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JLL: Trophy Tenants Consolidate In Philly, But Rents Swell 32%

PHILADELPHIA–Jones Lang LaSalle reports that rental rates were sharply up for Center City’s trophy office properties in the third quarter – by 32% - even though the vacancy rate was also sharply up.

By Antoinette Martin | Updated on October 18, 2012

PHILADELPHIA, PA–Jones Lang LaSalle reports that rental rates were sharply up for Center City’s trophy office properties in the third quarter – by 32% – even though the vacancy rate was also sharply up.

There was negative net absorption of 93,720 square feet – and a sudden 100-basis-point increase in vacancy – for the quarter, as nine of the top ten top-tier buildings had tenants consolidating space or relocating. Still, says JLL’s research analyst Sean Coghlan in the firm’s “Skyline Market Review,” the occupancy rate is up 230 points for the year-to-date compared to 2011. 

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