Deliveries, Construction and Inventory in the Philly Industrial Space Market

research-information-graphic-phlThree 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.

For more information about Philadelphia industrial space, Philadelphia flex space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com)or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specialized in Philly industrial space 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 with expertise 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.

Vacancy Rate for Philadelphia Industrial Space Drops

research-information-graphic-phlThe market for Philadelphia industrial space ended the fourth quarter 2014 with a decease in the vacancy rate to 8.1%, according to a new market trend report from the CoStar Group.

The Philly industrial space vacancy rate was down over the third quarter.  Net absorption for the fourth quarter was positive 2,191,632 square feet of industrial space in Philadelphia, compared to positive 2,934,441 square feet in the previous quarter, CoStar’s Fourth Quarter 2014 Market Report noted.  Vacant sublease space in the market for industrial space in Philly was up in the fourth quarter, closing out the quarter at 877,167 square feet, CoStar said.

Among tenants moving into large blocks of Philadelphia industrial space in 2014, CoStar reported, were:  Wal-Mart Distribution, moving into 1,200,000 square feet of Philly industrial space at 2785 Commerce Center Boulevard; Ocean Spray, moving into 980,000 square feet of industrial space in Philadelphia at West Hills Business Center – Building A, and Kane Warehousing, Inc., moving into 955,935 square feet of industrial space in Philly at Distribution Center 6 in the Stauffer Industrial Park.

CoStar said rental rates for Philadelphia industrial space increased over the third quarter, ending the fourth quarter at $4.51.

The fourth quarter saw a total of three buildings delivered to the Philly industrial space market,  totaling 327,200 square feet of industrial space in Philadelphia.  There was another 16,734,334 square feet of industrial space in Philly under development at the end of the quarter.

In comparison to fourth quarter 2014 results in the Philadelphia industrial space market, the U.S. National Industrial vacancy rate declined to 7.2%  in the fourth quarter, CoStar reported.  Net absorption in the fourth quarter stood at positive 81.04 million square feet.  Average rental rates for the national market rose to $5.50 in the fourth quarter, and 240 industrial buildings comprising nearly 41.8 million square feet delivered to the national market in the quarter, CoStar said.

For more information about Philly industrial space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier 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 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 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 to Benefit from Demand for Warehouse Space

research-information-graphic-phlSoaring demand for modern, bulk warehouse space stands to benefit the Philly industrial space market as well as other key distribution markets in the nation, the CoStar Group reports.

“Investor demand for warehouse and logistics properties is limited only by the current shortage of modern new buildings available to buy,” CoStar analysts said at the recent Fourth Quarter Industrial Real Estate Review and Outlook.

Noting that rental rates continue to rise, especially for new, high-quality logistics space, the analysts said buildings — including those in the market for industrial space in Philly — can be constructed and leased with good credit tenants potentially for the next decade.

“This,” said one analyst, “is as good a time in industrial real estate as you could possibly imagine.”  “It’s a great time to own industrial real estate,” said another.

Despite the lack available properties, one analyst said, sales of institutional grade properties are the strongest ever in terms of sales volume and square footage traded.

Capitalization rates stood at a record low of under 6% for institutional properties, according to the analyst, and there have been reports of significantly lower cap rates for sales of big box warehouse leased to triple-net credit tenants in top markets.

With competition increasing to get into the industrial real estate market, including the Philadelphia industrial space market, investment sales in 2014 rose a substantial 8% in the industrial sector to $60 billion.

Despite the healthy investor interest in industrial real estate, such as industrial space in Philly, sales of industrial properties lagged behind multifamily, office and retail property sales, once again because of the lack of available properties to buy.  Development of bulk warehouse space is on the rise, but is not yet equal to investor demand for the new modern facilities tenants want for progressively more sophisticated and high-tech logistics supply chains, according to CoStar.

A CoStar analysis compared inventory of newer logistics buildings (five years old or less) with all existing logistics buildings, finding that both the supply of newer buildings and the ratio of sales dropped notably since 2002.  At that time, 32% of trades were for newer buildings, while today the percentage of trades in newer buildings is closer to 10%.

One analyst noted that the lack of new construction is holding back sales by as much as 10 percentage points and that existing building prices are being bid up because there are too few sellers.

Although industrial real estate generally underperforms in comparison to the more desirable commercial real estate sectors, the great demand for newer higher-functioning properties has pushed rents for industrial space up 4.5% in 2014, while the rental rate increase was 3.7% in the office space market, 3.2% in the apartment sector, and the 3% in retail space.

The 8.7% vacancy rate for logistics space in fourth quarter 2014 as compared to the 9.9% vacancy rate in 2007 at the height of the last real estate cycle, indicates a tightening of available space in the market.  Absorption was 167 million square feet in 2014, slightly lighter than in 2013 the because of the lack of usable vacant space, an analyst noted.

Logistics construction rose 14% to 136 million square feet in 2014, but is still roughly 44 million square feet below its peak of 180 million square feet in the early 2000s.

Although the recovery in rents and property values for high quality logistics space is almost finished, the analysts said the light industrial property segment was just starting the expansion phase.  There has been only minor new development of light industrial space, but that should change over the next several quarters, they said, calling that expectation “very promising” as it points to the strength of local economies.

For more information about Philly industrial space, Philadelphia flex space, Philadelphia warehouse space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com)or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specializes in Philadelphia industrial space, Philadelphia flex space and Philadelphia warehouse 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 Philly industrial space, Philadelphia industrial space, Philadelphia flex space or Philadelphia warehouse space with the Philadelphia commercial properties that best meet 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.

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)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) 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) 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) 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) 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.