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Philadelphia Market Reports

Philadelphia Office Market

Average Asking Rent (Price/SF) $27.77
Vacancy Rate (%) 14.1%
Net Absorption (SF) 536,346

Throughout 2017, tenants focused on space efficiency and downsized within existing buildings. This returned large blocks of space to the Central Business District (CBD), pushing year-over-year vacancy up by 160 basis points to 13.1%. PNC renewed 225,000 square feet and plans to reduce its footprint by over 100,000 square feet at 1600 Market Street, while Deloitte renewed 90,000 square feet at 1700 Market Street and returned two floors totaling 60,000 square feet. Also, the Children's Hospital of Philadelphia vacated 226,000 square feet at 3535 Market Street and moved to an owned property across the river, while Verizon gave back 89,000 square feet at Three Logan Square.

Philadelphia Industrial Market

Average Asking Rent (Price/SF) $5.32
Vacancy Rate (%) 6.9%
Net Absorption (SF) 835,447

Demand for warehouse space from e-commerce firms has dominated the industrial activity in the Greater Philadelphia region. However, the number of speculative projects breaking ground is insufficient to keep up with demand, leaving tenants with a lack of existing product suitable for distribution requirements. In Philadelphia County, both available inventory and vacant property are limited, leading to slow activity and a rise in rates.

Philadelphia Office Market Report
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Philadelphia Industrial Market Report
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