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Large office leasing deals year-to-date strongest in Market Street West, but transit-oriented suburban submarkets are winning the race

  • ​While year-to-date leasing velocity has been slower in 2017 compared to 2016, large office leasing deals (25,000+ square feet) have accounted for 2.7 million square feet of activity across the Philadelphia market.
  • Large office leasing activity has been strongest in Market Street West. Across the submarket’s 27.5 million square feet of space, more than 550,000 square feet of large deals have transacted since January 1 across 12 separate leases.
  • The Pennsylvania Suburbs have seen more than their fair share of deals, however, with transit-oriented submarkets and those closest to the city demonstrating their attractiveness to tenants. Between Bala Cynwyd and King of Prussia / Wayne alone, over 625,000 square feet of large deals have landed in 2017.
  • We expect Q3 to close out with strong suburban fundamentals, but with the flurry of activity we anticipate in the fourth quarter of the year, the leasing activity race is still anybody’s game. ​

Source: JLL Research​

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