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Philadelphia Market Reports

Philadelphia Office Market

Average Asking Rent (Price/SF) $29.95
Vacancy Rate (%) 13.8%
Net Absorption (SF)  -257,587

The first quarter of the new decade brought whiplash change to not just the Greater Philadelphia office market but to the world, as the sweeping COVID-19 health crisis rapidly unfolded. While local office market performance in the previous decade can be characterized by steady recovery from the 2008 recession, from the vantage point of today, it is entirely unknown how the region's office market will react to the economic turmoil we are now experiencing.

Philadelphia Industrial Market

Average Asking Rent (Price/SF) $6.37
Vacancy Rate (%) 6.0%
Net Absorption (SF) 574,975 

In the fourth quarter of 2019, a total of 5.6 million square feet of new industrial product delivered throughout the Greater Philadelphia industrial market, the largest quarterly inventory addition in the 21st century to-date. This drove the annual completions volume to nearly 10 million square feet, of which the vast majority was built on a speculative basis. This injection of new inventory, unprecedented in the ecommerce-driven modern supply chain era, has begun to be absorbed. At year-end, the pool of industrial buildings that completed construction in 2019 was approximately 50% leased.

Philadelphia Office Market Report
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Philadelphia Industrial Market Report
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