The Philly office space vacancy rate declined in the fourth quarter 2013, ending the quarter with a Philadelphia office space vacancy rate of 11.2%, according to a new market trend report from the CoStar Group.
The vacancy rate for office space in Philadelphia was down over the previous quarter, the report said, with net absorption totaling positive 1,209,045 square feet in the fourth quarter compared to positive 93,523 square feet in the third quarter 2013. Vacant sublease space in the Philly office space market increased in the fourth quarter, ending at 1,265,856 square feet, according to CoStar’s Fourth Quarter 2013 Market Report.
Costar noted that among the tenants moving into large blocks of office space in Philly last year were GlaxoSmithKline, moving into 205,000 square feet at Five Crescent Drive; DrexelUniversity, moving into 117,464 square feet at Three Parkway; and Comcast, moving into 110,000 square feet at 2801 Valley Road.
Rental rates for office space in Philly increased over the previous quarter, ending the fourth quarter 2013 at $21.10, CoStar reported.
In all, five buildings were delivered to the Philadelphia office space market in the quarter, totaling 374,040 square feet, with another 797,349 square feet under construction by quarter’s end, CoStar said.
In comparison to the quarterly results in the Philly office space market, the U.S. National Office vacancy rate decreased to 11.5% from the previous quarter, CoStar said, with net absorption totaling positive 25.62 million square feet in the fourth quarter. Average rental rates nationally increased to $22.06, and 177 buildings delivered to the market totaling more than 11.7 million square feet, according to CoStar.
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