The Philly office space market received, during the fourth quarter of 2014, two new office buildings totaling 343,850 square feet, according to the CoStar Group’s newest market trend report. This was in contrast to the third quarter 2014 when two buildings that add up to 219,036 square feet were finished in the Philadelphia office space market, CoStar said.
At the end of the fourth quarter, an additional 2,966,000 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: 3737 Market St, a 340,000-square-foot facility that delivered in fourth quarter 2014 and is now 83% occupied, and Two City Center, a 296,025-square-foot building that delivered in second quarter 2014 and is now 96% occupied the market report said.
The largest projects being erected by the completion of the fourth quarter 2014 were Comcast Innovation & Technology Center, a 1,336,682-square-foot building with 100% of its space pre-leased, and FMC Tower / Walnut Street Tower, an 830,000-square-foot facility that is 65% pre-leased.
Total office inventory in the Philadelphia market area was 405,122,371 square feet in 21,069 buildings as of the end of the fourth quarter 2014. The Class-A office sector was 129,738,709 square feet in 967 projects. The office market had 980 owner-occupied buildings with 37,342,438 square feet of office space.
This trend is like the U.S. National Office deliveries and construction, which was 194 buildings totaling 15.92 million square feet complete construction, with more than 117.6 million square feet of office space still under construction at the end of the fourth quarter.
One Franklin Park, a 267,751-square-foot facility opened in Tennessee as did, in Houston the 1 million-square-foot ExxonMobil Campus – Ph. 1. At the same time, the 366,858-square-foot North Hills Tower II in the Raleigh/Durham market was being built. This makes inventory of office space in America nearly 10.47 billion square feet in more than 503,600 buildings at the end the fourth quarter of 2014. This also counted 22,000 owner-occupied buildings with 937 million square feet.
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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