The vacancy rate for retail space in Philadelphia was unchanged over the previous quarter, CoStar said. Net absorption totaled a positive 616,052 square feet in the fourth quarter, compared to positive 416,003 square feet in the third quarter 2013. Vacant sublease space in the Philadelphia retail space market decreased by 109,997 square feet., according to CoStar’s Fourth Quarter 2013 Market Report.
Tenants moving into large blocks of retail space in Philly in 2013 included: Wegmans, moving into 125,047 square feet at 500 Montgomery Mall; Restaurant Depot, moving into 72,643 square feet at 2950 Roberts Avenue; and ShopRite, moving into 71,900 square feet at 3450 Fox Street.
CoStar also noted that quoted rental rates for retail space in Philadelphia dropped from third quarter 2013 levels, ending the fourth quarter at $13.75 per square foot per year.
In all, 15 retail buildings with 252,369 square feet of retail space in Philly were delivered to the market in the fourth quarter 2013, the report said, with 282,479 square feet of retail space in Philadelphia remaining under construction at the end of the quarter.
In comparison to the fourth quarter 2013 results from the Philadelphia retail space market, the U.S. National Retail vacancy rate dropped to 6.6% from the third quarter, with net absorption at positive 21.28 million square feet in the fourth quarter. Average rental rates for the national market rose to $14.59, and 563 buildings were delivered to the market totaling more than 10.4 million square feet.
For more information about retail space in Philly 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 Philly retail space.
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