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Office Insight

United States | Philadelphia, PA

Report | Philadelphia Office Insight - Q2 2017

Summary

A market shift towards tenants is underway in Downtown Philadelphia as long-time, large occupiers give back floors and leasing levels hold flat. Rents grew 1.8% overall in Q2, mostly driven by Class A, but certain submarkets saw declines. We expect rates to continue to flatten going forward.

It's likely that new construction and buildings with robust capital improvement plans will continue to out-perform status quo options as large and inbound tenants show less price sensitivity.​

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