Report | Philadelphia CBD Office Insight - Q1 2016
Market East led the way among all submarkets across Philadelphia’s CBD for rental rate growth in Q1. It easily outpaced the others with a 12.5 percent rental rate increase year-over-year. The next closest saw just 4.2 percent asking rate growth.
Trophy space also showed its strength to begin 2016. That building type saw its vacancy rate dip to 4.3 percent in Q1. That’s half of the overall CBD average for the quarter.
Overall market construction numbers should pick up over the next few months with a number of buildings preparing to break ground. As speculative development increases, the CBD’s ability to grow new demand through out of market tenants, relocations and expansions will be a key to watch.
Learn more about what’s happening right now in Philadelphia’s CBD—and what we can expect over the next couple months—by downloading our Q1 2016 US Office Insight.
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