Philly 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.
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