Elon Musk’s Department of Government Efficiency (DOGE) is scaling back the federal real estate footprint, putting office space in Greater Philadelphia on the chopping block. According to a list posted on the DOGE website Monday, nearly 20 government leases in the region have been canceled, totaling approximately 183,000 square feet and over $4.93 million in… Read more »
Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 1700 Market Street, Philadelphia, Pennsylvania 19103. The Philadelphia property is available for sublease. The property contains +/- 6,044 square feet, which could be utilized by retail and office users. Features of 1700… Read more »
Wolf Commercial Real Estate, the leading commercial real estate and advisory firm in South Jersey has been appointed the exclusive listing agent for 1717 South Broad Street, Philadelphia, Pennsylvania 19148. The Philadelphia property is available for lease. The property contains +/- 1,580 square feet, which could be utilized by retail and office users. Features of… Read more »
Amid the Trump administration’s effort to cut federal spending, the General Services Administration (GSA) has listed three large Philadelphia office buildings for sale as “non-core properties for disposal.” The properties include the Mid-Atlantic Social Security Center at 300 Spring Garden St. (534,016 SF), U.S. Custom House at 200 Chestnut St. (436,608 SF), and Veterans Administration… Read more »
Philadelphia’s office market showed signs of stabilization in early 2025, with positive annual net absorption for the first time in five years. However, challenges remain as companies continue to downsize, rents stay under pressure, and high interest rates suppress asset valuations. Here’s an update on what local industry players are saying about the market. Several… Read more »
Philadelphia’s Tax Reform Commission proposes a temporary 20-year tax abatement to encourage converting distressed office buildings for new uses. The recommendation, doubling the current 10-year abatement, is part of a 29-page report analyzing the city’s tax structure. The report also calls for a $15 minimum wage, phasing out the Business Income and Receipts Tax (BIRT),… Read more »
Pashman Stein Walder Hayden is expanding into Philadelphia, hiring cannabis industry practice leader Seth Goldberg from Duane Morris to lead the new office. The Hackensack-based firm will occupy 2,500 square feet on the 31st floor of One Commerce Square at 2005 Market St. starting March 1. The short-term lease includes four offices and a conference… Read more »
Chubb has officially made its mark on Philadelphia’s skyline. Over the weekend, the insurance giant’s name was installed atop its future headquarters at 2000 Arch St. in Center City. The 18-story, 438,000-square-foot office building, developed by Parkway Corp. on a former surface parking lot, is set for completion in the second quarter of 2026. The… Read more »
An Irish technology product developer has signed a long-term lease for 50,000 square feet in Wayne, relocating its local office four miles east while reducing its footprint by 38%. TE Connectivity will move into 680 E. Swedesford Road by January 2026, occupying the first two floors of the four-story, 102,000-square-foot building, which is set for… Read more »
After five years of declining demand, Philadelphia’s office market is showing early signs of stabilization as 2025 begins. While not yet in recovery, recent data indicates a positive shift. For the first time since 2018, annual net absorption—measuring move-ins versus move-outs—has turned positive, with office occupancy rising by 615,000 square feet across the Philadelphia metro… Read more »
