Category Archives: Philadelphia Office Space

Top 10 Metro Areas with Biggest Office Rental Rate Increases

REALTORS® office vacancy graph

REALTORS® office vacancy chart

In the second quarter of 2015, the Seattle metro area — which includes the urban areas in King and Snohomish counties — led the nation’s metro markets in in office rental rate annual increases. While Seattle’s office rental rate increases are high, they are not the only office market in the US seeing significant increases in their office rental rate increase.  Here are the remaining top 10 with the highest annual Office Rental Rate increases.

  1. Seattle 7.2%
  2. San Francisco 6.3%
  3. San Jose 5.9%
  4. Dallas 5%
  5. Boston 4.8%
  6. New York 4.8%
  7. Orange County 4.8%
  8. Miami 3.9%
  9. Austin 3.8%
  10. Philadelphia 3.7%
    Source: Reis via the Seattle Times

While these steep increases of the office rental rate for the top 10 markets are very sharp, thanks to declining supply, the rest of the office markets in the US are also seeing steady declines in the vacancy rates, as well. A recent report on office space rent by the National Association of REALTORS® confirmed that in the 2nd quarter of this year, office vacancies declined 65 basis points to 15.9 percent, compared with a year ago. This will lead to increases in the office rental rate generally throughout the US office markets.

For tenant’s this means it is better not to wait. Rents will be going up over at least the next year or two until more new construction comes on line. Even then, due to the cost of construction, rents will most likely not decline from the highs achieved. This is especially true in the more desirable office buildings in your market. So, don’t delay or you will see your office space costing even more than it does now.

If you would like some free assistance in locating office space, the top professionals at Office Finder are here to help. Feel free to contact us to find out more.

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Great Philadelphia Office Space Should Promote “Brotherly Love” for Unparalleled Productivity

William Penn, the architect of the Philadelphia province, was extremely disillusioned with the crowded cityscapes he found in so many European cities during the 17th century. Therefore, when he served as the primary designer of the new province in 1681, he made certain that the streets were wider and that the living plots offered ample room for both a home and garden. Penn’s vision for the “city of brotherly love” was one in which the structure of the city itself supported healthy interactions between all members of the society.

Comcast Center

Philadelphia’s Comcast Center

Even though great Philadelphia office spaces are not cities, their spatial layouts are equally important to the productive cohabitation of the company’s team. An efficient office space is one in which every employee’s needs are met, whether they need to individually focus or collaborate with their colleagues.

Among the most recognized Philadelphia Office Buildings is the Comcast Center, the HQ of cable industry giant Comcast. It’s 58 story,  1.25 million square feet glass covered structure was completed in 2008. Comcast occupies over 85% of the building for its own use.

According to Entrepreneur, the contemporary office space must present a variety of settings to effectively support all of the responsibilities that must be met on a daily basis. Fortunately, there are just a few relatively simple steps that will help make any ordinary office space into a great one:

  • Janet Pogue of Gensler–a global design and architecture firm–admits that while employees must have space to focus individually, they “…can do that without being boxed in on every side.” Heeding Pogue’s advice, businesses of all sizes are banishing cubicles in exchange for defined quiet rooms that are stocked with all of the tools, from pens and paper to WiFi, so that contemplative work may be effectively completed.
  • Other areas, on the other hand, must be purposefully designed to promote interaction between employees. Whether this is a welcoming staff lounge stocked with snacks or a comfortable seating section that supports meaningful dialogue, these communal areas provide the foundation for the communications that will not only unite the team, but that will also benefit the team’s productivity.

Just as Penn purposefully designed Philadelphia’s layout to fit every occasion, business owners and managers must also remember to purposefully engineer unique spaces to fit the multitude of needs within their businesses. Please contact us today to discover how the perfect Philadelphia office space will transfer the brotherly love from the streets into the office for unparalleled productivity.

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By: James Osgood
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