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Two Firms Lock Up 36,790 SF in Class A Property

CONSHOHOCKEN, PA-Tenants are offered space in 101 W. Elm St. here for $26 per sf, a bargain, as owners strive to reverse an overall vacancy rate of about 25% that reaches higher in class A properties.

By Marita Thomas | Updated on December 02, 2003

CONSHOHOCKEN, PA-Sintaks Canon Business Solutions inked a lease for 21,990 sf, and American Home Care Supply signed up for another 14,800 sf in 101 W. Elm St., the three-year-old class A office building on 2.2 acres in the center of town. While the value of these particular leases is undisclosed, the building is being marketed at $26 per sf, plus electric.

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.

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