The vacancy rate for Philly office space remained steady in the third quarter 2014, ending the quarter at 11% for the Philadelphia office space market, according to a new market trend report from the CoStar Group.
The vacancy rate was unchanged from the second quarter 2014, according to CoStar’s Third Quarter 2014 Market Report.
Net absorption stood at positive 131,961 square feet of Philadelphia office space in the third quarter 2014, the report said. Net absorption was positive 760,857 square feet of office space in Philadelphia at the end of the second quarter, CoStar said.
Meanwhile, vacant sublease space rose in the quarter, ending the third quarter at 1,388,566 square feet of Philly office space, according to the report.
Several tenants moved into large blocks of office space in Philly in 2014, CoStar said, including: The Vanguard Group, moving into 204,000 square feet of Philly office space at Great Valley Corp Center; The Harrisburg University of Science & Technology, taking 149,820 square feet at Harrisburg University Academic Center; and Beneficial Mutual Bancorp, Inc. moving into 95,764 square feet of Philadelphia office space at 1818 Beneficial Bank Place.
Rental rates for office space in Philadelphia were up over the second quarter, closing the third quarter at $21.62, CoStar noted.
Two buildings totaling 219,036 square feet of Philly office space were delivered to the Philadelphia office space market in 2014’s third quarter, CoStar said. Another 3,506,297 square feet of office space in Philly remained under construction third quarter’s end, according to the report.
In the national office market, CoStar noted that the vacancy rate dropped from second quarter levels, ending the third quarter 2014 at 11.2%. Net absorption was positive 27.56 million square feet at the end of the third quarter 2014, the report said. Average national rental rates were up for the quarter, ending at $22.38, according to CoStar. Nearly 13.2 million square feet in 233 buildings delivered to the market in the third quarter, CoStar said.
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