During the second quarter of 2017, 14 buildings totaling 5,075,807 square feet were completed in the Philadelphia commercial real estate market area. This is roughly 8 percent higher than the 13 buildings totaling 2,848,399 square feet that were completed in the first quarter.
There were 15,226,755 square feet of industrial space under construction among Philadelphia commercial real estate properties at the end of the second quarter 2017.
This report on Philadelphia industrial commercial properties is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.
Some of the notable 2017 deliveries found in the Philadelphia industrial commercial real estate listings include: 575 Old Forge Rd, a 1,002,000-square-foot facility that delivered in second quarter 2017 and is now 100 percent occupied, and Goodman Logistics Center Carlisle Building 2, a 938,828-square-foot building that delivered in second quarter 2017 and is now 0 percent occupied.
The largest projects underway at the end of the second quarter 2017 in the segment of the commercial real estate market including Philly industrial space were FedEx Regional Hub, a 1,200,000-square-foot building with 100 percent of its space pre-leased, and United Business Park – Lot 6, a 1,200,000-square-foot facility that is not pre-leased.
Total industrial inventory among Philadelphia industrial commercial real estate listings amounted to 1,089,388,733 square feet in 21,490 buildings as of the end of the second quarter 2017. The flex sector consisted of 87,184,348 square feet in 3,444 projects. Within the industrial market there were 2,723 owner-occupied buildings accounting for 233,021,749 square feet of industrial space.
This trend is compared to the U.S. national industrial deliveries, which saw 537 buildings totaling 64.42 million square feet completed in the second quarter, with 272.4 million square feet of industrial space still under construction across the country. Total industrial inventory in the U.S. market area amounted to almost 22.2 billion square feet across more than 643,700 buildings, including 92,000 flex projects and 72,000 owner-occupied buildings.
For more information about Philly industrial space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (firstname.lastname@example.org) or Lee Fein (email@example.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly industrial space.
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