Data varies on the precise vacancy rate in this once-booming suburban office market, but, by any measure, it is high. Third-quarter research from the regional offices of Cushman & Wakefield, CB Richard Ellis and Grubb & Ellis, put it at 24.6%, 26.5% and 29.1%, respectively. Grubb & Ellis reports that among class A buildings here the vacancy rate is 34.9%.
Consequently, this is a tenants' market. C&W reports the asking average rental rate at $29.30 per sf; CBRE puts it at $28.08 per sf, and Grubb & Ellis says the average among all building classes is $29.42 per sf. Locally based Beacon Commercial Real Estate is the exclusive agent for the W. Elm Street property and is marketing space in the building at $26 per sf, plus electric. Available suites range from 3,500 sf to a partial floor of 28,500 sf.
In the largest of the latest transactions, Sintaks is consolidating offices in Bridgeport and Gulph Mills, PA on the sixth floor of this 110,000-sf, seven-story property. The lease is for six years. Gene McHale, president, and Tony Hayden Sr., chairman of Beacon, represented the owner, Philadelphia-based Keating Development. Pete Soens, a principal of Seligsohn Soens Hess, also based in Philadelphia, represented the tenant.
American Home Care has occupied 9,900 sf in the building since its completion in 1999. The new lease extends its presence "to the later years of this decade," McHale says.
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