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Office Insight

United States | Philadelphia, PA

Report | Philadelphia Office Insight - Q4 2010

Summary

The Philadelphia area is growing slowly yet sustainably heading into 2011.  Small 2010 gains among office users in education, healthcare and professional services were partially offset by losses due to public sector belt tightening.  Overall market conditions will improve—for landlords—most quickly in the Philadelphia CBD, and most slowly in Lehigh Valley.
  • Current average vacancy of 17% is expected to gradually decrease.
  • Positive absorption was registered for the first time in almost two years.
  • Class A space will outperform Class B as firms trade up for value-priced space.
  • Landlord concessions should continue above normal, but they are increasingly seeking security deposits.
  • Large occupiers will have fewer options for high-quality contiguous blocks of available space.  On the flip side, viable sublease opportunities for smaller tenants should increase.

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