Skip Ribbon Commands
Skip to main content

PA suburbs led the way in 2017 leasing activity, but the percentage of leased space was largely consistent across Philadelphia’s submarket clusters

  • ​​6.6 million square feet of space leased across the Philadelphia region’s five submarket clusters in 2017. While these clusters vary widely in size, leasing activity as a percentage of total inventory fell within a narrow range. 4.9 percent of the region’s office stock leased throughout the year, ranging from 4.2 percent in Southern New Jersey and the Lehigh Valley to 5.5 percent in the Philadelphia suburbs.
  • The PA suburbs also led in square footage of leasing. 2.9 million square feet of office space transacted, equivalent to 44.5 percent of all regional leasing activity. The Philadelphia CBD ended the year with 31.1 percent of regional leasing activity, or just over 2 million square feet. Thomas Jefferson’s December lease for 237,000 square feet at 1101 Market helped the CBD rebound from an otherwise below average year in terms of leasing.
  • Delaware saw the second highest amount of leasing activity as a percentage of local inventory, with 5 percent of the office stock transacting. Capital One’s 330,000 square foot lease in downtown Wilmington was a large part of Delaware leasing activity. ​​

Source: JLL Research




Get our latest insights

Subscribe

Connect with us