Greater Philadelphia office leasing volume in 2025 fell short of 2024 total volume, despite larger deal sizes and healthy tenant demand

A total of 6.00 MSF of office space was leased across Greater Philadelphia in 2025, a slight decline from 6.69 MSF in 2024, representing a 10.1% year-over-year decrease in annual leasing volume.
Despite the decline in annual volume, there has been a notable increase in deal size over the past twelve months. Multiple large-format leases were signed in 2025, including seven deals signed for 100 KSF+ of space. Consulting, legal, and financial services were the primary industries driving this demand.
While tenant demand remains primarily focused on Trophy and Class A space, limited availability in these assets has redirected requirements toward Class B assets, which have largely been overlooked over the past few years.

February 23, 2026

US-PA-PHL Philadelphia

Greater Philadelphia office leasing volume