Northeastern Pennsylvania Office Report | Spring 2018

Key Trends

  • The vacancy rate decreased from 6.3 to 6.2 percent at the end of the fourth quarter.
  • Absorption was flat due to low leasing volume. Competition from non-traditional office locations, such as industrial parks and quasiretail buildings, continues to impact leasing in existing Class A and B buildings.
  • The weighted average asking rent for Class A space increased marginally to $19.20-per-square-foot, full service. Class B rents increased by almost one-percent to $18.85, full service.