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) 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) 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) 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.

Philly Industrial Space Grows with Completion of Two New Buildings

research-information-graphic-phlPhilly industrial space grew by 526,590 square feet  in the third quarter 2013 with the completion of two industrial buildings in the Philadelphia market area, according to a new market trend report from the Costar Group.

As a comparison, Philadelphia industrial space grew by 70,000 square feet in the second quarter 2013 with the completion of one building, by nothing in the first quarter 2013, and by 3,686,168 square feet in the fourth quarter 2012 with the completion of 11 industrial buildings, according to CoStar’s Third Quarter 2013 Market Report.

An additional 8,132,177 square feet of industrial space in Philly was under construction at the end of the third quarter 2013, CoStar reported.

Notable new industrial space in Philadelphia that was delivered in 2013 includes: Prologis Lehigh Valley West – Building 200, a 493,200-square-foot facility that delivered in third quarter 2013 and is now 37% occupied, and Albert’s Organics, a 70,000-square-foot building that delivered in second quarter 2013 and is now 100% occupied, the report said.

Major Philly industrial space projects under construction at the end of the third quarter 2013 were Liberty at Shippensburg – Bldg 2, a 1,185,750-square-foot building with 100% of its space pre-leased, and West Hills Business Center – Building A, which will add 980,000 square feet of industrial space in Philly to the market and which also is 100% pre-leased.

At the end of the third quarter 2013, total Philadelphia industrial space inventory was to 1,014,384,870 square feet in 19,814 buildings, Costar said, while the flex sector of the Philly industrial space market equaled 82,951,153 square feet in 3,235 projects.  Within the Philly industrial space market, there were 2,553 owner-occupied buildings totaling 234,330,423 square feet of Philadelphia industrial space.

For more information about industrial space in Philadelphia or any Philadelphia commercial properties, please contact Jason Wolf (215-799-6900-office; 215-588-8800-cell; jason.wolf@wolfcre.com) or Leor Hemo (215-799-6900-office; 215-514-1750-cell; leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm that specializes in industrial space in Philadelphia.

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 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.