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Office Insight

United States | Philadelphia, PA

Report | Philadelphia Office Insight - Q1 2011

Summary

Overall, professional and business services outperformed every sector of job growth in the Philadelphia MSA. Companies continued to migrate to quality in all segments of the market as the Class A market demonstrated positive net absorption of 460,622 square feet. Sublet space has also slowly been filling up, indicating market tightening as evident by the drop in vacancy from the fourth quarter. Large contiguous blocks of desirable space will continue to disappear. 2011 is expected to be a transition year marked by continued slow, sustainable growth.

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