The market experienced little change as the vacancy rate for retail space in Philadelphia went from 5.8% in the fourth quarter 2014 to 6.0% in the first quarter of the new year, according to CoStar’s First Quarter 2015 Market Report.
Net absorption in the market for retail space in Philly was negative 637,609 square feet, and vacant sublease space in the Philadelphia retail space market grew by 48,894 square feet, CoStar reported. In the fourth quarter 2014, net absorption stood at negative 62,004 square feet, the analysis said.
CoStar noted that tenants moving into large blocks of retail space in Philadelphia in the new year included: Under Armor, moving into 16,348 square feet of retail space in Philly at 1529 Walnut Street; AutoZone, moving into 15,874 square feet of Philadelphia retail space at 200 S Best Avenue; and La-Z-Boy Furniture, moving into 14,800 square feet of Philly retail space at 101 Ironlake Boulevard.
Quoted rental rates for retail space in Philly dropped in the first quarter, settling at $13.88 per square foot per year by quarter’s end, CoStar said in the report.
The analysis reported that 19 retail buildings were delivered to the Philadelphia retail space market in the first quarter, adding 138,704 square feet of retail space in Philadelphia to the market. Another 696,250 square feet of Philly retail space remained under construction at quarter’s end.
In comparison to the results from the Philadelphia retail space market, the U.S. National Retail vacancy rate dropped to 6.0% and net absorption was positive 15.41 million square feet in the first quarter, according to CoStar. Average rental rates in the national market grew to $14.96 in the quarter. Nationally, 604 retail buildings were delivered in the first quarter, adding almost 13.3 million square feet to the U.S. retail market.
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