Philadelphia’s Industrial Vacancy Decreases to 9.2%
CoStar reports: The Philadelphia Industrial market ended the first quarter 2011 with a vacancy rate of 9.2%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 2,784,849 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 3,345,275 square feet.
Tenants moving into large blocks of space in 2011 include Bay Valley Foods moving into 602,500 square feet at Key Distribution Center, The Clark Group moving into 252,000 square feet at Blue Mountain Park-Bldg 3, and Packaging Corporation of America moving into 220,875 square feet at Premium Distribution Center.
Rental rates ended the first quarter at $4.44, a decrease over the previous quarter.
A total of three buildings delivered to the market in the quarter totaling 215,000 square feet, with 1,483,535 square feet still under construction at the end of the quarter.