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Sublease Keeps Four Falls at 93% Occupancy

CONSHOHOCKEN, PA-GCA Service Solutions, a national provider of contract

By Marita Thomas | Updated on May 29, 2003

CONSHOHOCKEN, PA-Investment banker Investec Inc. has subleased 18,680 sf of its office space in Four Falls Corporate Center here to GCA Service Solutions Inc., a national provider of institutional cleaning and management services. The transaction keeps occupancy in the 254,350-sf property at 93%.

With an overall office vacancy rate above 20% in this area, rent structures are described as “aggressive,” and discounting of as much as 30% below mid-2002 rental rates is not uncommon, according to brokers familiar with this market. Asking rental rates range between $25.25 per sf and $31 per sf.

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