The market for Philly office space saw two new office buildings totaling 219,036 square feet delivered in the third quarter 2014, according to the CoStar Group’s newest market trend report. This was down from the second quarter 2014 when nine building totaling 455,834 square feet were complotted in the Philadelphia office space market, CoStar said.
At the end of the third quarter, another 3,506,297 square feet of office space in Philadelphia was still under construction, according to CoStar’s Third Quarter 2014 Market Report.
Deliveries of note in the Philadelphia office space market in 2014 were: Two City Center, a 296,025-square-foot structure that delivered in the second quarter, and Five Crescent Drive, a 207,779-square-foot facility that was completed in the first quarter and is now fully occupied, the market report said.
The two largest projects that remained under construction in the market for office space in Philly at the end of the third quarter were Comcast Innovation & Technology Center, a 1,566,794-square-foot facility and FMC Tower / Walnut Street Tower, an 830,000-square-foot building, according to CoStar.
At the end of the third quarter 2014, total inventory in the Philly office space market stood at 402,879,847 square feet in 20,930 projects, CoStar said. Of that total, the Class-A office sector of the Philadelphia office space market totaled 129,867,900 square feet in 966 buildings. Owner-occupied buildings in the market for office space in Philadelphia stood at 985, representing 37,487,321 square feet of office space in Philly, the market report said.
In comparison to the third quarter Philly office space trends, 233 projects consisting of 13.16 million square feet were delivered to the U.S. national office market by quarter’s end, according to CoStar. An additional 108.2 million square feet of office space in the national market was still under construction at the end of the third quarter, the report noted.
The Boston market saw the delivery of a 321,503-square-foot building at 8 Education Street in the third quarter, while a 409,000-square-foot facility at 3965 Eagan Outlets Parkway delivered in the Minneapolis market, according to the report. Additionally, the 1.5 million-square-foot State Farm Campus in the Dallas/Fort Worth market remains under construction, CoStar said. At the end of the third quarter, the national market’s total office inventory stood at nearly 10.44 billion square feet in more than 502,400 buildings. This inventory includes 930 million square feet in 22,000 owner-occupied buildings, the report said.
For more information about office space in Philly or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in office space in Philadelphia.
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