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Secondary submarkets in PA Suburbs accounted for more suburban leasing activity than core submarkets through Q3

  • ​2.3 million square feet of leasing activity has occurred throughout the Pennsylvania suburbs through the end of the third quarter, nearly double the 1.2 million square feet of leasing activity in the Philadelphia CBD during the same time period.
  • King of Prussia/Wayne led the way among core submarkets for leasing activity (19% of all core submarket leases signed), supported by Vanguard’s lease for 183,000 square feet at 455 Devon Park Drive in Wayne. The Bala Cynwyd submarket accounted for 17% of all secondary submarket leasing activity, bolstered by Philadelphia Insurance Company’s lease of 285,000 square feet at 231 Asaphs Road. 
  • As supply in the core suburban submarkets is significantly more expensive, roughly $4.00 per square foot higher than secondary submarkets, we expect secondary leasing activity to continue playing an important role in office leasing activity in 2018. ​

Source: JLL Research

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