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2022 Q1 Suburban Philadelphia Office Report

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By Rose Penny

Regional Office Market

Key Trends

  • The vacancy increased slightly from the end of 2021 from 18.6% to 18.7%.
  • Occupancy gains in Class A buildings more than offset by a continued erosion in Class B.
  • The average asking rent ticked down very slightly to $28.06 per square foot, full service.
  • Investment volume was minimal following an active 4th quarter.

The flight to quality was evident in the Suburban Office Market during the first quarter. Absorption for Class A buildings showed a gain in occupancy; however, there was a 177,000 square foot loss in Class B buildings. Companies are opting for upper-tier buildings with greater efficiencies and more amenities for employees returning to the office. While some tenants have been expanding, many of the new deals have been companies downsizing their offices.

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2022 Q1 Suburban Philadelphia Office Report

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Rose Penny | Colliers | Philadelphia

Rose Penny

Market Research Director | Philadelphia

Philadelphia

+1 215 928 7505
+1 215 313 7293
Email

Rose serves as Market Research Director at Colliers and is a member of the Colliers International Research Council.  She is responsible for the compilation, analysis, and dissemination of all market data for the firm.  She is also responsible Colliers Research Reports for Philadelphia, as well as detailed market studies on more than 500 million square feet of commercial real estate in Pennsylvania, New Jersey and Delaware.  Rose produces detailed demographic studies, maintains an extensive database of lease and sale transactions and assists in the preparation of tax studies and opinions of value.

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