Philadelphia’s Suburban Office Challenges Began Before the Pandemic

Philadelphia's Suburban Office Challenges Began Before the Pandemic

Philadelphia’s office market reflects a tale of two cities, showcasing pre-existing challenges and those emerging post-pandemic.

For over a decade, the Philadelphia suburbs have struggled with high office availability rates, significantly exceeding historical averages. This surplus of office space has become the norm for suburban areas.

Conversely, the abundance of available office space in the suburbs contrasts sharply with the situation in Philadelphia’s central business district. Formerly boasting the region’s lowest availability rate, Center City now leads with an 18.1% availability rate, equating to 12.1 million square feet of office space for lease. In contrast, the suburbs, spanning a larger area, exhibit a 16.6% availability rate, representing 23.2 million square feet available on the market.

*Article courtesy of Costar

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