Wednesday, April 27, 2011

Market Trend: Philadelphia’s Office Vacancy Decreases to 12.0%

"Net Absorption Positive 416,169 SF in the Quarter

The Philadelphia office market ended the first quarter 2011 with a vacancy rate of 12.0%.

The vacancy rate was down over the previous quarter, with net absorption totaling positive 416,169 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 1,901,517 square feet.

Rental rates ended the first quarter at $20.95, a decrease over the previous quarter.

A total of three buildings delivered to the market in the quarter totaling 43,400 square feet, with 1,512,440 square feet still under construction at the end of the quarter."

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