Office sublease availability has increased to 8.1 million square feet across the Philadelphia metropolitan area and now accounts for 3% of the 49.2 million square feet of available office inventory. As of the third quarter, 280 office properties in the Philadelphia region have available sublet spaces.
While sublet availability still comprises a small fraction of the total available office inventory, the fivefold increase in office sublet space since the pandemic is worrisome. In 2019, sublet space accounted for only 0.6% of the available office space in Philadelphia.
The City of Philadelphia accounts for 35% of total sublet availability at 2.8 million square feet. Of this, Center City is responsible for 74% of the city’s total sublet availability. If University City and the Navy Yard are included, they collectively comprise 88% of the city’s sublet availability.
For more information about Philadelphia office space for sale or lease or about any other properties for sale or lease, please contact WCRE at 215-799-6900.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.
Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale, www.wolfcre.com.
