Tuesday, April 17, 2012

Philadelphia's Office Vacancy Decreases to 11.4%

"The Philadelphia Office market ended the first quarter 2012 with a vacancy rate of 11.4%.

The vacancy rate was down over the previous quarter, with net absorption totaling positive 509,930 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 1,405,357 square feet.

Tenants moving into large blocks of space in 2012 include: PJM Interconnection moving into 105,861 square feet at 2750 Monroe Blvd and Music Choice moving into 30,071 square feet at 650 Dresher Rd.

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

A total of four buildings delivered to the market in the quarter totaling 147,264 square feet, with 1,844,127 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. national office vacancy rate, which decreased to 12.2% from the previous quarter, with net absorption positive 14.79 million square feet in the first quarter."

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