The direct vacancy for first quarter stood at 19.3%, and overall vacancy was 21.9%. The discounting has attracted interest from owners' primary target, which is large tenants in Center City, thought to find appeal in the urban-style high rises here. Saladworks Inc., for example, relocated from One Liberty Place to 5,500 sf at Conshohocken's Eight Tower Bridge.
"Even reduced rental rates, combined with (what Conshohocken) has to offer, has failed to create a significant flight to quality as several suburban tenants have elected to renew at their current facilities," said Tom Sklow, a TCC principal. John C. Shelly, VP, participated with Sklow in the research.
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