Philadelphia Office Market
| Average Asking Rent (Price/SF) | $30.71 |
| Vacancy Rate (%) | 15.6% |
| Net Absorption (SF) | -269,472 |
The first quarter of 2021 marked a year of market disruption due to COVID-19. Vaccine campaigns accelerated throughout the first three months of the year, yet most office occupiers remain temporarily remote. Nationally, the U.S. Census Bureau found that in March 2021, 36.0% of employed workers across industries were fully or partially remote because of the pandemic. Locally, this manifested in office space utilization rates under 20.0% across the market, and significantly lower in the urban core.
Download Philadelphia Office Market Report 1Q21Philadelphia Industrial Market
| Average Asking Rent (Price/SF) | $8.02 |
| Vacancy Rate (%) | 4.7% |
| Net Absorption (SF) | 1,540,238 |
Greater Philadelphia’s industrial market, inclusive of Southeastern Pennsylvania, Southern New Jersey and Delaware, realized over half a million square feet in absorption gains, strong rent growth, and record development levels in the first quarter of 2021. The confluence of nine consecutive quarters of positive absorption, a vacancy rate that has remained below 6.0% since 2017, and the fact that developers were slower to react to the market’s need for new supply, has caused tenants to chase available space wherever it can be found – or built.
Download Philadelphia Industrial Market Report 1Q21