Three new Philadelphia office buildings were completed in the third quarter 2013, introducing a total of 61,700 square feet of new Philly office space to the market, according to a new market trend report from the Costar Group.

In comparison, three Philadelphia office buildings totaling 33,100 square feet were completed in the second quarter 2013, eight buildings totaling 726,360 square feet in the first quarter 2013, and six buildings totaling 276,492 square feet in the fourth quarter 2012, according to CoStar’s Third Quarter 2013 Market Report.

Another 791,386 square feet of office space in Philadelphia was under construction at the end of the third quarter 2013, CoStar said.

The notable new Philadelphia office space delivered in 2013 includes Endo Pharmaceuticals, a 300,000-square-foot facility that delivered in first quarter 2013 and is fully occupied, and Five Crescent Drive, a 207,779-square-foot building that delivered in first quarter 2013 and is also is now 100% occupied, according to the report.

The largest projects underway at the end of the third quarter 2013 were 3737 Market Street, a 272,700-square-foot building and CrossPoint at Valley Forge, which will add 272,109 square feet of Philly office space to the market.

Total Philadelphia office space inventory equaled 396,322,067 square feet in 20,316 buildings as of the end of the third quarter 2013.  The Class-A office sector of office space in Philadelphia consisted of 127,191,204 square feet in 948 projects.  Within the Philly office space market there were 900 owner-occupied Philadelphia office buildings accounting for 35,387,640 square feet of Philadelphia office space.

This trend is compared to U.S. National Office deliveries and construction, which saw 244 buildings totaling 12.2 million square feet complete construction, with an additional 83.8 million square feet of office space still under construction at the end of the third quarter, CoStar said.  A 1.05 million-square-foot facility at 250   W. 55th St. in the New York City market delivered, while the 3.04 million-square-foot OneWorldTradeCenter in New York City is still underway. Total office inventory in the U.S. market totaled 10.34 billion square feet in almost 497,000 buildings at the end of the third quarter 2013, including almost 20,000 owner-occupied buildings accounting for 876.2 million square feet, according to the report.

For more information about office space in Philadelphia or any Philadelphia commercial properties, please contact Jason Wolf (215-799-6900-office; 215-588-8800-cell; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm that specializes in office space in Philadelphia.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philadelphia office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.