Philly Office Market Sees a Slowdown

Philadelphia Office Market Sees Slowdown in Leasing Recovery

After a period of noteworthy leasing recovery since mid-2021, the Philadelphia office market has hit another setback.

Business decisions, and subsequently leasing momentum, have given way to inflationary measures and economic uncertainty in recent months. The past two quarters have recorded the lowest leasing levels since the height of the pandemic.

After recovering to 80% of pre-pandemic levels in 2021, the annual leasing volume fell to 70% recovery levels in 2022 due to a weak fourth quarter. 

This year is already off to a rocky start, and given current economic headwinds, performance is unlikely to keep up with the recent leasing recovery for the remainder of 2023.

*Article courtesy of Costar

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