Average asking rental rate in Bala Cynwyd/Narbeth is $30.28 persf, among the highest in the greater Philadelphia area. It isexceeded only by the Main Line and Conshohocken submarkets, both ofwhich have double-digit vacancy rates that rose during the firsthalf of this year.

Overall vacancy rate in the Main Line submarket is 15.4%,according to the research. Conshohocken experienced its largestincrease in vacancy over the past year. The rate now stands at25.3%, including sublease space. "Historically, Conshohockenbenefited from the lowest vacancy rates of all submarkets," Shellysays. "With additional buildings coming on line, there willcontinue to be downward pressure on rental rates."

Average asking rental rate in the Conshohocken submarket is$30.77 per sf, compared to an average of $32.50 per sf in the MainLine submarket. Though the Main Line average has stayed firm,Shelley predicts it will soften as Conshohocken competes forspace.

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