Philadelphia Office Property Trades Surpass $1 Billion in 2023 Despite Market Challenges

Philadelphia Office Property Trades Surpass $1 Billion in 2023 Despite Market Challenges

Despite the tumultuous fluctuations in the Philadelphia office market last year, resourceful developers, investors, and companies demonstrated resilience by engaging in office sales activities. Prior to 2020, office buildings were dominant, consistently commanding top prices in commercial real estate. However, the enduring impact of the pandemic disrupted this trend. As the future of in-person work evolves amid economic uncertainties, the office investment landscape remains uncertain.

Since 2019, the level of office investment has declined each year, reflecting the challenges faced by the sector. Intriguingly, office investment, which was the least favored by Philadelphia investors in 2021-2022, accounted for 25% of total investments across retail, multifamily, and industrial property types in 2023—up from 17% in 2021. Remarkably, Philadelphia office sales in 2023 surpassed the volume of multifamily sales.

Recent office sales have been buoyed by various categories, particularly projects earmarked for redevelopment and stabilized office buildings with a value-added component.

*Article courtesy of CoStar

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,