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Office Insight

United States | Philadelphia, PA

Report | Philadelphia CBD Office Insight - Q4 2016

Summary

Q4 saw a sharp uptick in leasing activity across the Philadelphia CBD, but transaction volume still remained below the levels set in the submarket over the last five years. 6.5 million square feet of space could hit the market downtown between now and 2020 as mid- and large-size tenants seek new deals as their leases expire.

As of Q4, preleasing rates for new or pending office deliveries are clearly strongest in University City. The submarket's seeing preleasing rates of 75 percent, compared to 43 percent or below in Market East, Market West and Navy Yard.

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