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Philadelphia Office Leasing Holds Steady

PHILADELPHIA-As the vacancy rate in Center City maintains equilibrium, leasing experts are hopeful that new stock and major corporate tenants will generate momentum.

By Paul Bubny | Updated on July 25, 2008

[IMGCAP(1)]PHILADELPHIA-At the midyear mark, Philadelphia’s office leasing market is faring better than the national average, and while local market experts do anticipate a slight uptick in vacancy by year’s end, they also see positive signs for the long term.

“If we see Unisys moving into Center City and if in fact the Blackstone Group does formally announce that they’re going to be occupying Cira South in a couple of years, then you’ll have some real excitement and enthusiasm over the fact that Philadelphia has been able to attract significant corporate tenants,” Robert Walters, executive managing director of the Greater Philadelphia office for CB Richard Ellis, tells GlobeSt.com. “Frankly, that’s a sign that we haven’t enjoyed for many years. Over the years, we’ve lost more corporate-leader jobs than we’ve gained.”

[IMGCAP(2)]With that said, the city’s office market has continued its rebound from the 14% to 15% vacancy rates seen earlier in the decade. Cushman & Wakefield’s midyear office report for the Philadelphia office market showing that the city’s overall vacancy for Q2 2008 reached 9.5%. It represents a slight increase from the first quarter but is well below the national average of 10.2%, according to a prepared release from C&W.

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