The vacancy rate for Philly retail space stood at 5.9% at quarter’s end, only slightly higher than the third quart’s 5.8% vacancy rate for retail space in Philadelphia, according to CoStar’s Fourth Quarter 2014 Market Report.
Net absorption in the market for retail space in Philly was negative 74,123 square feet in the fourth quarter, the report said. In comparison, the third quarter’s net absorption was positive 108,503 square feet. The Philadelphia retail space market’s vacant sublease space rose by 21,583 square feet, CoStar reported.
Among the tenants moving into large blocks of Philly retail space in the year just ended were: Walmart, moving into 100,000 square feet of Philadelphia retail space at 3400 Hartzdale Drive; ShopRite, moving into 90,000 square feet of retail space in Philly at Wishing Well Plaza; and Giant Food, moving into 66,472 square feet of retail space in Philadelphia at Ephrata Marketplace.
CoStar said the market’s quoted rental rates for retail space in Philadelphia grew in the fourth quarter, reaching $14.02 per square foot per year by year end.
Six retail buildings were delivered to the Philly retail space market in the fourth quarter, totaling 33,257 square feet of retail space in Philly, CoStar noted. An additional 762,131 square feet of Philadelphia retail space was still under construction at the end of the fourth quarter, the report added.
Nationally in the fourth quarter, the U.S. National Retail vacancy rate dropped to 6.1% and net absorption was positive 34.91 million square feet, according to the report. Average rental rates in the national market rose to $14.90 from the third quarter. The national retail market grew by nearly 14.7 million square feet as 561 retail buildings were delivered in the fourth quarter.
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