Philly 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.
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