The fourth quarter’s Philly office space vacancy rate was the same as the third quarter’s vacancy rate, according to the CoStar Group’s Fourth Quarter 2014 Market Report.
Net absorption totaled positive 408,343 square feet of office space in Philly in the fourth quarter, CoStar noted, compared to net absorption of 319,373 square feet of Philly office space at third quarter’s end, the market trend report said.
Vacant sublease space for office space in Philadelphia decreased in the fourth quarter 2014, with 1,363,785 square feet of Philadelphia office space reported at the end of the quarter, the company said.
Three notable tenants moved into large blocks of office space in Philly in 2014, CoStar reported. They were: L3 Communication Systems-East, moving into 233,333 square feet in the Philly office space market at Camden Innovation Campus; The Vanguard Group, moving into 204,000 square feet of Philadelphia office space at Great Valley Corp Center; and Beneficial Mutual Bancorp, Inc. moving into 95,764 square feet of office space in Philadelphia at 1818 Beneficial Bank Place.
Rental rates for office space in Philly rose in the fourth quarter to $21.80 by year’s end, according to the report.
The Philly office space market grew by 343,850 square feet in the fourth quarter with the delivery of two buildings to the market for office space in Philadelphia. CoStar said 2,966,000 square feet still of Philadelphia office space was still under construction at the end of the quarter.
In comparison, the vacancy rate for the U.S. office market declined to 10.9% in the fourth quarter, according to CoStar. Net absorption stood at positive 37.53 million square feet at year end 2014, the company said. Average rental rates for the U.S. market increased to $22.65 in the quarter and 194 buildings totaling almost 15.9 million square feet delivered to the U.S. market in the fourth quarter, CoStar noted.
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