The Philadelphia retail space vacancy rate changed only slightly in the second quarter 2014, ending the quarter with a 5.9% vacancy rate for retail space in Philly, a new market report from the CoStar Group says.
The Philly retail space vacancy rate was at 6.0% at the end of the first quarter, CoStar reported. Net absorption stood at positive 551,992 square feet in the second quarter, compared to positive 979,455 square feet in the first quarter. Vacant sublease space in the market for retail space in Philadelphia dropped by 20,121 square feet in the quarter, CoStar reported in its Second Quarter 2014 Market Report.
Among tenants moving into large blocks of retail space in Philly in 2014 were: ShopRite, moving into 90,000 square feet of Philadelphia retail space at 1817 Mount Holly Road; Giant Food, moving into 66,472 square feet of Philly retail space at 852 East Main Street; and Acme, moving into 58,785 square feet of retail space in Philadelphia at 21-31 West Ridge Pike.
Quoted rental rates for Philly retail space ended the second quarter 2014 at $14.05 per square foot per year, an increased from first quarter rates, according to the report.
The second quarter saw a total of eight retail buildings with 66,506 square feet of retail space in Philadelphia delivered, CoStar said. Another 203,783 square feet of retail space in Philly was still under construction at the end of the second quarter, CoStar reported.
In comparison to second quarter results in the Philadelphia retail space, the U.S. National Retail vacancy rate decreased to 6.4% from the first quarter, with net absorption at positive 23.39 million square feet in the second quarter, according to the CoStar report. Average rental rates for the national market rose to $14.81, and 522 retail buildings totaling more than 10.8 million square feet were delivered to the market.
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