Market conditions improved slightly in the Philly retail space market in the first quarter 2014 as the vacancy rate for retail space in Philadelphia dropped to 6.0%, according to the latest market report from the CoStar Group.
The vacancy rate for retail space in Philly had been 6.2% in the fourth quarter 2013, CoStar reported. Net absorption totaled a positive 1,175,336 square feet in the first quarter, compared to positive 629,439 square feet in the fourth quarter 2013. Vacant sublease space in the Philadelphia retail space market decreased by 8,554 square feet in the first quarter, according to CoStar’s First Quarter 2014 Market Report.
Tenants moving into large blocks of retail space in Philadelphia in 2014 included: ShopRite, moving into 90,000 square feet of retail space in Philly at Wishing Well Plaza; LA Fitness moving into 52,248 square feet of Philadelphia retail space at Collegetown Shopping Center; and Lehigh Hospital moving into 50,041 square feet of Philly retail space at 1309 Blue Valley Drive.
Quoted rental rates for retail space in Philly rose in the first quarter 2014, ending the quarter at $13.90 per square foot per year, the report said.
A total of nine retail buildings with 140,422 square feet of Philadelphia retail space were delivered to the market in the first quarter, CoStar noted. There was 209,580 square feet of retail space in Philadelphia still under construction at the end of the quarter, according to the report.
In comparison to first quarter 2014 results in the Philly retail space market, the U.S. National Retail vacancy rate dropped to 6.5% from the fourth quarter, with net absorption at positive 24.41 million square feet in the first quarter, CoStar said. Average rental rates for the national market increased to $14.63, and 779 buildings totaling almost 12.5 million square feet were delivered to the market.
For more information about Philadelphia retail space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (firstname.lastname@example.org) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in retail space in Philly.
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