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Mixed performance of new office buildings contributing to CBD market uncertainty heading into 2018

  • ​Just over 146,000 square feet remains available in the most recently delivered buildings across the city: four full floors at 1100 Ludlow in Market East, the bottom two floors at The Navy Yard’s 1200 Intrepid, and next to nothing on partial floors at FMC Tower. Its success makes a clear case for more office space near 30th Street Station. 
  • Looking ahead to the next 12 months of office deliveries, we see over 550,000 square feet left to lease across three properties: the entirety of the completely overhauled One Franklin Tower, the floors beneath Aramark’s space at 2400 Market, and the high-rise floors at 3675 Market. 
  • These 700,000 square feet of new or completely reimagined space are going head to head against a growing number of large subleases in existing buildings as well as the proliferation of boutique buildings that have seen success in poaching smaller tenants. The diversity of these offerings’ locations, fit-outs, price points, and nearby amenities mean more options than ever for tenants entering the market. With leasing activity below normal at the moment, it remains to be seen if these new spaces can capture an outsized piece of the pie. 
Source: JLL Research

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