2019 Q2 Greater Philadelphia Office Report

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Regional Office Market | Overview

Key Trends

  • The regional office market vacancy rate increased slightly to 12.3% from 12.1% at the end of 2018.
  • Absorption for the first half of 2019 totaled 472,088 square feet, below 2018’s six-month total.
  • The weighted average asking rent increased by 1.0% to $27.27 per square foot, full service.
  • Investment volume decreased from 2018.

Strong leasing activity during the first six months did not result in significant absorption. New construction and major retrofit projects continued to draw tenants from existing locations.

 

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2019 Q2 Greater Philadelphia Office Report

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Rose Penny

Market Research Director | Philadelphia

Philadelphia

Rose serves as Market Research Director at Colliers and is a member of the Colliers International Research Council.  She is responsible for the compilation, analysis, and dissemination of all market data for the firm.  She is also responsible Colliers Research Reports for Philadelphia, as well as detailed market studies on more than 500 million square feet of commercial real estate in Pennsylvania, New Jersey and Delaware.  Rose produces detailed demographic studies, maintains an extensive database of lease and sale transactions and assists in the preparation of tax studies and opinions of value.
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