The Philly office space market grew by 374,040 square feet in the fourth quarter 2013 with the completion of five office buildings in the Philadelphia market area, according to a new market trend report from the CoStar Group.
In comparison, four buildings totaling 24,500 square feet of Philadelphia office space were completed in the third quarter 2013, according to CoStar’s Fourth Quarter 2013 Market Report. There were 797,349 square feet of office space in Philly under construction at the end of the fourth quarter 2013, the report said.
Significant deliveries of office space in Philadelphia in 2013 include: Endo Pharmaceuticals, a 300,000-square-foot facility that delivered in first quarter 2013 and Five Crescent Drive, a 207,779-square-foot building that delivered in first quarter 2013, according to the report.
The largest projects underway in the Philly office space market at the end of fourth quarter 2013 were 3737 Market Street, a 340,000-square-foot building and Great Valley Corporate Center, a 205,836-square-foot facility that is 100% pre-leased, CoStar reported.
Total Philadelphia office space inventory in the Philly office space market area was 400,032,971 square feet in 20,506 buildings as of the end of the fourth quarter 2013. The Class-A office sector was represented by 128,600,713 square feet of office space in Philadelphia in 950 projects, CoStar said. Owner-occupied buildings in the Philadelphia office space market totaled 910 and accounted for 35,631,708 square feet of office space in Philly, the report noted.
In comparison to the fourth quarter 2013 results from the Philadelphia office space market, there were 177 buildings totaling 11.7 million square feet completed in the U.S. national office market with another 86.9 million square feet of office space remaining under construction at the end of the fourth quarter 2013. In New York City, the report noted that 4 World Trade Center, a 2.85 million-square-foot facility, delivered in 2013, but the 3.04 million-square-foot One World Trade Center is still under construction. CoStar said total office inventory in the U.S. market was 10.37 billion square feet in almost 498,000 buildings at the end of the fourth quarter 2013. This includes almost 20,000 owner-occupied buildings accounting for 884.5 million square feet, according to the report.
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