Skip to main content Skip to footer

2020 Q4 Northeastern Pennsylvania Office Market Research Report

Download Report
2020Q4NEPAofficereportsitecorehero_1536x1040

Key Market Trends

  • The vacancy rate increased slightly during the fourth quarter from 9.6% to 9.7%. Year-over-year vacancy rose from 9.2% to 9.7%.
  • Class A occupancy improved during 2020, while Class B buildings lost occupancy. However, the changes in both building classes was minimal.
  • The weighted average asking rent remained stable in the fourth quarter at $18.61 per square foot, full service. This average is down by 0.7% from 2019.
  • The number and total square footage of properties on the market for sale were down slightly from the third quarters.
  • Closings in the 4th quarter slowed overall but were up after adjusting for the Hammes Partners’ Coordinated Health portfolio sale last quarter.
  • Secondary and tertiary markets continued to draw investor attention away from the traditional urban cores.

 

Subscribe to Greater Philadelphia research reports 


2020Q4NEPAofficereportsitecoresearch_554x310

2020 Q4 Northeastern Pennsylvania Office Market Research Report

Download Report