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Corporate Downsizings Are Causing Available Office Space to Accumulate in Philly’s Northern Suburbs

July 10, 2019

CoStar Market Insights: Office Availabilities Reach 10-Year High in Philadelphia’s Horsham/Willow Grove Submarket

The share of Horsham/Willow Grove’s office stock listed as available for lease rose to 15% last quarter, the highest level recorded there since CoStar began tracking the figure in 2005.

Toll Brothers was the largest single contributor to the recent rise in availabilities. In early 2019 the home builder announced it would vacate its 203,000-square-foot headquarters at 250 Gibraltar Road in Horsham by the end of the year and move to a smaller, 167,000-square-foot office at 1100 Virginia Dr., in the nearby Fort Washington/Spring House submarket.

Toll Brothers’ announcement followed 120,000 square feet coming available at 425 Privet Road in Horsham during late 2018. This property long housed a U.S. office of Israel-based Teva Pharmaceuticals, which enacted a major restructuring that included 14,000 layoffs globally last year.

Horsham/Willow Grove has long been the tightest office submarket in the northern suburbs, and it still is. But the accumulation of record space availabilities at a time when Philadelphia’s economy remains healthy and unemployment is at multi-decade lows sends a clear signal that tenant preferences are shifting away from the submarket. Long-term challenges could lie ahead for local landlords as tenants loyal to the northern suburbs gain increased bargaining power in lease negotiations.

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia commercial 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 Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

*Article courtesy of CoStar News, Adrian Ponsen, July 9, 2019



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