Monday, July 25, 2011

Philadelphia's Office Vacancy Decreases to 11.9%

"The Philadelphia Office market ended the second quarter 2011 with a vacancy rate of 11.9%.

The vacancy rate was down over the previous quarter, with net absorption totaling positive 709,347 square feet in the second quarter. Vacant sublease space decreased in the quarter, ending the quarter at 1,737,583 square feet.

Tenants moving out of large blocks of space in 2011 include: HSBC Bank moving out of 132,300 square feet at Churchman's Corporate Center; and Broadview Networks, Inc. moving out of 99,851 square feet at 2100 Renaissance Blvd.

Tenants moving into large blocks of space in 2011 include: Quest Diagnostics moving into 136,919 square feet at 1001 Adams Ave; and Broadview Networks moving into 57,209 square feet at Valley Forge Park Place - Bldg 2

Rental rates ended the second quarter at $20.79, a decrease over the previous quarter.

A total of five buildings delivered to the market in the quarter totaling 464,718 square feet, with 1,496,243 square feet still under construction at the end of the quarter."

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