2018 Q3 Northeastern Pennsylvania Office Market Research & Forecast Report
Key Market Trends
- The vacancy rate jumped from 7.6% to 8.1% at the end of the
third quarter, which was also up 180 basis point since the end
of 2017. Class A vacancy more than doubled as a result of
140,000-square-feet of Bank of America space on Fleet Way in
Moosic. Class B vacancy continued to improve, decreasing from
6.6% in the second quarter to 6.5%. While not a huge decrease,
this represents a 170-basis point drop in the last two years.
- Both Class A and Class B rents increased slightly during the third
quarter. The weighted average Class A rent rose by seven-cents
per square foot to $19.15 full service, while the Class B average
increased by $0.21 to $18.80 per square foot.