Comcast Technology Center Opens

Philadelphia, PA (July 24, 2018) — Newmark Knight Frank (NKF) released its second-quarter 2018 office reports for the greater Philadelphia region. The reports detail no slowdown in activity for Southeastern Pennsylvania, while the delivery of the Comcast Technology Center results in the Philadelphia Central Business District (CBD) recording over 1.0 million square feet of positive absorption. Both Delaware’s suburban submarkets and the Southern New Jersey market struggle with rising vacancy.

Southeastern Pennsylvania recorded 709,719 square feet of positive absorption for the first half of the year and surpassed 2017’s year-end absorption by 148,000 square feet. Overall vacancy decreased 60 basis points quarter-over-quarter to 14.0 percent. USSC Group’s expansion into 300,000-square-foot at 101 Gordon Drive, located in the Exton/Malvern submarket, accounted for most of the quarter’s 355,000 square feet of absorption. On the downside, some suburban tenants decided to shed excess space, which pushed year-over-year sublease availability up 10 basis points to 2.0 percent. In the Fort Washington submarket, T-Mobile relocated and downsized from 45,000 square feet at 500 Virginia Drive to 24,112 square feet at 475 Virginia Drive. Transamerica, located in the Exton/Malvern submarket, outsourced a number of business line jobs to a third-party provider, downsizing from 90,300 square feet at 300 Eagleview Boulevard to 9,500 square feet at 350 Eagleview Boulevard.

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