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Rising Vacancies Shave Office Rates in Conshohocken

CONSHOHOCKEN, PA-In light of an overall office vacancy of 29.1% and negative third-quarter absorption in class A buildings here, tenants can ink leases for $26 per sf, about $3 per sf below asking rates.

By Marita Thomas | Updated on November 03, 2003

CONSHOHOCKEN, PA-Space in the six-story, 185,774-sf class A office property at 101 West Elm St. here is being offered at $26 per sf, plus electric. That represents a bargain in comparison with average asking rental rates of between $28.08 per sf and $31.35 per sf, reported in third-quarter market data from the regional offices of CB Richard Ellis and Grubb & Ellis, respectively. Yet it is typical of the discounts owners are offering here now.

This submarket traditionally commands among the highest office rates in the Greater Philadelphia market. But, the overall local office vacancy rate reached 29.1% in the third quarter, according to Grubb & Ellis. That makes this a tenant’s market.

Approximately 110,000 sf of the Elm Street building is available. The property was completed in 1999 and is located on a 2.2-acre site in the center of town, a five-minute walk from the Septa commuter rail line. In addition, it has a five-story parking facility with 924 vehicle spaces.

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