Philadelphia office market reports
Q1 2024
Total Availability Decreases
Total availability decreased 30 basis points from 22.3% in Q4 23’ to 22.0% in Q1 24’. Total available sublease space fell by 1%, decreasing from 7.34 msf at the close of 2023, to 7.27 msf of available sublease space in Q1 24’.
Q1 24 Total Office Leasing Activity
Aggregate office leasing activity in Q1 24’ was 1.68 msf, rising 3% from 1.62 msf at close of 2023. On an annual basis this represented a 22.6% YoY increase with aggregate leasing activity increased of 1.36 msf to 1.68 msf.
Q1 Total Sales Volume*
Total office sales volume came in just shy of $50 million, down 78% YoY, from $245 million total sales volume reached in Q1 23’, as interest rates continued to cause dislocation between buyers, sellers and lenders. Once interest rates begin to decrease, presumably later this year, investors may look to take advantage of lower average asset values.
*Note: 20K SF+, Includes partial interest
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