Brandywine’s Sweeney Upbeat on Office Lease Prospects

Brandywine's Sweeney Upbeat on Office Lease Prospects

Less than a year after expressing frustration over slow leasing, Brandywine Realty Trust CEO Jerry Sweeney noted a surge in activity, citing the firm’s Philadelphia portfolio now being 94% leased. Despite challenges in commercial real estate, Sweeney highlighted the strong performance of the company’s Philadelphia portfolio during Thursday’s quarterly earnings call with investors. He attributed this success to Brandywine’s top-tier office spaces, emphasizing the ongoing trend of tenants migrating to higher-quality locations. Sweeney revealed that 55% of new leases signed in the first quarter of 2024 were due to tenants upgrading to superior spaces.

*Article courtesy of Philadelphia Business Journal

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