Tuesday, August 29, 2017

CRE Q2 Stats Philadelphia Area

by Steve Lubetkin, Globest.com

Though the office investment market in Philadelphia cooled off quite a bit compared to Q1 with the total sales volume dropping 46%, Yardi’s Commercial CafĂ© website says the pace of investment and number of deals remain steady.

Key highlights:

Q2 office sales volume dipped 46% from Q1 but increased 26% year-over-year, from $211 million in Q2 2016 to $265 million

Average price per square foot dropped below a 5-yearaverage to $137 from $163 in Q1, but is on the uptick year-over-year from $103 in Q2 2016

The office transaction that topped the list in the second quarter was the sale of Valley Creek Corporate Center in Exton for $45.3 million to a joint venture between Pembroke Hobson and Ten Capital Management

A total of 5 office construction projects came online this quarter, Brandywine’s FMC Tower at Cira Center South and CHOP’s Roberts Center for Pediatric Research at 700 Schuylkill Avenue, totaling 1,000,000 square feet were the most anticipated ones in Philadelphia

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