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Year-to-date office sales suggest PA suburbs are likely to pull ahead of the CBD from a pricing standpoint

  • ​While recent years show a clear edge in the CBD when it comes to offices sales pricing, the long-term view tells a different story. The suburbs have a maintained a higher per square foot average in the last decade. With so much of the Center City Class A set having already traded this cycle, it is reasonable to expect that ongoing momentum in well-located suburban submarkets can help narrow or close the pricing gap and put the suburbs back on top. 
  • Coming off of 2016’s historic peak of $235 psf, the city has yet to see any office sales exceed $200 per square foot year to date. Meanwhile, Conshohocken’s Three Tower Bridge ($257), Malvern’s Great Valley Corporate Center ($205), and Devon Square ($240) are just a few of the properties to clear the $200 mark outside the city limits. 
  • From a volume standpoint, 2017 is already a good year for suburban office trades, which are 14% ahead of 2016’s year-end totals on a square footage basis. We expect both volume and pricing to improve in the suburban counties through the remainder of 2017 relative to the CBD’s performance. ​
Source: JLL Research

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