Newtown stands in contrast to such neighboring markets as Trevose, PA and Princeton, NJ, which are struggling with climbing vacancy rates caused by limited growth corporate downsizing. Among the recent activity that has strengthened Newtown are ATI Research's 10-year lease for 39,000 sf and Apothechem's 8-year lease for 30,000 sf at the Lower Makefield Corporate Center.
The direct vacancy rate in Bala Cynwyd/Narbeth is 7.7% and overall vacancy is 11.9%, according to the report. The average asking rental rate for class-A office space is $27.99 per sf.
Ongoing downsizing of several corporate tenants, Sklow concedes, has caused some "downward pressure on rental rates. Even so, Bala Cynwyd/Narbeth continues to command some of the highest rates in the Greater Philadelphia area," he says.
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