One of the largest capital deals in the third quarter was Rubenstein Partners' purchase of the Chesterbrook Center for approximately $134-per-square-foot. One of the largest capital deals in the third quarter was Rubenstein Partners' purchase of the Chesterbrook Center for approximately $134-per-square-foot.

PHILADELPHIA—The office construction pipeline is bouncing back from the last two years when new construction in the city failed to break the 1 million-square-foot threshold.

CBRE in its third quarter office report states that new office development is now forecast to be just below 2.5 million square feet by the end of 2020.

Occupancy gains in Philadelphia's CBD during the third quarter pushed year-to-date net absorption into positive territory. CBRE notes that University City saw a significant portion of these gains with Drexel University moving into multiple floors at 3675 Market St. Another notable move-in included the Biden for President Campaign at Centre Square.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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