The Philly retail space vacancy rate remained stable at 6.3% in the fourth quarter 2013 with little change in market conditions, according to a new market trend report from the CoStar Group.
The vacancy rate for retail space in Philadelphia was unchanged over the previous quarter, CoStar said. Net absorption totaled a positive 616,052 square feet in the fourth quarter, compared to positive 416,003 square feet in the third quarter 2013. Vacant sublease space in the Philadelphia retail space market decreased by 109,997 square feet., according to CoStar’s Fourth Quarter 2013 Market Report.
Tenants moving into large blocks of retail space in Philly in 2013 included: Wegmans, moving into 125,047 square feet at 500 Montgomery Mall; Restaurant Depot, moving into 72,643 square feet at 2950 Roberts Avenue; and ShopRite, moving into 71,900 square feet at 3450 Fox Street.
CoStar also noted that quoted rental rates for retail space in Philadelphia dropped from third quarter 2013 levels, ending the fourth quarter at $13.75 per square foot per year.
In all, 15 retail buildings with 252,369 square feet of retail space in Philly were delivered to the market in the fourth quarter 2013, the report said, with 282,479 square feet of retail space in Philadelphia remaining under construction at the end of the quarter.
In comparison to the fourth quarter 2013 results from the Philadelphia retail space market, the U.S. National Retail vacancy rate dropped to 6.6% from the third quarter, with net absorption at positive 21.28 million square feet in the fourth quarter. Average rental rates for the national market rose to $14.59, and 563 buildings were delivered to the market totaling more than 10.4 million square feet.
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 Philly retail space.
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, provides unparalleled expertise in matching companies and individuals seeking new Philly retail space 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 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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