The Philly office space vacancy rate dropped in the second quarter 2014, closing the quarter with a vacancy rate of 10.9% for the Philadelphia office space market, according to the CoStar Group’s newest market trend report.
Net absorption totaled positive 876,918 square feet of office space in Philly in the second quarter 2014. In comparison, net absorption was negative 433,098 square feet of office space in Philadelphia in the first quarter 2014, CoStar’s First Quarter 2014 Market Report said.
Vacant sublease space in the Philly office space market decreased in the second quarter, ending the quarter at 1,262,768 square feet, the report noted.
Costar said that among the tenants moving into large blocks of space in the Philadelphia office space market in 2014 were: Incyte Corporation, moving into 191,056 square feet at 1801 Augustine Cut Off; The Harrisburg University of Science & Technology, moving into 149,820 square feet at Harrisburg University Academic Center; and Beneficial Mutual Bancorp, Inc., moving into 95,764 square feet at 1818 Beneficial Bank Place.
Rental rates in the market for Philadelphia office space increased over the previous quarter, the report said, ending the second quarter 2014 at $21.48.
A total of seven buildings delivered to the office space in Philly in the second quarter 2014, CoStar reported. The seven buildings totaled 413,734 square feet of office space in Philadelphia. An additional 2,116,720 square feet of office space in Philly remaining under construction at the end of the quarter, the report said.
In comparison to the quarterly results in the Philadelphia office space market, the U.S. National Office vacancy rate dropped to 11.4% from the previous quarter, CoStar noted, with net absorption at positive 24.53 million square feet in the second quarter. Nationally, average rental rates rose to $22.22, and 217 buildings delivered to the market totaling nearly 11.4 million square feet, according to the report.
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