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Entries Tagged as 'Philiadelphia Office Space'

Philadelphia Office Space Market Update

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The center of economic activity in Pennsylvania, Philadelphia is known for its scrumptious cheesesteak and soft pretzels.  A city with more outdoor sculptures and murals than any other in the U.S., The City of Brotherly Love boasts a thriving mix of arts, culture, and ethnicity.  Sports teams abound, representing all the major leagues, including football, basketball, and baseball.

Philadelphia is home to several Fortune 500 companies, and economically represents information technology, manufacturing, food processing, and health care.  As there are many national historical sites within its borders, the city’s economy is also heavily represented by tourism. 

Its central location, exciting and emerging arts scene, sports teams, and affordably diverse neighborhoods makes Philadelphia a desirable urban city for over 1.5 million people.

The Philadelphia office market leasing activity increased in the first quarter 2013.  New construction is taking place in the educational, medical sectors, on a build-to-suit basis.  Suburban buildings are being renovated in place of new construction.  Many companies are opting to either downsize, or renew their existing leases.

Market

Vacancy Rate

Absorption (SF)

Avg Rent ($/SF)

CBD

13.5%

125,003

Class A - $28.65

Class B - $23.69

Bucks County

23.9%

214

Class A - $29.68

Class B - $21.86

Central/Delaware County

12.8%

-26,747

Class A - $28.30

Class B - $23.55

Exton/Malvern

21.7%

-120,748

Class A - $24.87

Class B - $23.85

*Source: Newmark Grubb Knight Frank 1Q 2013 Report

The expectation for the Philadelphia office market for 2013 leans towards a modest increase in leasing activity as the market continues to improve.  More robust growth is expected to materialize once the labor market recovers.

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By: James Osgood

Philiadelphia Office Space

Coworking Irresistible Offers - Will you buy in?

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Coworking is the latest trend to hit the Office Space market. I thought it would be interesting to find out what they think they are selling. To do so I decided to track down the tag lines many coworking spaces are using. Here is a sampling of them. As you can see, the ideas that permeate are that "It's The People" who you can collaborate with and an "Alternative to the traditional workplace" are the most important ingredients.

Love Where You Work - Select Office Suites NYC

Individuality Without Isolation – Office Nomads Seattle

A Physical Social Network - WeWork NYC, SF & LA

Community Center for Independents – New Work City NYC

Where Entrepreneurs Work and Connect – Green Space NYC

Where Change Goes to Work – The Hub SF

The Workplace for the New Economy – NextSpace SF

Collaborative Office Space to Think, Work and Innovate – Co-Spot SF

A Nicer Place to Work – Citizen Space SF

Building the World We Want to Live In – Hub Seattle

A Coworking Boutique – The Mill Seattle

Space. Work. Network. – The Yard Brooklyn

Work. Learn. Make. – 3rd Ward Brooklyn

Rethinking the Workplace – WorkBar Boston

Better Work Starts with Better Coworkers - Independents Hall Philly

A Workspace Retreat from Traditional Office Monotony – Work/Playce Philly

You name your passion and we will help you find a way to make it grow – Spice Factory Chicago

Neighborhood coffee house built for mobile professionals, freelancers, creatives and anyone else who would like to get work done – Topics Chicago

A clubhouse for entrepreneurs, designers, and geeks – The Speak Easy Indy

A Place to Work & A Place to Grow – 151 Locust Atlanta

You know how you always wonder where all the cool kids hang out? Well, wonder no more - Lightbulb Charlotte

work FOR yourself, not BY yourself - Blankspaces LA

Boston Office Space , Chicago Office Space , Coworking office space , Flexible Workspace , Manhattan Office Space , New York Office Space , Office Rental , Office Space , Philiadelphia Office Space , San Francisco Office Space

US Office Space Has Bottomed: CoStar Report

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It seems as though it has been a couple of weeks of good news for the US office space market.  CoStar has just come out with their State of the U.S. Office Market: Mid-Year 2010 Review & Forecast.According to their study, office space vacancy rates have stabilized and office vacancy rates that appear to have peaked and are no longer on the rise .

A few notable points from the report:

Office job growth has spurred positive net Office Space absorption. Office Vacancy Rates have peaked with some office markets even reporting Increases in average office Rents.

Of the 20 largest office markets, eight of them posted positive net absorption so far this year, three of them had little or no change, but nine did post negative net absorption. Washington DC led the country with 2 million square feet of net absorption followed by Denver with 1.6 million and Minneapolis with 1.3 million. New York City had 2.8 million square feet of negative net absorption, Los Angeles with a negative 2 million and Philadelphia at negative 1 million. But even the markets experiencing negative absorption were doing so at much reduced levels compared with last year.

New York, Long Island and Minneapolis office space markets are all now reporting single-digit office space vacancy rates of 9% or less.

If the current pace of office space absorption and delivery trends hold, CoStar projects the office vacancy rate will go from 13.6% to less than 11% sometime in 2013.

From a commercial real estate perspective, as long as you have any net job growth, it is eating away at the vacancies out there. The most important thing here is that this positive employment growth in the office sector will be reducing standing inventories of (available) space.

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