The 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.
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