Vacancies for Philadelphia office properties dropped to 11.5% at the end of the third quarter 2013, a decrease over the previous quarter, according to a new market trend report from the Costar Group.
Net absorption in the Philly office space market was positive 193,270 square feet in the third quarter, compared to positive 786,597 square feet in the second quarter 2013. Vacant sublease space in the Philadelphia office space market decreased in the third quarter, ending the quarter at 1,243,897 square feet, CoStar’s Third Quarter 2013 Market Report said.
Tenants moving into large blocks of Philly office space in 2013 include Endo Pharmaceuticals, Inc., moving into 300,000 square feet at Atwater Corporate Center; GlaxoSmithKline, moving into 205,000 square feet at Five Crescent Drive; and Drexel University, moving into 117,464 square feet at Three Parkway.
Rental rates for Philadelphia office properties ended the third quarter at $21.06, a decrease over the previous quarter, the report said.
A total of three buildings delivered to the Philadelphia office space market in the quarter totaling 61,700 square feet, with 791,386 square feet still under construction at the end of the quarter, according to the report.
This trend for Philadelphia office properties is compared to the U.S. National Office vacancy rate, which decreased to 11.6% from the previous quarter, with net absorption positive 23.48 million square feet in the third quarter. Average rental rates increased to $21.75, and 244 office buildings delivered to the market totaling more than 12.2 million square feet.
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