Three new Philadelphia office buildings were completed in the third quarter 2013, introducing a total of 61,700 square feet of new Philly office space to the market, according to a new market trend report from the Costar Group.
In comparison, three Philadelphia office buildings totaling 33,100 square feet were completed in the second quarter 2013, eight buildings totaling 726,360 square feet in the first quarter 2013, and six buildings totaling 276,492 square feet in the fourth quarter 2012, according to CoStar’s Third Quarter 2013 Market Report.
Another 791,386 square feet of office space in Philadelphia was under construction at the end of the third quarter 2013, CoStar said.
The notable new Philadelphia office space delivered in 2013 includes Endo Pharmaceuticals, a 300,000-square-foot facility that delivered in first quarter 2013 and is fully occupied, and Five Crescent Drive, a 207,779-square-foot building that delivered in first quarter 2013 and is also is now 100% occupied, according to the report.
The largest projects underway at the end of the third quarter 2013 were 3737 Market Street, a 272,700-square-foot building and CrossPoint at Valley Forge, which will add 272,109 square feet of Philly office space to the market.
Total Philadelphia office space inventory equaled 396,322,067 square feet in 20,316 buildings as of the end of the third quarter 2013. The Class-A office sector of office space in Philadelphia consisted of 127,191,204 square feet in 948 projects. Within the Philly office space market there were 900 owner-occupied Philadelphia office buildings accounting for 35,387,640 square feet of Philadelphia office space.
This trend is compared to U.S. National Office deliveries and construction, which saw 244 buildings totaling 12.2 million square feet complete construction, with an additional 83.8 million square feet of office space still under construction at the end of the third quarter, CoStar said. A 1.05 million-square-foot facility at 250 W. 55th St. in the New York City market delivered, while the 3.04 million-square-foot OneWorldTradeCenter in New York City is still underway. Total office inventory in the U.S. market totaled 10.34 billion square feet in almost 497,000 buildings at the end of the third quarter 2013, including almost 20,000 owner-occupied buildings accounting for 876.2 million square feet, according to the report.
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