Philadelphia’s Office Market Stayed Strong in 2019

The office availability rate in the Philadelphia CBD stood at 11% at the end of the fourth quarter of 2019.

PHILADELPHIA—The office market in the Philadelphia region ended the year on a high note with lower availability and higher rents as compared to a year earlier, according to a report released by commercial brokerage firm Savills.

In its fourth quarter Philadelphia fourth quarter 2019 market report, Savills notes that Philadelphia’s regional overall availability declined 30 basis points from the third quarter to end 2019 at 16.9%. The Philadelphia Central Business District’s availability decreased 50 basis points to 11.7% by the end of the fourth quarter of 2019, which the report attributes to stronger activity in the East Market and Navy Yard submarkets.