Report | Philadelphia Law Firm Outlook - 2015
Firms in the Philadelphia area face a challenging leasing market in the short term. Vacancy rates are at all-time lows and there are limited blocks of available Trophy space, pushing landlords to cut back on concessions to tenants.
The market is expected to begin easing in 2017 for tenants, with 300,000 square feet of Trophy space coming online.
In the meantime, the revitalized Market East is giving cost-conscious firms additional options, while Center City is experiencing the strongest growth of millennials of any major U.S. city.
Our local Law Firm Perspective provides a thorough overview of the Philadelphia market to help you better shape your strategy. We explore conditions across Philadelphia’s submarkets, from rental rates—including premiums for Trophy space and discounts for Class B space—to demand among professional and business services firms.
(Click here to see an overview of 2015 national law firm trends and market comparisons.)
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