Rents for Greater Philadelphia Have Not Yet Peaked

Philadelphia, PA (June 29, 2017) — Newmark Knight Frank (NKF) released its second quarter 2017 office reports for the Greater Philadelphia region. The reports detail increased rental rates in the Philadelphia suburbs and Philadelphia Central Business District (CBD) with no sign that rents will peak soon. There was also positive absorption in Greater Philadelphia and the New Castle County (Delaware) markets, but occupancy growth stalled in Southern New Jersey.

Vacancy in the Philadelphia suburbs declined by 20 basis points from the first quarter of 2017 to 15.7 percent. The King of Prussia submarket showed considerable occupancy growth, posting 394,588 square feet in positive absorption. During this period, Highway to Health occupied a newly delivered 110,550-square-foot building located at 933 First Avenue and Hartford Funds moved into 75,922 square feet at 690 Lee Road. Both tenants relocated from Radnor.

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