In this year's opening quarter, the direct office vacancy rate in the CBDwas 8.5%, down from 9.1% in the final quarter of 2002. When vacant sublet spaceis included, the current rate is 11.6%, compared with 12% in the previousquarter.
The CBD market absorbed nearly 171,000 sf in first quarter. The averageasking rental rate for direct space only in the CBD stands at $21.74 per sf,plus electric, according to Smith Mack data.
Direct office vacancy in the PA suburbs during first quarter is 16%, downfrom 16.6% in fourth-quarter 2002. With the inclusion of vacant subletspace, suburban PA office vacancy is 21%, compared with 21.6% in the previousquarter.
Approximately 435,000 sf of PA suburban office space was absorbed duringfirst quarter. Smith Mack reports that the current average asking rentalrate on direct office space in these suburbs is $22.73 per sf.
The average asking rent for office space in competing Wilmington, DE, wherethe overall vacancy rate is 21.3%, is $17.87 per sf. This is comparable tothe $17.90-per-sf average asking rental rate in Southern NJ, where theoverall vacancy is just 12.1%, according to Smith Mack data.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
