Report | Philadelphia CBD Office Insight - Q4 2015
Vacancy rates in Philadelphia’s CBD are currently the best they’ve been in nearly a decade—with robust leasing, major absorptions and in-market expansions continuing to drive vacancies downward. 2015 saw the market finish the year with a staggeringly low 8.5 percent overall vacancy rate.
With that low rate making large blocks of space hard to come by, a development pipeline has opened in the CBD that’s expected to deliver 12 blocks of Class A space and 2 blocks of Class B space between 50,000-100,000 square feet by 2017.
Rents continue to rise and landlords are making increased demands for new deals. Market East alone saw a 7.3 percent jump for Class A space year-over-year, although Market West led all top submarkets with a 4.8 percent overall annual increase.
Learn more about what’s happening—and what we expect to occur in the coming months—across the Philadelphia CBD office market in our Q4 US Office Insight.
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