The Philly office space market saw the completion of five new office buildings totaling 131,624 square feet in the first quarter of 2014, according to a new market trend report just released by the CoStar Group. In comparison, deliveries in the Philadelphia office space market in the fourth quarter 2013 totaled 457,209 square feet in eight buildings.
CoStar’s First Quarter 2014 Market Report also noted that there was 1,194,598 square feet of office space in Philadelphia under construction at the end of the first quarter 2014.
CoStar said notable deliveries of office space in Philly in 2014 include: 1401 Roosevelt Avenue, a 60,000-square-foot facility that delivered in first quarter 2014 and is now fully occupied, and 3069 English Creek Avenue, a 40,000-square-foot building that delivered in first quarter 2014 and is currently not occupied.
In addition, the report noted that the largest projects underway in the Philadelphia office space market at the end of first quarter 2014 were 3737 Market Street, a 340,000-square-foot building with 74% of its space pre-leased, and 2006 Route 130 N, a 215,100-square-foot facility that is 100% pre-leased.
At the end of the first quarter 2014, total Philly office space inventory in the Philadelphia office space market area totaled 734,635 square feet in 20,694 buildings, CoStar said. The Class-A office sector amounted to 128,911,199 square feet of office space in Philadelphia in 955 projects, according to the report. Within the Philly office space market, owner-occupied buildings stood at a total of 916, representing 35,288,471 square feet of office space in Philly, the report said.
Compared to the trends in office space in Philadelphia in the first quarter 2014, the U.S. national office market had 321 buildings totaling 16.1 million square feet complete construction in the quarter, CoStar said. An additional 90.1 million square feet of office space was still under construction at the end of the first quarter, the report noted. In the Boston market, 50 Northern Avenue, a 550,000-square-foot facility delivered in the first quarter, and in New York City, the 3.04 million-square-foot OneWorldTradeCenter remained under construction. At the end of the first quarter 2014, the national market had almost 10.4 billion square feet of total office inventory in more than 499,500 buildings, according to CoStar. This included approximately 20,000 owner-occupied buildings with 884.5 million square feet of office space.
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