Philadelphia retail space expanded by 66,506 square feet in the second quarter 2014 with the completion of eight Philadelphia retail buildings in the Philly retail space market, a new market trend report from the CoStar Group says.
In the past four quarters, total retail space in Philadelphia has grown by 1,197,460 square feet, according to CoStar’s Second Quarter 2014 Market Report. An additional 203,783 square feet of retail spacein Philly remained under construction at the end of 2014’s second quarter, the report said.
Notable 2014 deliveries of Philadelphia retail buildings in the Philadelphia retail space market include: 332 South Broad Street, a 45,000-square-foot Philly retail space building that delivered in first quarter and is now fully occupied, and 1900 North 9th Street, a 30,000-square-foot Philadelphia retail space building that delivered in first quarter and is now 93% occupied, CoStar said.
Total inventory of retail space in Philadelphia equaled 498,222,528 square feet in 40,822 Philadelphia retail buildings and 2,549 centers at the end of the second quarter 2014, according to the report.
In comparison to the trends in the Philly retail space market, the U.S. national retail market saw 522 buildings totaling 10.83 million square feet complete construction, with an additional 50 million square feet of retail space remaining under construction at the end of the second quarter 2014, CoStar said. A 152,000-square-foot Wal-Mart delivered in the second quarter in the Minneapolis retail market, and a 155,361-square-foot retail building delivered in the San Antonio market in the first quarter, the report noted. More than 1.38 million buildings comprised the U.S. market’s total retail inventory at the end of the second quarter 2014, CoStar said.
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