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United States | Philadelphia, PA

Report | Philadelphia CBD Office Insight - Q2 2016

Summary

As of Q2, Market East remains the hottest submarket for rental rate growth (y-o-y), despite having the highest vacancy rate among Philadelphia’s four CBD submarkets. Asking rates in the submarket are up 12.9 percent year-over-year, easily outpacing overall CBD rate growth of 9.4 percent.

Delays in construction at two major buildings downtown is expected to extend landlord-favorable conditions across the CBD, with only 3675 Market Street set to deliver Class A space in the 2017-2018 timeframe.

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