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.
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, www.wolfcre.com.