Data varies on the precise vacancy rate in this once-booming suburban office market, but, by any measure, it is high. Third-quarter research from the regional offices of Cushman & Wakefield, CB Richard Ellis and Grubb & Ellis, put it at 24.6%, 26.5% and 29.1%, respectively. Grubb & Ellis reports that among class A buildings here the vacancy rate is 34.9%.

Consequently, this is a tenants' market. C&W reports the asking average rental rate at $29.30 per sf; CBRE puts it at $28.08 per sf, and Grubb & Ellis says the average among all building classes is $29.42 per sf. Locally based Beacon Commercial Real Estate is the exclusive agent for the W. Elm Street property and is marketing space in the building at $26 per sf, plus electric. Available suites range from 3,500 sf to a partial floor of 28,500 sf.

In the largest of the latest transactions, Sintaks is consolidating offices in Bridgeport and Gulph Mills, PA on the sixth floor of this 110,000-sf, seven-story property. The lease is for six years. Gene McHale, president, and Tony Hayden Sr., chairman of Beacon, represented the owner, Philadelphia-based Keating Development. Pete Soens, a principal of Seligsohn Soens Hess, also based in Philadelphia, represented the tenant.