During the fourth quarter 2012, eight buildings totaling 2,887,868 square feet were completed in the Philadelphia Industrial market area. This compares to four buildings totaling 2,229,000 square feet that were completed in the third quarter 2012.
There were 3,276,271 square feet of Industrial space under construction at the end of the fourth quarter 2012.
Some of the notable 2012 deliveries include: Crayola, a 1,534,200-square-foot facility that delivered in fourth quarter 2012 and is now 100% occupied, and 2785 Commerce Center Blvd, a 1,200,000-square-foot building that delivered in third quarter 2012.
The largest projects underway at the end of fourth quarter 2012 were I-78 Industrial Park At Bethel - Bldg 2, a 1,200,000-square-foot building with 100% of its space pre-leased, and Berks Park 78 - Dollar General, a 906,919-square-foot facility that is 100% pre-leased.
Total Industrial inventory in the Philadelphia market area amounted to 1,007,903,702 square feet in 19,327 buildings as of the end of the fourth quarter 2012. The Flex sector consisted of 82,152,166 square feet in 3,189 projects. The Warehouse sector consisted of 925,751,536 square feet in 16,138 buildings. Within the Industrial market there were 2,384 owner-occupied buildings accounting for 225,829,430 square feet of Industrial space.
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