Submarket availability has yet to reach equilibrium across the Greater Philadelphia office market
Office availability by submarket
- At the submarket level, space availability remains mixed, as different areas of the market see more space taken off the market than others.
- By way of example, the total availability rate for space in the Wilmington CBD has decreased 230 basis points, from 17.1% in Q1 ’24 to now 14.8% at the end of Q1 ’25. Major contributors to this decrease in availability across the Wilmington CBD include Incyte’s acquisition of Bracebridge 1 & 3 (500K SF) in 2024, as well as Buccini Pollin Group’s recently completed office to residential conversion at the former DuPont headquarters (480K SF).
- Center City West continues to witness the greatest amount of space availability amongst urban submarkets. The submarket finished Q1 ’25 with a total availability rate of 22.5%, comprised of 5.8 msf of direct available space and 1.2 msf of available sublease space, respectively.
May 21, 2025
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