2018 Year End Greater Philadelphia Office Report

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Regional Office Market | Overview

Key Trends

  • The regional office market vacancy has been fluctuating by quarter and by submarket and ended 2018 at 12.2%.
  • Year-to-date absorption approached 2 million square feet, a substantial portion of which was attributed to the completion of the Comcast Technology Center.
  • Asking rents increased by 3.1% from the end of the second quarter to a regional average of $27.04 per square foot, full service. The average Class A rent increased by 3.0% and the Class B average by 2.6%.
  • Suburban investment volume remained high, while there was a pause in CBD sales activity.

Results were mixed in the regional markets during the last two quarters of 2018. In what has become a familiar theme, competition between buildings, submarkets and other states led to an occupancy tug of war, and generally flat absorption in the suburban markets.


2018 Year End Greater Philadelphia Office Report

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