Philadelphia retail space vacancies were virtually unchanged in the fourth quarter 2014, according to new market analysis from the CoStar Group.
The vacancy rate for Philly retail space stood at 5.9% at quarter’s end, only slightly higher than the third quart’s 5.8% vacancy rate for retail space in Philadelphia, according to CoStar’s Fourth Quarter 2014 Market Report.
Net absorption in the market for retail space in Philly was negative 74,123 square feet in the fourth quarter, the report said. In comparison, the third quarter’s net absorption was positive 108,503 square feet. The Philadelphia retail space market’s vacant sublease space rose by 21,583 square feet, CoStar reported.
Among the tenants moving into large blocks of Philly retail space in the year just ended were: Walmart, moving into 100,000 square feet of Philadelphia retail space at 3400 Hartzdale Drive; ShopRite, moving into 90,000 square feet of retail space in Philly at Wishing Well Plaza; and Giant Food, moving into 66,472 square feet of retail space in Philadelphia at Ephrata Marketplace.
CoStar said the market’s quoted rental rates for retail space in Philadelphia grew in the fourth quarter, reaching $14.02 per square foot per year by year end.
Six retail buildings were delivered to the Philly retail space market in the fourth quarter, totaling 33,257 square feet of retail space in Philly, CoStar noted. An additional 762,131 square feet of Philadelphia retail space was still under construction at the end of the fourth quarter, the report added.
Nationally in the fourth quarter, the U.S. National Retail vacancy rate dropped to 6.1% and net absorption was positive 34.91 million square feet, according to the report. Average rental rates in the national market rose to $14.90 from the third quarter. The national retail market grew by nearly 14.7 million square feet as 561 retail buildings were delivered in the fourth quarter.
For more information about Philly retail space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com)or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in retail space in Philadelphia.
Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm 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 and services, provides unparalleled expertise in matching companies and individuals seeking retail space in Philly 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 Philly retail 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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