Thursday, July 12, 2012

Philadelphia's Office Vacancy Decreases to 11.3%

The Philadelphia Office market ended the second quarter 2012 with a vacancy rate of 11.3%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 44,615 square feet in the second quarter. Vacant sublease space decreased in the quarter, ending the quarter at 1,344,211 square feet.

Tenants moving into large blocks of space in 2012 include: Young Conaway Stargatt & Taylor, LLP. moving into 218,335 square feet at The Courthouse; PJM Interconnection moving into 105,861 square feet at 2750 Monroe Blvd; and Gamesa moving into 66,506 square feet at 1150 Northbrook Dr.

Rental rates ended the second quarter at $20.97, an increase over the previous quarter.

A total of seven buildings delivered to the market in the quarter totaling 82,809 square feet, with 1,755,598 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 12.1% from the previous quarter, with net absorption positive 20.72 million square feet in the second quarter.
Full report:

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