Four 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.
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