

The second quarter Philly industrial space vacancy rate was unchanged over the first quarter, CoStar’s Second Quarter 2014 Market Report said.  Net absorption totaled positive 3,596,954 square feet of industrial space in Philadelphia in the second quarter as compared to positive 3,102,097 square feet in the first quarter 2014, CoStar reported.  The market for industrial space in Philly saw an increase in vacant sublease space, ending the quarter at 1,491,782 square feet, the report noted.

According to the CoStar report, tenants moving into large blocks of Philly industrial space in the second quarter 2014 included:  Wal-Mart (Distribution Center), moving into 1,200,000 square feet of Philadelphia industrial space at 2785 Commerce Center Boulevard; Ocean Spray, moving into 980,000 square feet of industrial space in Philadelphia at 9645 West Hills Court, and Kane Warehousing, Inc., moving into 955,935 square feet of industrial space in Philly at 6 Kane Lane.

Philly industrial space rental rates stood at $4.51 at the end of the second quarter, a decrease over the first quarter of 2014, according to CoStar.

There were a total of eight buildings that delivered to the Philly industrial space market in the second quarter, representing 3,127,992 square feet of industrial space in Philadelphia.  An additional 8,276,767 square feet of industrial space in Philly remained under construction at second quarter’s end.

The CoStar report compared the second quarter 2014 results in the Philadelphia industrial space market with the U.S. National Industrial vacancy rate, which experienced a drop to 7.7% from the first quarter, with net absorption amounting to positive 53.93 million square feet in the second quarter.  The report also noted that average rental rates nationally rose to $5.44 in the second quarter, and that 229 industrial buildings delivered to the national market, totaling nearly 28.6 million square feet.

For more information about industrial space in Philadelphia or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new industrial space in Philly with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philadelphia industrial space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Industrial Space Vacancy Rate Rises

research-information-graphic-phlThe vacancy rate in the Philly industrial space market closed the first quarter 2014 at 8.8%, according to a new market trend report from the CoStar Group.

The first quarter Philadelphia industrial space vacancy rate increased over the fourth quarter 2013, CoStar said in its First Quarter 2014 Market Report.   Net absorption totaled negative 173,516 square feet of industrial space in Philly in the first quarter, compared to positive 5,032,863 square feet in the fourth quarter 2013, CoStar noted.  Vacant sublease space in the Philadelphia industrial space market dropped in the first quarter, ending the quarter at 1,359,371 square feet, according to the report.

CoStar said tenants moving into large blocks of industrial space in Philadelphia in the first quarter 2014 included: Walmart Distribution, moving into 1,200,000 square feet of Philly industrial space at 2785 Commerce Center Boulevard; Amcor Rigid Plastics, moving into 480,000 square feet of industrial space in Philly at West Park Distribution Center, and Excel moving into 200,225 square feet of industrial space in Philadelphia at 101 Commerce Drive.

Rental rates for Philadelphia industrial space ended the first quarter at $4.52, a decrease over the last quarter of 2013, CoStar said.

A total of three buildings representing 214,056 square feet of industrial space in Philly delivered to the market in the first quarter 2014, with 9,801,800 square feet of industrial space in Philadelphia still under construction by quarter’s end, the report noted.

In comparison to the first quarter 2014 results from the Philly industrial space, the U.S. National Industrial vacancy rate dropped to 7.8% from the fourth quarter 2013, with net absorption totaling positive 46.96 million square feet in the first quarter, according to the report.  CoStar also said that average rental rates for the national market reached $5.39 in the first quarter, and that 279 industrial buildings delivered to the national market, totaling nearly 27.8 million square feet.

For more information about Philadelphia industrial space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specializes in Philadelphia commercial real estate listings and services.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new industrial space in Philadelphia with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for industrial space in Philly for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Select Top Lease Signings in the Philly Industrial Space Market

research-information-graphic-phlThe select top lease signed in the fourth quarter 2013 in the Philly industrial space market was for 289,843 square feet leased by Knoll, Inc. at 7132 Daniels Drive in the Lehigh Valley submarket, according to the latest market trend report from the CoStar Group.

Other significant fourth quarter leases for industrial space in Philadelphia reported in CoStar’s Fourth Quarter 2013 Market Report were:

—  A 249,492-square-foot lease signed at Pureland VI for Philadelphia industrial space in the GloucesterCounty industrial submarket.

—  Warehouse Services, Inc.’s lease renewal for 224,086 square feet at 651 Boulder Drive for industrial space in Philadelphia in the LehighValley submarket.

—  Owens & Minor’s renewal of its lease for 191,330 square feet of Philly industrial space at  7437 Industrial Boulevard in the Lehigh Valley submarket.

Also notable in the first quarter, CoStar said, was Wal-Mart’s signing of a 1.2 million-square-foot lease for industrial space in Philadelphia at 2785 Commerce Center Boulevard in the LehighValley submarket.

In comparison to trends in the Philadelphia industrial space market, CoStar reported that the U.S. national industrial market’s select largest lease signings in the fourth quarter 2013 included Amazon’s 1.15 million-square-foot lease on Keith Avenue in the Baltimore market; Home Depot’s renewal of 1.1 million square feet at 150 Portside Court in the Savannah market; the 1.6-million-square-foot lease signed in the first quarter by Bestway Trucking at 2475 George Urban Boulevard in the Buffalo/Niagara Falls market; and Genco Distribution System’s second-quarter renewal of 1.26 million square feet at Gateway Commerce Center 1 in the St. Louis market.

For more information about Philadelphia industrial space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in industrial space in Philadelphia.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia industrial space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly industrial space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Industrial Space Deliveries, Construction and Inventory

research-information-graphic-phlPhilly industrial space increased by 764,000 square feet in the fourth quarter 2013 with the completion of four new Philly industrial buildings in the Philadelphia industrial space market, according to a new market trend report from the CoStar Group.

In comparison, two Philadelphia industrial buildings totaling 526,590 square feet were completed in the Philadelphia industrial space market in the third quarter 2013, according to CoStar’s Fourth Quarter 2013 Market Report. 

Some of the notable deliveries of Philly industrial buildings in 2013 include:  FirstLogisticsCenter @ I-83, a 708,000-square-foot facility that delivered in the fourth quarter 2013, and Subaru, a 526,050-square-foot building that delivered in second quarter 2013 and is now 100% occupied, CoStar said.

The report also noted that an additional 5,023,394 square feet of industrial space in Philly was under construction in Philadelphia industrial buildings at the end of the fourth quarter 2013.  The largest projects in the Philly industrial space market that were ongoing at the end of the fourth quarter 2013 were West Hills Business Center – Building A, a 980,000-square-foot Philadelphia industrial building that has 100% of its space pre-leased, and Berks Park 78 – Dollar General, a 906,919-square-foot Philly industrial building that also is 100% pre-leased, according to CoStar.

The total inventory of industrial space in Philadelphia equaled 1,012,355,131 square feet in 19,861 Philadelphia industrial buildings as of the end of the fourth quarter 2013, CoStar reported. The sector covering Philadelphia flex space was comprised of 83,247,212 square feet in 3,244 projects, according to the market report.  Within the Philadelphia industrial space market were 2,549 owner-occupied Philly industrial buildings that totaled 234,313,339 square feet of industrial space in Philly.

In comparison to the fourth quarter 2013 results from the market for industrial space in Philadelphia, the national industrial market saw 150 buildings covering 18.5 million square feet completed in 2013, Costar said, with an additional 98.46 million square feet of industrial space remaining under construction at the end of the fourth quarter 2013.  The year’s deliveries in the national market included the 1.62 million-square-foot HomeDepotDistributionCenter that delivered in the Chicago market, according to the report.  A 2.1 million-square-foot manufacturing building was still under construction in the Phoenix market, CoStar said.  The total industrial inventory in the U.S. market was 20.87 billion square feet in almost 615,000 buildings at the end of the fourth quarter 2013.  That total included nearly 68,000 owner-occupied projects.

For more information about industrial space in Philly, Philadelphia flex space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in industrial space in Philadelphia and Philadelphia flex space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly industrial space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philadelphia industrial space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Industrial Space Vacancy Rate Declines

research-information-graphic-phlThe Philly industrial space vacancy rate stood at 8.6% at the end of the fourth quarter 2013, according to a new market trend report from the CoStar Group.

The vacancy rate for industrial space in Philadelphia was down over the third quarter 2013, CoStar said.  According to CoStar’s Fourth Quarter 2013 Market Report, net absorption totaled a positive 6,776,750 square feet in the fourth quarter, compared to positive 1,105,038 square feet in the previous quarter.  Vacant sublease space in the Philly industrial space market dropped to 1,463,921 square feet at the end of the quarter, CoStar reported.

Tenants moving into large blocks of industrial space in Philly in 2013 included: Walmart, moving into 1,200,000 square feet at 2785 Commerce Center   Boulevard; Subaru, moving into 526,050 square feet at Subaru; and Harley Davidson, moving into 438,000 square feet at YorkBusinessCenter.

CoStar reported that rental rates for industrial space in Philadelphia increased to $4.52 at the end of the fourth quarter.

A total of four buildings with 764,000 square feet of Philadelphia industrial space delivered to the market in the fourth quarter 2013, with 5,023,394 square feet of industrial space in Philly still under construction at the end of the quarter, CoStar said.

In comparison to the fourth quarter 2013 results from the Philadelphia industrial space market, the U.S. National Industrial vacancy rate decreased to 8.0% from the third quarter 2013, with net absorption totaling positive 78.93 million square feet in the fourth quarter, the report said.  CoStar also noted that average rental rates for the national market rose to $5.36 in the fourth quarter, and 150 industrial buildings were delivered to the national market, totaling more than 18.5 million square feet.

For more information about industrial space in Philly or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specializes in Philadelphia industrial space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new industrial space in Philadelphia with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philadelphia industrial space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.