CoStar Market Insights: Center City Philadelphia’s Minimal New Office Construction and Rising Rents Have Local Office Owners in a Comfortable Position Heading Into Late 2019
Philadelphia’s largest office submarket, Market Street West, wrapped up the second quarter in good health.
As cited in the latest Market Street West video update, the submarket’s vacancy rate is holding steady around 8%, close to a 10-year low and even tighter than vacancy rates in other prime northeast submarkets, including Washington, D.C.’s, CBD, and the Plaza District in Midtown Manhattan.
Market Street West’s office absorption has been slightly negative year-to-date, but the complete lack of new office construction underway has helped keep the overall market tight and asking rents growing by over 6% year-over-year.
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*Article is courtesy of CoStar News, Adrian Ponsen, August 2, 2019