The overall vacancy rate in the Philadelphia suburbs is 20.5%, according to second-quarter 2004 data from the Philadelphia office of Cushman & Wakefield. The average asking rental rate for class A office space is $26.61 per sf, a slight increase over last year. While the asking rental rate inches up, however, John C. Shelly, VP of Trammell Crow Co., points out, "with an abundance of vacant assets, landlords have been forced to attract tenants by offering free rent along with tenant improvement allowances."
Sonitrol signs a lease for 3,500 sf at 1235 Westlakes Drive in Westlakes Corporate Center in Berwyn, which is owned by Mack-Cali. Core Trace leases 3,500 sf at Two West Baltimore Ave. in nearby Media, and Bayada Nursing leases 2,000 sf at 1023 East Baltimore Ave., also in Media.
With a new 2,830-sf lease at 320 King of Prussia Rd. in Radnor, Performance Physical Therapy takes the building, which is owned by St. John Holdings, to 100% occupancy. 5K Ventures leases 2,500 sf at 801 Springdale Dr. in Oaklands Corporate Center in Exton.
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