Philly retail space increased in the third quarter 2014 with the completion of five new Philadelphia retail buildings, which added 80,793 square feet to the market for retail space in Philadelphia, according to a new market trend report from the CoStar Group.
Over the past four quarters, retail space in Philly grew by 842,776 square feet, the CoStar Third Quarter 2014 Market Report said. Another 389,251 square feet of Philadelphia retail space was still under construction at the end of the third quarter 2014, the report noted.
Among the most significant deliveries of Philadelphia retail buildings in the Philadelphia retail space market this year were: 4300 Broadway, a 59,840-square-foot facility in the Philly retail space market that delivered in third quarter 2014 and is now fully occupied, and 332 South Broad Street, a 45,000-square-foot building in the Philadelphia retail space market that delivered in first quarter and is now completely occupied, CoStar reported.
By the end of the third quarter, total inventory of retail space in Philly amounted to 500,055,236 square feet in 41,234 Philadelphia retail buildings and 2,554 centers, according to the report.
In comparison to these trends in the market for retail space in Philadelphia, the U.S. national retail market expanded by 542 buildings equaling 13.91 million square feet in the third quarter 2014. At quarter’s end, another 53.3 million square feet of retail space remained under construction, the report noted.
A 58,200-square-foot retail building at 837 Washington Street in the New York City market and the 148,000-square-foot Main Street N. Brunswick Costco in the Northern New Jersey market both delivered in the third quarter, according to the report. At the end of the third quarter 2014, total retail inventory in the U.S. market stood at more than 12.54 billion square feet in nearly 1.1 million retail buildings, including 97,500 shopping centers.
For more information about retail space in Philadelphia 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 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 retail space in Philadelphia 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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