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.
For more information about Philly office space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (firstname.lastname@example.org) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, rettail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.
Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly office space with the Philadelphia commercial properties that best meets their needs.
As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for Philly office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need – a strategic partner who is fully invested in your long-term growth and success.
Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.