PHILADELPHIA, PA—Philadelphia's office markets are looking strong, both in the Center City business district and in the still-congested western suburbs, according to members of the Industry Leaders Panel at the ALM Media RealShare Philadelphia conference held last Wednesday at the historic Union League Club in Philadelphia.
Participating in the Industry Leaders panel were: Bradley J. Korman, co-chief executive officer, Korman Communities, Inc.; Arthur P. Pasquarella, executive vice president and chief operating officer, Equus Capital Partners, Ltd.; Chip Walters, chief investment officer, Keystone Property Group; and Robert W. Walters, executive managing director, CBRE.
Nationally, office rents are up about five percent and central business district vacancy is down about 50 basis points to 11.5 percent, says Chip Walters of Keystone Property Group. In Philadelphia, the Center City office market absorbed about 900,000 square feet of vacancies on a base of 43 million square feet, he says. The suburbs absorbed a comparable amount (800,000 square feet on 43 million square feet in suburban space).
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