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Worth the cost: renovated PA suburban office buildings achieve an average 24% premium over their non-renovated asking rents

  • ​In a review of recently completed suburban office renovations, the Conshohocken submarket experienced the greatest average rent growth. With a 46 percent increase in post-renovation asking rents between 100 Four Falls and 625 Ridge Pike, investors are benefitting from converting tired and outdated Class B product into fresh Class A product with upgraded amenities and finishes. 

  • As investors continue to seek value-add opportunities, will rents continue to grow? The growth experienced in the western submarkets (King of Prussia/Wayne and Malvern/Exton) illustrates how well-located properties can achieve significant gains. Projects such as the Triad Building, CrossPoint at Valley Forge, and 200 North Warner bolster the case for King of Prussia’s emergence as an increasingly attractive submarket. 

  • Well executed renovation projects will compete with traditional Class A product in higher cost submarkets such as Radnor and Conshohocken, but there is more than just rent to consider. Access to destinations such as the re-imagined Plymouth Meeting Mall and King of Prussia Town Center have stakeholders taking notice of the benefits of a mixed-use environment with greater access to retail and entertainment options.

Source: JLL Research

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