The 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.

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