Economic concerns, return to office policies and right-sizing impact all asset classes in downtown Philadelphia

Net Absorption within the past twelve months in downtown Philadelphia

  • Changes in occupancy across all asset classes reflect the impact of a sluggish economy and post pandemic Remote Work, Return to Office policies.
  • Class A assets have historically housed tenants in Tech, Creative, and Finance, industries that have seen the largest reduction in workplace post Pandemic
  • Well capitalized owners of Trophy Class assets have benefited from Flight to Quality, largely due to tenant right-sizing.

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["US-PA-PHL"]