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Conshohocken Fights to Draw Urban Office Tenants

CONSHOHOCKEN, PA-An overall office vacancy rate of 21.9% here is prompting property owners to offer aggressive rent structures. According to the Philadelphia regional office of Trammell Crow Co., this suburb has experienced rent decreases of up to 30% since mid-2002.

By Marita Thomas | Updated on June 04, 2003

CONSHOHOCKEN, PA-This suburban office market had its third consecutive quarter of positive net absorption in the opening quarter of this year, according to data from the Philadelphia regional office of Trammell Crow Co. The gain has come, however, at the expense of aggressive rent structures by several landlords. The submarket has experienced up to 30% decreases in rents since mid-year 2002, the TCC report says. The average asking rental rate for class-A office space here is $25.36 per sf.

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.

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