Office space in Philadelphia is springing up with many major real estate developments, and Center City is undeniably at its center. For a couple of years, the city has been observing the development of level it hasn’t seen since the construction of Liberty Place towers during the late 1980s. And the same trend will continue for next few years. So says the latest Center City Development report on office space in Philly prepared by CenterCityPhila.org.

Be it Philadelphia commercial properties, Philadelphia commercial real estate or Philadelphia commercial real estate listings, every sector is being transformed with a number of new Philadelphia office space projects. The CenterCityPhila.org report features over 60 ambitious Philly office space projects of different sectors proposed to be built between 2014 and 2018. Some have already been completed, many are under way, and some are yet to begin. But undoubtedly, this development phase will change the Philly and life here forever and for better.

Some of the most eye-catching projects involving office space in Philadelphia are Comcast Innovation & Technology Center, a 1,121 feet tall skyscraper; Children’s Hospital of Philadelphia at South Street, which will house a research staff of 1000+; a 51-story hotel building with 460 rooms divided among two hospitality brands; Penn’s Landing Park, spanning across 11 acres; Renaissance Plaza, a residential complex of 1,398 units, and many more.

With all the new Philadelphia office space projects under way, certainly a huge number of employment opportunities will be created in time to come. This in effect will attract thousands of people to the City of Brotherly Love from not just the US but from across the world, all looking for Philadelphia commercial properties, Philadelphia commercial real estate and Philadelphia commercial real estate listings. Meanwhile, there are plenty of alluring Philly office space opportunities for real estate investors in Philadelphia, especially in the residential sector.

However, it isn’t just the pace of construction of office space in Philly that has picked up recently that fascinates investors. There are many other factors that make Philadelphia an ideal place to develop and invest in real estate properties.

For instance, there is no property tax for first 10 years on new constructions in Philadelphia. Philadelphia is also among that handful of cities where the housing market is still stable, while the entire country is whining about a tight housing market and steeply rising house prices. Additionally, the markets involving Philadelphia commercial properties, Philadelphia commercial real estate and Philadelphia commercial real estate listings are among top 10 cities with highest rental return rates.

For more information about Philadelphia office space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in office space in Philly.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

The Philly office space vacancy rate rose in the first quarter 2015, closing the quarter at 10.8%, according to a new market report from the CoStar Group.

The vacancy rate for office space in Philadelphia in the first quarter was an increase over the previous quarter, the CoStar Group’s First Quarter 2015 Market Report noted.  Net absorption was negative 386,143 square feet of office space in Philly for the first quarter, compared to positive 378,460 square feet of Philadelphia office space in the fourth quarter, CoStar said.

Vacant sublease space in the market for office space in Philadelphia was up in the first quarter, closing at 1,306,325 square feet of Philly office space, CoStar added.

Among tenants moving into large blocks of office space in Philly in 2015 were:  Incyte Corporation, moving into 191,056 square feet of Philly office space at 1801 Augustine Cut Off; and National Penn Insurance Services, moving into 126,369 square feet of office space in Philadelphia at 645 West Hamilton Street, the report noted.

Philadelphia office space rental rates ended the quarter at $21.89, an increase over the fourth quarter, according to the report.

Seven buildings were delivered to the market for office space in Philly in the first quarter, CoStar reported.  That tally added 145,650 square feet of Philly office space to the market.  Another 2,602,750 square feet of office space in Philadelphia remained under construction at the end of the first quarter, CoStar said.

Comparatively, national office vacancies dropped to 10.9% in the first quarter, CoStar reported.  Net absorption was positive 15.4 million square feet for the quarter, the report noted.  Average rental rates increased to $22.74 and 244 office buildings delivered in the quarter, bringing more than 16.5 million square feet to the national market, according to CoStar.

For more information about Philadelphia office space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in office space in Philly.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

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

The largest lease for Philadelphia office space signed in the fourth quarter 2014 was for Subaru of America’s new corporate headquarters in the Philadelphia market, according to a new report from the CoStar Group.

Subaru signed the lease for 250,000 square feet of Philly office space in the Gateway Office Campus – Building 4 in the North Camden County submarket, according to CoStar’s Fourth Quarter 2014 Market Report.

The fourth quarter’s second largest lease in the market for office space in Philadelphia was for 62,880 square feet at Two Logan Square in the Market Street West submarket, CoStar said.

The report also recognized Thomas Jefferson University Hospital’s fourth quarter lease for 43,369 square feet at 833 Chestnut East in the Market Street East submarket of the market for  office space in Philly.

Other significant leases signed in 2014 included Comcast Corporation’s second quarter lease for 982,275 square feet at Comcast Innovation & Technology Center in the Philly office space market’s Market Street West submarket.

In comparison to the lease signings for office space in Philly, CoStar said the top new leases signed in the national market in fourth quarter 2014 included Google Inc.’s 1.89 million-square-foot lease in the South Bay / San Jose market; Amazon’s 422,682-square-foot lease in New York City; ServiceNow, Inc.’s lease for 310,346 square feet in the South Bay / San Jose market; MITRE’s lease for 270,000 square feet in the Washington market; and Subaru of America’s lease for 250,000 square feet in the Philadelphia office space market.

For more information about office space in Philadelphia or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm with expertise in Philly office space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new office space in Philly with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about office space in Philadelphia and other Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philadelphia office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

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

The Philly office space market received, during the fourth quarter of 2014, two new office buildings totaling 343,850 square feet, according to the CoStar Group’s newest market trend report. This was in contrast to the third quarter 2014 when two buildings that add up to 219,036 square feet were finished in the Philadelphia office space market, CoStar said.

At the end of the fourth quarter, an additional 2,966,000 square feet of office space in Philadelphia was still under construction, according to CoStar’s Third Quarter 2014 Market Report.

Deliveries of note in the Philadelphia office space market in 2014 were: 3737 Market St, a 340,000-square-foot facility that delivered in fourth quarter 2014 and is now 83% occupied, and Two City Center, a 296,025-square-foot building that delivered in second quarter 2014 and is now 96% occupied the market report said.

The largest projects being erected by the completion of the fourth quarter 2014 were Comcast Innovation & Technology Center, a 1,336,682-square-foot building with 100% of its space pre-leased, and FMC Tower / Walnut Street Tower, an 830,000-square-foot facility that is 65% pre-leased.

Total office inventory in the Philadelphia market area was 405,122,371 square feet in 21,069 buildings as of the end of the fourth quarter 2014. The Class-A office sector was 129,738,709 square feet in 967 projects. The office market had 980 owner-occupied buildings with 37,342,438 square feet of office space.

This trend is like the U.S. National Office deliveries and construction, which was 194 buildings totaling 15.92 million square feet complete construction, with more than 117.6 million square feet of office space still under construction at the end of the fourth quarter.

One Franklin Park, a 267,751-square-foot facility opened in Tennessee as did, in Houston the 1 million-square-foot ExxonMobil Campus – Ph. 1. At the same time, the 366,858-square-foot North Hills Tower II in the Raleigh/Durham market was being built. This makes inventory of office space in America nearly 10.47 billion square feet in more than 503,600 buildings at the end the fourth quarter of 2014. This also counted 22,000 owner-occupied buildings with 937 million square feet.

For more information about office space in Philly or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in office space in Philadelphia.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

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

Vacancies for the Philadelphia office space market remained stable at year end 2014, finishing the fourth quarter at 10.8%, a new market trend report from the CoStar Group said.

The fourth quarter’s Philly office space vacancy rate was the same as the third quarter’s vacancy rate, according to the CoStar Group’s Fourth Quarter 2014 Market Report.

Net absorption totaled positive 408,343 square feet of office space in Philly in the fourth quarter, CoStar noted, compared to net absorption of 319,373 square feet of Philly office space at third quarter’s end, the market trend report said.

Vacant sublease space for office space in Philadelphia decreased in the fourth quarter 2014, with 1,363,785 square feet of Philadelphia office space reported at the end of the quarter, the company said.

Three notable tenants moved into large blocks of office space in Philly in 2014, CoStar reported.  They were:  L3 Communication Systems-East, moving into 233,333 square feet in the Philly office space market at Camden Innovation Campus; The Vanguard Group, moving into 204,000 square feet of Philadelphia office space at Great Valley Corp Center; and Beneficial Mutual Bancorp, Inc. moving into 95,764 square feet of office space in Philadelphia at 1818 Beneficial Bank Place.

Rental rates for office space in Philly rose in the fourth quarter to $21.80 by year’s end, according to the report.

The Philly office space market grew by 343,850 square feet in the fourth quarter with the delivery of two buildings to the market for office space in Philadelphia.  CoStar said 2,966,000 square feet still of Philadelphia office space was still under construction at the end of the quarter.

In comparison, the vacancy rate for the U.S. office market declined to 10.9% in the fourth quarter, according to CoStar.  Net absorption stood at positive 37.53 million square feet at year end 2014, the company said.  Average rental rates for the U.S. market increased to $22.65 in the quarter and 194 buildings totaling almost 15.9 million square feet delivered to the U.S. market in the fourth quarter, CoStar noted.

For more information about Philly office space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm with expertise in Philadelphia office space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new Philly office space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for office space in Philadelphia for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

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

The market for Philly office space saw two new office buildings totaling 219,036 square feet delivered in the third quarter 2014, according to the CoStar Group’s newest market trend report.  This was down from the second quarter 2014 when nine building totaling 455,834 square feet were complotted in the Philadelphia office space market, CoStar said.

At the end of the third quarter, another 3,506,297 square feet of office space in Philadelphia was still under construction, according to CoStar’s Third Quarter 2014 Market Report.

Deliveries of note in the Philadelphia office space market in 2014 were:  Two City Center, a 296,025-square-foot structure that delivered in the second quarter, and Five Crescent Drive, a 207,779-square-foot facility that was completed in the first quarter and is now fully occupied, the market report said.

The two largest projects that remained under construction in the market for office space in Philly at the end of the third quarter were Comcast Innovation & Technology Center, a 1,566,794-square-foot facility and FMC Tower / Walnut Street Tower, an 830,000-square-foot building, according to CoStar.

At the end of the third quarter 2014, total inventory in the Philly office space market stood at 402,879,847 square feet in 20,930 projects, CoStar said.  Of that total, the Class-A office sector of the Philadelphia office space market totaled 129,867,900 square feet in 966 buildings.  Owner-occupied buildings in the market for office space in Philadelphia stood at 985,  representing 37,487,321 square feet of office space in Philly, the market report said.

In comparison to the third quarter Philly office space trends, 233 projects consisting of 13.16 million square feet were delivered to the U.S. national office market by quarter’s end, according to CoStar.  An additional 108.2 million square feet of office space in the national market was still under construction at the end of the third quarter, the report noted.

The Boston market saw the delivery of a 321,503-square-foot building at 8 Education Street in the third quarter, while a 409,000-square-foot facility at 3965 Eagan Outlets Parkway delivered in the Minneapolis market, according to the report.  Additionally, the 1.5 million-square-foot State Farm Campus in the Dallas/Fort Worth market remains under construction, CoStar said.  At the end of the third quarter, the national market’s total office inventory stood at nearly 10.44 billion square feet in more than 502,400 buildings.  This inventory includes 930 million square feet in 22,000 owner-occupied buildings, the report said.

For more information about office space in Philly or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in office space in Philadelphia.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

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

The vacancy rate for Philly office space remained steady in the third quarter 2014, ending the quarter at 11% for the Philadelphia office space market, according to a new market trend report from the CoStar Group.

The vacancy rate was unchanged from the second quarter 2014, according to CoStar’s Third  Quarter 2014 Market Report.

Net absorption stood at positive 131,961 square feet of Philadelphia office space in the third quarter 2014, the report said.  Net absorption was positive 760,857 square feet of office space in Philadelphia at the end of the second quarter, CoStar said.

Meanwhile, vacant sublease space rose in the quarter, ending the third quarter at 1,388,566 square feet of Philly office space, according to the report.

Several tenants moved into large blocks of office space in Philly in 2014, CoStar said, including:  The Vanguard Group, moving into 204,000 square feet of Philly office space at Great Valley Corp Center; The Harrisburg University of Science & Technology, taking 149,820 square feet at Harrisburg University Academic Center; and Beneficial Mutual Bancorp, Inc. moving into 95,764 square feet of Philadelphia office space at 1818 Beneficial Bank Place.

Rental rates for office space in Philadelphia were up over the second quarter, closing the third quarter at $21.62, CoStar noted.

Two buildings totaling 219,036 square feet of Philly office space were delivered to the Philadelphia office space market in 2014’s third quarter, CoStar said.  Another 3,506,297 square feet of office space in Philly remained under construction third quarter’s end, according to the report.

In the national office market, CoStar noted that the vacancy rate dropped from second quarter levels, ending the third quarter 2014 at 11.2%.  Net absorption was positive 27.56 million square feet at the end of the third quarter 2014, the report said.  Average national rental rates were up for the quarter, ending at $22.38, according to CoStar.  Nearly 13.2 million square feet in 233 buildings delivered to the market in the third quarter, CoStar said.

For more information about Philadelphia office space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in office space in Philadelphia.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new office space in Philly with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philadelphia office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

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