Seven new office buildings totaling 413,734 square feet were completed in the Philadelphia office space market in the second quarter of 2014, according to the latest market trend report from the CoStar Group. As a comparison, first quarter 2014 deliveries to the Philly office space market amounted to 121,952 square feet in four buildings.
Another 2,116,720 square feet of office space in Philly was under construction at second quarter’s end, according to CoStar’s Second Quarter 2014 Market Report.
Notable deliveries of office space in Philadelphiathis year include: Two City Center, a 296,025-square-foot facility that delivered in second quarter 2014 and is now 40% occupied, and 1401 Roosevelt Avenue, a 60,000-square-foot building that delivered in first quarter 2014 and is now completely occupied, CoStar said.
The two largest projects under construction in the Philly office space market at the end of the second quarter this year were FMC Tower / Walnut Street Tower, an 830,000-square-foot building with 68% of its space pre-leased and 3737 Market Street, a 340,000-square-foot building with 82% of its space pre-leased, the market report noted.
Total Philadelphia office space inventory at the end of the second quarter stood at 401,999,668 square feet in 20,835 buildings, CoStar said, adding that the Class-A office sector equaled 128,991,730 square feet of office space in Philly in 955 projects. Owner-occupied buildings in the Philly office space market numbered 942, representing 35,997,940 square feet of office space in Philadelphia, according to the report.
In comparison to second quarter Philly office space trends, 217 new buildings were delivered to the U.S. national office market, adding 11.38 million square feet of completed construction, CoStar noted. Another 101 million square feet of office space in the U.S. market remained under construction at second quarter’s end, the report said. In the South Florida market , the 80,000-square-foot facility at 3905 NW 107th Avenue delivered to the market while 520 Newport Center Drive, a 354,845-square-foot building in the Orange County market remain under construction. Total office inventory at the end of the second quarter 2014 consisted of nearly 10.42 billion square feet in more than 500,800 buildings, of which about 20,800 were owner-occupied buildings representing 905 million square feet, according to CoStar.
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