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Marcus & Millichap: Higher Yields Draw Philly Office Investors

PHILADELPHIA, PA—Expanding construction by one of the market's largest employers, Comcast Corporation, seems to be serving as a stimulant for the Philadelphia office market, and steady hiring in the metro is increasing demand for office space as companies look for larger locations to house their growing workforces, says Marcus & Millichap in its second quarter Office Research Market Overview.

By Steve Lubetkin | Updated on July 20, 2015

PHILADELPHIA, PA—Expanding construction by one of the market’s largest employers, Comcast Corporation, seems to be serving as a stimulant for the Philadelphia office market. A steady pace of hiring in the Philadelphia metro is increasing demand for office space as companies look for larger locations to house their growing workforces, says Marcus & Millichap in its second quarter Office Research Market Overview.

Firms are scouring the market for available space both in the CBD and in suburban areas, the report says. Many smaller businesses are expanding, adding fewer than 100 jobs and backfilling dark space in adjacent suites or looking for new locations.

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