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If you are looking for office space in or around Philadelphia, we can make it a lot easier and ensure you get a great deal on your space with our top local Philadelphia office space professionals.

There are lots of options available and it is very time consuming to try to find just the right one on your own. Our reps know the market and will do a thorough search for you. In fact, their services are FREE and includes a comprehensive personalized search of options based upon your requirements using their proprietary databases to find the best space at the best price.

About the Philadelphia Office Market

The Metro Philadelphia office space market contains over 145 million square feet of office space including the nearby southern New Jersey, Northern Delaware and Lehigh Valley submarkets. Philadelphia proper has only about a third of that space. The office market is spread over a very wide geographic area with lots of options available for tenants looking for office space.

Some of the more popular Philadelphia office space markets include:

Center City Office Market

This market is divided between Market East and Market West with the division being separated by Broad Street. Market East is characterized by older Class B and Class C office buildings. The primary tenant's in Market East being government service agencies, non-profits and city based organizations. Market West is characterized by newer Class A trophy buildings that attract financial and legal tenants and the like.

Navy Yard Office Market

A redeveloped decommissioned Navy Yard that is part of South Philadelphia, but a market in its own. The area is considered a Keystone Opportunity Zone offering tax incentives to companies who locate there. The Navy Yard has a mix of Class A, B, and C medical and office space as well as some industrial, the latter which lends itself to conversion to residential at a later date. The U.S. headquarters for Urban Outfitters and Glaxosmithkline are located here.

Old City Office Market

Located at the far east of the City from the Delaware River heading west to Market East, this area is the historical center of the city which includes Independence Hall and the Liberty Bell. There are some small Class A and B office buildings, with a few larger ones along Market Street.

Rittenhouse Square Office Market

Located on the west side of Market West, this area is primarily high end residential and retail with very limited office space available in this market.

South Philadelphia Office Market

As the name would imply, this is the Southern part of the city. It is characterized by 2-3 story row homes and mixed-use corner retail with very few professional office buildings. Any office space that does exist is usually converted residential or retail. This area is also home to all of Philadelphia's professional sports stadiums.

University City Office Market

Located west of Market West across the Schuylkill River, an area where the University of Pennsylvania and Drexel University call home. The area is primarily owned and controlled by the Universities and includes Class A R&D buildings as well as Hospitals and related healthcare properties. This area is also home to 30th Street Station. There are some tax incentive opportunity zones located in this market.

Many businesses in the Philadelphia area are embracing the new generation of office workers by implementing "Agile" office space strategies. This new generation of workers are driving change in corporate workplace strategy. In order recruit the best and the brightest of these digital natives, corporate workplace strategy is evolving to be more mobile and collaborative and less "corporate" in feel and structure. The result is that office footprints in Philadelphia are shrinking while still accommodating the same or more workers. Philadelphia is a leader in this trend. It would be worthwhile for you to consider this option for your business. Our office space pros are well versed in helping in this evolution.

if you are looking for office space in Philadelphia or the surrounding markets, contact us. The form at the top of the page will provide us the information we need to appoint the best qualified Philadelphia office tenant rep to serve your needs. There is no cost for the service and no obligation for completing the form. You have nothing to lose to give us a try!

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What to Expect When Looking for Philadelphia Office Space for Lease

If you're in or are thinking of moving your business to the Philadelphia area, one of the first things you'll want to know is what the market is like for office space. There are several options available, and we'll go over some of the most popular or notable so you can get some ideas of submarkets that are worth checking out. First, an overview of the city and its environs:

Philadelphia has almost 1.5 million residents, giving you access to plenty of labor. It is also home to the Philadelphia Stock Exchange, making it an important economic hub for the United States. The city is home to some of the country's most famous museums, and offers plenty of cultural activities. Sports are also big here, and the city has a major league team for each of the four most popular American games.

Despite these factors, the average income of those who live in the city is just $41,449, which is substantially below the state average. This is because those with more money usually live in the suburbs and commute in for work. The influx of money from the suburbs allows for good maintenance of city-based attractions like the museums and stadiums.

Notably, Philadelphia is home to multiple colleges that draw large amounts of international students. These students often look for work in the area after graduating, so when you move here, you have access to many freshly-educated people for your operations. This helps your company stay ahead in competitive markets. It also ensures that Philadelphia will become more and more diverse as time goes on. Retailers are always helped by the presence of plenty of college students too, so this is a great place to look for commercial retail space as well as office locations.

Both new development and improvement of older areas are currently in progress. This is rejuvenating the area and providing new opportunities for leasing. New projects are more likely to be low and spread out, while the older sections of town have plenty of skyscraper space waiting for you.

Overall, Philadelphia is a great place to open an office or other business location. It offers plenty of available workers, customers, and activities for you and your staff to enjoy during the off-hours. To help you get started in your search for office space, we offer this information about the leasing market here:

Overview of the Philadelphia Office Leasing Market

According to CBRE, lease rates are starting to calm across the region, it is at $25.77 per sq. ft mid year. It shows that increase 1.0% for both year-over-year and quarter-over-quarter. Downtown has average asking lease at $30.87, giving an increase of 5.3% over the years. Growth was  due to new ownership groups pushing rates. Same with suburbs, lease rates are also increasing year-over-year at 1.8%. On the other hand, rates in Harrisburg, Southern New Jersey, Lehigh Valley and Northern Delaware were flat as of 2nd quarter of the year.

The current average vacancy rate in Philadelphia is at 15%.  Increase in vacancy downtown is being related to the downsizing and tenants utilized space more efficiently. On the other hand, vacancy was declining, because of the strong job growth and it is still anticipated to continue.

Areas of Interest

The Central Business District (CBD)

Overall absorption for the Philadelphia CBD is forecasted to be positive by year-end 2018. According to CBRE, the largest real estate services and investment firm in the world, construction is progressing over 1.8M sq. ft. Construction includes, 2400 Market, 3675 Market and The Comcast Technology Center, all are expected to deliver before the year ends. Comcast Center has 1.3M sq. ft, it is project to significantly contribute to the market. Also, Comcast announced that they are transferring from Two Logan Square (200,000 sq. ft) and to Three Logan Square (300,000 sq. ft). This expansion could rest in additional leasing activity with the vendor that do business with Comcast.

University City

The property located in the University City submarket, is over 60% pre-leased to the University City Science Center. It is tracked to finish in the third quarter. As of the mid of this year, report says that it has 191,000 sq. ft. of available space.

Suburban Areas -  Vacancy is still declining in this market. It is now siting at 15.2%, dropping 100 basis points over the year with a running lease rate of $25.77.

Recently-Completed and Soon-to-Come Projects

Several build-to-suit projects came online in 2017 or are scheduled to open in 2018, and some of these have contributed space to the leasing market. Comcast's new 300,000 square foot offices are the largest of these. Projects for Subaru and Bank of America are also in the works for this year.

Predicted Trends for 2018

It is predicted that there will be strong advances in both supply and demand for Philadelphia and the surrounding areas. Plenty of new space will open up this year, and more projects are expected to break ground. Would-be tenants who need large blocks of space are driving more and more build-to-suit projects, especially on the Camden waterfront. An ambitious project, Schuylkill Yards, is almost ready to get underway there.

Signals concerning the adequacy of supply are mixed, with a bit of a risk of oversupply creeping in as the new space becomes available. With that said, previous new projects have had good occupancy rates and the fundamentals look strong. CBRE suspects that the area will need more local companies to expand not to fill new space, but to keep older properties sufficiently occupied. This could lead to good prices for tenants in these existing office buildings.

There are 19 companies targeting to fulfill new office space requirements of 430,000 to 538,000 sf in the down town Philadelphia market. Also, suburban tenants are looking at getting satellite offices in the CBD. It is also expected that more co-working tenants are searching for permanent space. These movements combined with the additional office space converted to multi-family, could pull down vacancy caused by densification.

Over all absorption of Philadelphia CBD is projected to be positive as we finish 2018, relating it to the completion of the 1.3M sf Comcast Technology Center construction.

The easiest way to acquire the best office space in Philadelphia and the surrounding areas for your company and meet your budget is to work with an expert in leasing. Contact us to get the space you're looking for at good prices and without the ususal hassles.

Useful Statistics for businesses looking for office space in Philadelphia
  Philadelphia PA State
2016 Estimated Population 1,559,938 12,783,977
Median Age 33.9 40.6
Housing Units 671,125 5,592,175
Occupied 582,594 4,961,929
Owned 305,214 3,425,706
Rented 277,380 1,536,223
Average Household Size 2.59 2.49
Rental Vacancy Rate 7.3% 5.8%
Homeowner Vacancy Rate 2.5% 1.7%
Median Home Value $147,300 $167,700
Median Monthly Rental Cost $943 $859
Estimated Mean Income $68,750 $90,446
Median Household Income $39,770 $54,895
Percent of Individuals below poverty level 25.9% 13.3%
Educational Attainment: Percent high school graduate or higher 82.6% 89.5%
Educational Attainment: Percent high school graduate 33.5% 36%
Educational Attainment: Percent with some College 17.2% 16.2%
Educational Attainment: Percent bachelor degree or higher 26.3% 29.3%
Average Commute time in minutes 32.7 26.5
Commute 639,442 5,922,289
Commute by car, truck or other vehicle - Drive Alone 324,920 4,529,634
Commute by car, truck or other vehicle - Carpool 54,792 505,994
Use Public Transportation 164,403 329,912
Work from Home 21,290 247,777
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