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Local Office Market Ranks Well in Northeast

PHILADELPHIA-Among the major Northeast CBD office markets from Boston to Philadelphia, only midtown-Manhattan's vacancy rate--8.6%--starts 2003 lower than Philadelphia's 12.2%, according to Grubb & Ellis data. Asking rental rates in trophy properties here rose last year.

By Marita Thomas | Updated on January 09, 2003

PHILADELPHIA-Of the major cities in the Northeast, only New York City’s Midtown had a lower office vacancy rate at year-end 2002 than the Philadelphia CBD, according to research by the local office of New York-based Grubb & Ellis. The local CBD vacancy rate was 12.2% at year-end, compared with 8.6% in Midtown.

The latter occurred because of relocations from Downtown Manhattan following the Sept. 11, 2001 terrorist attacks, researchers note.

Philadelphia’s vacancy rate is 2.6 percentage points below the national average and compares with Boston’s year-end vacancy rate of 13.7% and Downtown New York at 16.1%.

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