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Recent listings expand full floor availabilities, creating choices for mid-sized tenants, pressure for landlords

  • ​In September 2016, we noted how that year’s high-profile leases focused on Class B, creative, and otherwise unconventional locations (Vanguard’s decision to re-enter Center City at 2300 Chestnut is a recent example). Nearly a year later, we see a growing set of full-floor and multi-floor options up and down the Market Street spine of the traditional CBD. A two-story sublet at Commerce Square and two floors in the high-rise of One Liberty Place have opened up options in the Trophy set, while a series of contractions (some anticipated, some not) are creating medium and large options for tenants in the 20,000 – 40,000 square foot range.
  • With availability rates up in commodity Class A product, expiring tenants will have more options and landlords will need to differentiate with better TI packages or stronger property amenities to compete.  It remains to be seen if the momentum of inbound demand will continue, enabling landlords to backfill space with new-to-market tenants, or if certain existing CBD tenants have enough growth potential to offset the recent flurry of contractions. 

Source: JLL Research, CartoDB​

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