The Philadelphia retail space vacancy rate stood at 5.9% at the end of the third quarter — the same rate for retail space in Philly at the end of the second quarter 2014, CoStar noted in its Third Quarter 2014 Market Report.
Net absorption of retail space in Philadelphia in the third quarter was positive 177,364 square feet, compared to positive 515,170 square feet in the previous quarter. Vacant sublease space in the Philadelphia retail space market was down by 5,476 square feet in the third quarter, according to the CoStar report.
Several tenants moved into large blocks of retail space in Philadelphia in 2014, including: ShopRite, moving into 90,000 square feet of Philly retail space at Wishing Well Plaza; Giant Food, moving into 66,472 square feet of retail space in Philly at Ephrata Marketplace; and Burlington Coat Factory, moving into 62,224 square feet of Philadelphia retail space at 1537 Bethlehem Pike.
Quoted rental rates for retail space in Philadelphia declined from the second quarter, ending the third quarter at $13.96 per square foot per year, CoStar reported.
Retail space in Philly grew by 80,793 square feet in the second quarter with the delivery of five retail buildings, the report said. An additional 389,251 square feet of Philadelphia retail space remained under construction at quarter’s end, CoStar noted.
In comparison to second quarter 2014 results in the Philly retail space market, the U.S. National Retail vacancy rate dropped to 6.3% from the second quarter, according to the report. Net absorption in the national market stood at positive 26.48 million square feet in the second quarter, CoStar said. Average rental rates for the national market grew to $14.84. A total of 542 retail buildings delivered to the market, amounting to more than 13.9 million square feet of new national retail space.
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