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Suburban Office Markets Buck Economic Tide

PHILADELPHIA-Bala Cynwyd/Narbeth and the Newtown submarket of lower Bucks County are strong and growing, according to third-quarter data from the local office of Dallas-based Trammell Crow Co. Overall vacancy in Bala Cynwyd/Narbeth is 11.9%; class-A rates approach $28 per sf.

By Marita Thomas | Updated on December 17, 2002

PHILADELPHIA-The Bala Cynwyd/Narbeth suburban office market “continues to remain one of the healthiest of all (Philadelphia suburban office) submarkets,” according to a third-quarter 2002 report compiled by Tom Sklow, principal, and John C. Shelly, vice president, of the local office of Dallas-based Trammell Crow Co. They also report, “the Newtown, Bucks County market has maintained steady growth and has emerged as one of the most desirable corporate locations in the region.”

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.

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