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.
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