Wednesday, January 7, 2015

Center City office market saw vacancy rate drop last year

by Natalie Kostelni, Staff Writer at the Philadelphia Business Journal

Center City's office vacancy rate fell last year as firms leased up space, companies from outside planted a downtown presence and buildings were taken out of the market for residential conversions.
The vacancy rate for the Philadelphia office market, which totals 43.6 million square feet, ended the year at 13.4 percent, according to CBRE Inc. At the end of 2013, the rate was 14.7 percent. The last time the rate was below 14 percent was in 2009 when it came in at 13.5 percent, according to CBRE data.
Total absorption for the year, or the amount of space that was taken off of the downtown market, was 892,226 square feet, and average rents came in at $27.18 a square foot.
University City had the lowest vacancy rate of 5.5 percent and enviable rents of nearly $35 a square foot.
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