Philly Office Space

Philly Office SpaceWolf Commercial Real Estate (WCRE), a full-service Philadelphia commercial real estate brokerage firm, specializes in representing Philly office space for buyers, tenants, investors and sellers throughout the Greater Philadelphia region.

Strategically located between New York City and Washington, D.C., and easily accessible via a major international airport, Amtrak’s north-south corridor and several major highways, Philadelphia office space offers global, national and regional companies a highly desirable location in which to conduct business.

As experts in Philadelphia commercial real estate services, the team at our Philly commercial real estate brokerage firm provides ongoing detailed information about Philadelphia office properties to our clients and prospects to help them achieve their real estate goals. At Wolf Commercial Real Estate, our Philadelphia commercial real estate services encompass the highest quality of service and proven expertise.

Philly Office Space Property Owner Representation

WCRE, a leading Philadelphia commercial real estate broker, helps owners of Philly office space for sale or lease put tenants or buyers in their properties through a defined marketing process that is tailored to each property and sub-market. Our proven marketing strategy is implemented by commercial real estate professionals who are experts in the Greater Philadelphia-area office markets, providing the unparalleled levels of Philadelphia Property Owner Representation. As a premier Philadelphia commercial real estate brokerage firm, we treat your Philadelphia office properties as if they were our own and work closely with you as part of our total commitment to client-focused relationships.

Philly Office Space Tenant Representation

For companies and individuals seeking to lease or acquire new Philly office space, Wolf Commercial Real Estate will identify the office space that best suits your needs, whether in the Greater Philadelphia area or anywhere in the country. Through our Philadelphia Tenant Representation services, we ensure that the sale or lease terms of the Philadelphia office space or any other new property are tailored to meet your goals. As a full-service Philly commercial real estate broker, we assist in the relocation analysis process from start to finish, facilitating a smooth transition into your new Philly office space and serving as your strategic partner invested in your long-term growth and success.

For more information about Philadelphia office space for sale or lease or about commercial properties for sale or lease elsewhere in the United States, please contact Jason Wolf (215-799-6900-office; 215-588-8800-cell; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, the premier Philly commercial real estate brokerage firm.

About Us

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate services, marketing commercial offices, medical properties, investment properties, industrial properties, land parcels and retail buildings for buyers, tenants, investors and sellers in the Greater Philadelphia area and beyond. Please visit our websites for information about our Philadelphia commercial real estate services for office space, retail space, medical space, investments, industrial space or land for sale or lease, or for information about other commercial real estate listings and commercial real estate services from Wolf Commercial Real Estate, the leading Philly commercial real estate broker.

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Aramark Inks Deal at Downtown Philadelphia Office Tower

Aramark new Building

Food Service, Facilities and Uniform Services Provider Signs 16,000-SF Lease

Aramark, a food service, facilities and uniform services provider, signed a 15,857-square-foot lease at Nightingale Properties’ and Carlton Associates’ Class A office tower in Philadelphia, according to CoStar Research.

The 686,503-square-foot, 29-story structure at 1835 Market Street was built in 1986 and renovated in 1997. The 4-Star property spans nearly an acre less than two blocks from the 19th Street light rail station.

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Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm 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.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with extensive 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 meet 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 and Philadelphia commercial real estate listings for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philadelphia’s Proposed One Percent Tax on New Construction

Is Philadelphia’s proposed one percent tax on new construction a good compromise or a fools bargain? The Philadelphia City Council announced new legislation on April 11, 2018, that includes a new one percent tax on new construction that would raise revenue for the Housing Trust Fund, the city’s dedicated source for developing new affordable housing, preserving existing housing and preventing homelessness.

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WHAT IS THE TAX/IMPACT FEE?

Proposed Bill No. 180351 would impose a new Construction Impact Tax/Impact Fee on all projects that are eligible for the city’s 10-year tax abatement. The funds raised from the tax are intended to help the Housing Trust Fund provide funding for more affordable and workforce housing development, which would be available to both nonprofit and for profit developers.

HOW MUCH IS THE TAX?

The tax/impact fee is 1 percent of the stated cost of construction, including repairs, construction, additions and alterations of the building and is paid when the applying for a building permit. (Note that there is some discussion to change the time when payment would be due from the building permit application to the time a zoning permit is filed.) While a one percent tax on new construction may not sound like a lot, consider the tax on a $1 billion new technology center, a $300 million new multifamily high rise or a new $800 million stadium. In each instance, the tax for these projects would be $10 million, $3
million and $8 million, respectively.

ARE CERTAIN TYPES OF BUILDING EXEMPT?

As currently drafted, all buildings that are “for human occupancy” and that are eligible for the 10-year tax abatement would be subject to the tax/impact fee. These buildings would include not only residential structures, but commercial and industrial structures as well. Rather than single out one particular kind of developer (i.e., multifamily developers), the proposed tax would apply to any project that qualifies for a 10-year tax abatement in Philadelphia.

COALITION BUILDING

There appears to have been more compromise than usual between the trades, the Building Industry Association, City Council members, members of the development community and other civic-minded individuals as the merits and concerns over the 10-year tax abatement were debated, as was the Mixed Income Housing Bill, both being offered as potential solutions for addressing Philadelphia’s affordable and workforce housing needs.

NOVEL APPROACH

Drexel University’s Lindy Institute for Urban Innovation Senior Research Fellow Kevin Gillen told the Philadelphia Business Journal, “The impact fee being considered here is a truly unique hybrid. It is tied to the abatement rather than to inclusionary zoning. And it is the type of program that is traditionally used by low-cost, low-tax Sun Belt suburbs that have experienced decades of rapid population growth, but the bill’s sponsors want to apply it to a relatively high-cost, high-tax Northeastern city that until recently has experienced decades of depopulation.”

Impact on the Mixed-Income Housing Bill

If the new bill is passed, the Mixed-Income Housing Bill will become completely optional and will be amended to include numerous beneficial bonuses such as extra height (7 feet) and density (25 to 50 percent bonus) in RM-1, CMZ-1/2/2.5, amongst other potentially attractive zoning bonuses. These bonuses will continue to have a mixed-income housing requirement or payments in lieu of an additional 1 to 2 percent of construction costs depending on the amount of the
bonus.

EFFECTIVE DATE

As proposed, the effective date would be July 1, 2018, although some are already pushing for a later effective date of January 1, 2019. Duane Morris attorneys will continue to monitor and report on any development in this issue.

FOR MORE INFORMATION

If you have any questions about this Alert, please contact Brad A. Molotsky, any of the attorneys in the Real Estate Practice Group, attorneys in the Project Development/Infrastructure/P3 Practice Group or the attorney in the firm with whom you are regularly in contact.

Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm’s full disclaimer.

Philadelphia Independence Hall Office Space Market Heating Up

Early signs may be surfacing of a resurgence in Independence Hall’s office market in Philadelphia.

Throughout 2015 and 2017 Independence Hall was an outlier with noticeably higher vacancies than other submarkets in and around the Philadelphia office space central business district (CBD) such as Market Street West and University City. These higher vacancies were caused by move outs by both government and private sector tenants including the U.S. Navy, the GSA and Dow Chemical.

Independence Hall’s concentration of older office buildings and its distance from key center city regional rail stations are potential Philly office space drawbacks from many office tenants’ perspective. However, a slew of office renovations, restaurant/bar openings and high-end residential construction are now coalescing in what was once a relatively sleepy submarket.

This report on U.S. and Philadelphia commercial properties, being made available through Philadelphia commercial real estate broker Wolf Commercial Real Estate – a Philadelphia commercial real estate brokerage firm, is part of the Market Insights series from the CoStar Group research organization. These periodic reports provide a snapshot of recent real estate trends. CoStar monitors commercial real estate across 390 metro areas and analyzes the economic trends that move these markets.

Since 2014, Keystone Property Group has re-energized the ground floor of 100 Independence by bringing Independence Beer Garden — which includes outdoor seating and a gaming area — and modernist café La Colombe. One block away, MRP Realty’s newly-renovated Bourse — previously home to the nation’s first commodity exchange — is reopening this fall with an impressive array of new dining and drinking options on the ground floor. Coworking operator Make Offices also recently leased 35,000 square feet of Philadelphia office space on the property’s 5th floor.

More than 850 new, high-end apartment units have either completed or broken ground in the Philly office space submarket of Independence Hall over the past five years. Parkway Corporation recently completed its Civic Design review for a proposed 278-unit apartment tower at 709 Chestnut. Toll Brothers is also planning an 85-unit condo development on the 700 block of Sansom Street.

These improvements to Independence Hall’s ambience and amenity offerings are beginning to bear fruit for office owners. A handful of large Philadelphia office space leases including Macquaire Investment Management, Five Below and a few coworking operators have been signed in recent years. These leases, combined with conversions of older office space into apartments, have helped bring Independence Hall’s office space availability rate — the percentage of space being marketed for lease — back in line with other Center City submarkets in 2018.

Given Independence Hall’s complete lack of new office construction, the submarket’s availability rate has nowhere to go but further down if tenants’ interest for Philly office space in the area continues to rebound. It will be interesting to see just how much more tenant interest Independence Hall can garner in the years ahead.

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

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm 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.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with extensive 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 meet 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 and Philadelphia commercial real estate listings for lease or sale through our Philadelphia commercial real estate brokerage firm.

Market Knowledge Creates Higher Returns

Philly Office Space Investments

Over the past several years, the investment market within the Philadelphia and Southern New Jersey region has grown extremely competitive.

Market trends show a majority of investors are looking within the Philadelphia region seeking higher upside values and returns. These investors are typically searching for 8% + returns on investments. This has become increasingly challenging in the PA/NJ market. WCRE helps investors identify these opportunities by locating off-market investments.

“The key is creativity and knowledge. It is important to be creative as an advisor to find opportunities and deal structures to create higher returns,” says Jason Wolf, Managing Principal of WCRE. “The value of WCRE is not just the knowledge of tenants in the market and vacant buildings— it’s connecting opportunities to investors who would not otherwise have access to this information.”

Market knowledge is power. Recently, WCRE represented a client searching for a long-term lease solution. WCRE was able to identify a vacant building opportunity and identified several investors to commence negotiations with our leasing/tenant opportunity. Ultimately, WCRE was able to successfully satisfy both clients’ needs — securing a 15-year lease for the tenant and double-digit returns for the investor.

When investing in the market place, it is important to align yourself with a real estate expert who understands the current market and how to structure investments for higher returns and long term security.

To learn more about Wolf Commercial Real Estate, please contact WCRE at 856-857-6300 or visit our website at www.WolfCRE.com.

A Closer Look at Center City Philadelphia’s Tightest Office Micro Markets

Most Philadelphia office space brokers and investors consider Market Street West – the portion of Market Street running from City Hall to 21st Street – as Center City’s premier office district, and with good reason.

Public transit access is exceptional along that corridor, which is home to more than 12 million square feet of Philly office space; this is more than double the amount of office space located on other major Center City thoroughfares such as JFK Boulevard, South Broad Street, or Market Street East.

This CoStar report is being offered through Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm specializing in Philadelphia commercial real estate listings.

However, Market Street West’s concentration of modern office skyscrapers has made it a favorite among large, publicly traded companies based in Philadelphia, a feature which is both a blessing and a curse for local office landlords dealing in Philadelphia office space.

Clearly, Market Street’s popularity among large tenants is a plus for landlords that can retain them. Giant long-term leases by companies such as Independence Blue Cross or Beneficial Bancorp help some office owners keep large portions of their Philly office space properties filled for years or even decades on end.

The problem is that thanks to high business costs, Center City’s Philadelphia office space does not have a strong track record when it comes to attracting and retaining large corporate headquarters. Many of Philadelphia’s largest white-collar employers such as Sunoco, Dow Chemical and PNC have all either vacated or downsized their Market Street office space in recent years as part of cost-cutting efforts.

The result is that, in terms of the percentage of office availability rates, Market Street West does not stand out as a particularly tight Philly office space market today.

The tightest Philadelphia office space micro markets (in terms of both physical vacancy rates and percentage of space listed as available for lease) are currently Rittenhouse Square and Logan Square. Both are located a few blocks off Market Street and are home to some of Center City’s most coveted public greenspaces.

In contrast to Market Street West, the bulk of Philly office space stock in the Rittenhouse Square area is comprised of office properties located along Walnut Street, smaller than 350,000 square feet and built before 1970.

These properties cater almost exclusively to tenants looking for Philadelphia office space of less than 15,000 square feet, often in industries like legal services, healthcare, and accounting. These mostly privately-held firms do not face the same scrutiny from public shareholders and as a result, are less likely to relocate out of Center City to cut costs.

From an owner’s perspective, one downside associated with owning these older, smaller Philly office space properties is the constant time and money spent shuffling tenants in and out, as having smaller tenants means more lease expirations.

However, these Philadelphia office space properties have maintained higher average occupancy rates in recent years than most of the newer skyscrapers along Market Street. As a result, available office space is also harder to find in and around Rittenhouse Square and Logan Square than it is in any other major office district of Center City.

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

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm 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.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with extensive 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 meet 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 and Philadelphia commercial real estate listings for lease or sale through our Philadelphia commercial real estate brokerage firm.

U.S., Philly Office Markets Expected to Grow Throughout 2018

The U.S. office market, including Philly office space property, continued to benefit from strong fundamentals going into 2018, despite continued deceleration in net absorption, occupancy, and rental rate growth.

With robust corporate profits and continued office-using job growth, that trend is expected to hold through the year as the recently approved tax cuts and expected gradual increases in interest rates make U.S. office space, Philadelphia office space, and other institutional-grade property types an attractive place for investors to park capital and get cash flow.

This CoStar report is being offered through Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm specializing in Philadelphia commercial real estate listings.

“You’re going to like GDP growth over the next few months,” CoStar Portfolio Strategy’s Hans Nordby said during CoStar’s year-end 2017 State of the U.S. Office Market report, co-presented with managing consultant Paul Leonard. “Corporate profit growth is a good story, and if you already think it’s strong, look underneath the hood. It’s even better.”

The improved profit growth outlook for the services sector and other industries that drive demand for U.S. office space and Philly office space, along with expected higher GDP growth projected at a very strong 2.5% to 3% in the next few months, should help office job growth hold steady at strong levels for the next few month, Nordby said.

The rate of vacancies in U.S. office space markets, including Philadelphia office space, held steady at 10.1% at the end of the fourth quarter 2017, unchanged from the same period a year prior, despite a large amount of new supply and a 20% decline in office net absorption to 65 million square feet for 2017.

Meanwhile, the total amount of office property acquired by investors declined about 15% in 2017 from the prior year, largely due to a sharp drop in office trades in New York City, in Philly office space, and in other gateway markets.

Despite the declining sales volume, average prices in primary markets – such as those involved in Philadelphia office space – continued to rise, prompting investors to fan out into secondary markets such as suburban Phoenix, where Transwestern Investment Group and JDM Partners acquired Marina Heights, State Farm’s office campus in Tempe, AZ, for $930 million at $459 per square foot.

Leonard sees the vacancy rate involving both national and Philly office space ticking up beginning this year through 2020 as the expected new supply of space finally begins to outpace demand.

For more information about Philly office space or other Philadelphia commercial properties please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Andrew Maristch (drew.maristch@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philadelphia office space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm 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.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with extensive 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 meet 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 and Philadelphia commercial real estate listings for lease or sale through our Philadelphia commercial real estate brokerage firm.

Two Units of Philly Office Space for Sale in Doylestown PA

Wolf Commercial Real Estate, a leading Philly commercial real estate broker that specializes in Philly commercial real estate listings and services, now has Philly office space for sale at 403 Hyde Park and 411 Hyde Park located at 3900 Mechanicsville Road in Doylestown.

Sitting directly on U.S. 202 at Mechanicsville Road, this office space for sale in Philly consists of two buildings, both of which are for sale. The Philly office building for sale at 403 Hyde Park Doylestown PA has +/- 2,460 sf of office space for sale in Philly. Conversely, the Philly office building for sale at 411 Hyde Park Doylestown PA offers +/- 3,278 sf of office space for sale in Philly.

The asking sale price for the office space in Doylestown PA at 403 Hyde Park is $395,000 while the asking sale price for this Philly office space for sale at 411 Hyde Park is $525,000. Both of these Philly office buildings for sale are constructed of stucco over wood and metal and this Philly office space for sale has an on-site well and septic system for its water & sewer service.

There is abundant parking available at this Philly office space for sale and both of these Philly office buildings for sale were built in 1998. This Philly office space for sale is now available for immediate occupancy through Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services.

This Philly office space for sale is composed of eight architecturally appealing office buildings that are being offered by Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services. In addition, this Philly office space for sale sits on a skillfully landscaped campus.

For more information about this Philly office space for sale at 403 Hyde Park Doylestown PA and 411 Hyde Park Doylestown PA or about other Philly commercial properties for sale or lease, please contact Lee E. Fein (215-206-5580; lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm.

Wolf Commercial Real Estate is a premier Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers.  Please visit our websites for a full listing of Philly commercial properties for sale or lease or sale through our Philly commercial real estate brokerage firm.

Centre Square – Philly’s “Clothespin” Building – Sold for $328 Million

Centre Square, the 1500 Market Street Philly office space complex best known for Claes Oldenburg’s giant “Clothespin” art sculpture in its front plaza, was sold for $328 million this month to New York-based Nightingale Properties, according to Philly.com. The website called the deal the largest office transaction based on square footage in Philadelphia office space history.

The sale of the complex, with a 36-story East Tower and a 43-story West Tower containing 1.76 million square feet of Philly office space, ends a year-long search for a buyer. Philly.com said Chicago-based Equity Commonwealth put the property on the market in March 2016.

Nightingale Properties, a real estate investment company, told Philly.com it plans to extensively renovate this Philadelphia office space, which was built in 1974. Previously, the group purchased 1700 Market Street and then sold it after property improvements. Nightingale – according to its website – currently owns three other Philly office space buildings: 1500 Spring Garden Street, 1835 Market Street, and 1635 Market Street, all multistory office buildings in Center City.

Current Centre Square tenants mentioned in the Philly.com article include the University of Pennsylvania Health System; Towers Watson, a global advisory and broking and solutions company; law firms Dilworth Paxson and Saul Ewing; Public Health Management Corp.; and Radian, a mortgage insurer. A 450-car parking garage and a 41,000-square-foot retail component with shops and restaurants are also located in the complex. At the time of the sale, the Philadelphia office space building was 91.2 percent leased.

This news on Philadelphia commercial properties is being offered through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

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

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.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with extensive 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 meet 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 and Philadelphia commercial real estate listings for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Office Space Vacancy Rate Drops Below 9 Percent

The Philadelphia office space market ended the first quarter 2017 with a vacancy rate of 8.7%.

The vacancy rate across all Philly office space properties was down over the previous quarter, with net absorption totaling positive 173,096 square feet in the first quarter. That compares to positive 1,080,044 square feet in the fourth quarter 2016. Vacant sublease space increased in the quarter, ending the quarter at 1,112,547 square feet.

The Class-A Philadelphia office space market recorded net absorption of negative 588,125 square feet in the first quarter 2017, while net absorption for Philadelphia’s central business district was negative 4,710 square feet.

Tenants moving into large blocks of Philly office space so far in 2017 include: Ashfield Healthcare moving into 82,000 square feet at 1100 Virginia Dr; WeWork moving into 55,238 square feet at 1900 Market Street; and Holy Redeemer Health System moving into 36,000 square feet at 201 Veterans Way.

This CoStar report is being offered through Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm specializing in Philadelphia commercial real estate listings.

Rental rates in the Philadelphia office space market ended the first quarter at $22.68, an increase over the previous quarter.

A total of six buildings delivered to the Philly office space market in the quarter totaling 214,556 square feet, with 4,398,979 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. National Office vacancy rate, which stayed at 9.7%, relatively unchanged from the previous quarter, with net absorption positive 10.78 million square feet in the first quarter. Average rental rates increased to $24.44, and 339 office buildings delivered this quarter totaling more than 21.29 million square feet, with 154.4 million square feet still under construction.

For more information about Philly office space or other Philadelphia commercial properties please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Andrew Maristch (drew.maristch@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philadelphia office space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm, providing a full range of Philadelphia commercial real estate listings and services and 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 extensive 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 meet 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 and Philadelphia commercial real estate listings for lease or sale through our Philadelphia commercial real estate brokerage firm.