Philadelphia’s office market is rounding out 2019 in good health.
Thanks in large part to minimal levels of new construction, the vacancy rate in the Philadelphia commercial real estate market remains among the lowest of any major market in the U.S., and tighter than current vacancy levels in Chicago, Los Angeles and Washington, D.C.
Leasing by life science, health care and coworking tenants have helped propel rent growth in centrally located submarkets involving Philly office space in such areas as University City and Market Street West to more than 4 percent year-over-year.
This CoStar Realty Information Inc. report involving Philadelphia commercial properties is being made available through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm. You can view the report by clicking here.
There are some signs of weakness under the surface. As low unemployment and an increasingly weaker economic outlook make it more challenging for companies to expand their payrolls, job growth in the Philly office space market is slowing and office tenant expansions have been following suit.
But compared to most major U.S. markets, Philadelphia remains well positioned to weather any potential economic slowdown. Sky-high local construction costs in the Philly office space market has kept office construction to a minimum here, meaning there’s no risk of speculative office development driving up vacancies over the next two years. Meanwhile, the local economy’s outsized exposure to the nearly recession proof healthcare sector also limits downside risks. – By Adrian Ponsen, CoStar Realty Information Inc.
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