Friday, October 7, 2011

Contiguous blocks of space scarce in Conshohocken area

by Natalie Kostelni
"The Conshohocken office submarket has been chipping away at vacancies in several buildings and causing the market to tighten up.
“If someone is looking for 75,000 to 100,000 square feet in Conshohocken, it doesn’t exist any more,”
“Conshohocken is doing great.”

The vacancy rate in the 3.6 million-square-foot submarket at the end of last year stood at 14.1 percent and 14.6 percent in the second quarter. It has now dipped down to 11.1 percent at the end of the third quarter. Some buildings, including Spring Mill Corporate Center, 101 W. Elm St. and One First Ave., among others have reached an occupancy of 95 percent or more.

Some recent lease deals include:

Academy in Manayunk signed a 15-year lease on 63,512 square feet at River Park II, an office building at 1200 River Road.
Kynetic took 35,400 square feet at Two Millennium at 225 Washington St.
NSM Inc. renewed and expanded at Spring Mill Corporate Center.
Monetate moved into 25,000 square feet at Quaker Park.
Main Line Health signed on for 5,000 square feet at Spring Mill Corporate Center.
Northrup Grumman renewed a 25,000-square-foot lease for five years at 200 Four Falls.

Other space has been filled by tenants looking to get nicer office space on the cheap.
With the submarket tightening up, it’s should eventually cause rental rates to tick up, but it’s too soon to say whether it will mean the construction of Seven Tower Bridge, a 14-story, 250,000-square-foot office building proposed by a partnership that includes Oliver Tyrone Pulver Corp."
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