Philly retail space grew by 252,369 square feet in the fourth quarter 2013 as 15 Philadelphia retail buildings were completed, according to a market trend report from the CoStar Group.
That increase brings the total retail space in Philly completed over the past four quarters to 1,008,403 square feet, according to CoStar’s Fourth Quarter 2013 Market Report. In addition to the current quarter, 17 Philadelphia retail buildings with 436,926 square feet were completed in third quarter 2013. At the end of the fourth quarter 2013, another 282,479 square feet of Philadelphia retail space was under construction, the report said.
Some of the notable 2013 deliveries of Philadelphia retail buildings include: Wegmans, a 125,000-square-foot facility that delivered in fourth quarter 2013 and is now 100% occupied, and 3450 Fox Street, a 124,900-square-foot building that delivered in third quarter 2013 and is now 90% occupied, CoStar said.
Total Philly retail space inventory amounted to 490,015,456 square feet in 39,257 buildings and 2,552 centers at the end of the fourth quarter 2013, Costar reported.
In comparison to the trends in the Philadelphia retail space market, the U.S. national retail market saw 563 buildings totaling 10.42 million square feet complete construction, with an additional 46.5 million square feet of retail space under construction at the end of the fourth quarter 2013, the CoStar report said. The Northern New Jersey market welcomed a 747,500-square-foot retail facility that delivered in the fourth quarter at 75 W. Rte 59, while the Phoenix market got a 628,000-square-foot building that delivered in the third quarter, according to CoStar. Total retail inventory in the U.S. market was 12.4 billion square feet in more than 1.05 million buildings at the end of the fourth quarter 2013, including almost 97,000 shopping centers, CoStar reported.
For more information about retail 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 broker that specializes in Philadelphia retail 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 brokerage firm that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new 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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