Newtown stands in contrast to such neighboring markets asTrevose, PA and Princeton, NJ, which are struggling with climbingvacancy rates caused by limited growth corporate downsizing. Amongthe recent activity that has strengthened Newtown are ATIResearch's 10-year lease for 39,000 sf and Apothechem's 8-yearlease for 30,000 sf at the Lower Makefield Corporate Center.
The direct vacancy rate in Bala Cynwyd/Narbeth is 7.7% andoverall vacancy is 11.9%, according to the report. The averageasking rental rate for class-A office space is $27.99 per sf.
Ongoing downsizing of several corporate tenants, Sklow concedes,has caused some "downward pressure on rental rates. Even so, BalaCynwyd/Narbeth continues to command some of the highest rates inthe Greater Philadelphia area," he says.
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