2019 Spring Suburban Philadelphia Office Market Report

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Overview

The Philadelphia suburban market had a choppy second half of 2018 and first quarter of 2019. The tug-of-war for tenants has resulted in constant gains and losses between submarkets like Malvern-Exton-West Chester and King of Prussia/Wayne as well as Horsham and Fort Washington. Most of the largest lease transactions at the end of 2018 were renewals or build-to-suits and did not impact occupancy. The largest leases during the first quarter mainly involved tenants moving and shrinking their occupancy.

The major build-to-suits announced in 2018 for Amerisource- Bergen and Amerihealth Caritas are under construction. The the first ground-up speculative project of the decade at CrossPoint II was gearing up.

Asking rents continued to increase for both Class A and B space. Some submarkets such as Conshohocken had significant spikes as new owners have pushed up rents.


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2019 Spring Suburban Philadelphia Office Market Report

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