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Study Cites Improved Outlook for Center City, Two Suburbs

PHILADELPHIA-In the midst of continuing lackluster office space absorption in the suburbs, a CBRE report sees Center City and the Horsham and Plymouth Meeting/Blue Bell submarkets out-performing the rest next year.

By Marita Thomas | Updated on December 02, 2003

PHILADELPHIA-While vacancies continued to edge up throughout the region during the third quarter, a research report by the local office of CB Richard Ellis forecasts recovery for Center City and two suburban submarkets in the year ahead. According to CBRE, the office vacancy rate for the entire metro area stands just above 13.6%.

“The western suburbs continue to report lackluster absorption,” says the report, echoing other third-quarter data, but this one goes on to say,” according to a recent CBRE Torto Wheaton Research study, two submarkets, Horsham and Plymouth Meeting/Blue Bell, are expected to out-perform the region in the year ahead.”

The Horsham/Willow Grove submarket’s vacancy is now 14.7% and the average asking rental rate for class A properties is $19.96 per sf, which is about $3 per sf below the average for the region. The vacancy rate in Plymouth Meeting/Blue Bell is 13.3% according to the report, and the average asking rental rate for top properties is $22.94 per sf.

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