Office Deep Dive: Philadelphia ranks 12th nationally in big-block office availability

 

By Brenda Nguyen CoStar Analytics

As the nation's ninth-largest office market, Philadelphia ranks 12th out of 15 major metropolitan markets for big-block office availability. The local market currently lists 62 spaces exceeding 100,000 square feet in four- and five-star buildings — enough to offer options for large companies, but still far behind the top-performing cities.

Dallas-Fort Worth leads all markets with 156 big-block spaces, while Washington, D.C., nearly matches that with 154, providing more than twice the number of large spaces available in Philadelphia. These markets and metropolitan areas give companies a wide range of choices and stronger leverage in lease negotiations.

New York lists 123 big-box spaces, and Boston has 104 available, leading the Northeast region.

Phoenix lists 69 spaces, and Seattle lists 66 spaces, both surpassing Philadelphia despite having smaller commercial real estate markets. Chicago also edges ahead with 68 spaces.

Philadelphia's 62 big-box options may attract certain tenant profiles while deterring others. Financial services, law firms and healthcare companies often find the market appealing because of lower rents, a strong local industry base and proximity to top universities.

Conversely, despite fewer space options, the market struggles to attract technology firms that prioritize Austin or San Francisco’s tech ecosystems. Government contractors naturally cluster around Washington's federal agencies, while Boston's biotech concentration pulls life sciences companies despite higher costs. Dallas-Fort Worth's central location and vast inventory appeal to logistics and distribution operations that require a national reach.

Philadelphia’s role in this landscape is that of a budget-friendly alternative, rather than a hub defined by industry focus or a large supply of expansive commercial space. Its appeal lies in affordability, accessibility and institutional strength — distinct advantages in the national office hierarchy.

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