Total office availability throughout Greater Philadelphia has decreased 90 bps since Q2 2024

• Across Greater Philadelphia, the total availability rate* for office space finished the second quarter at 21.3%, down 90 bps in the last twelve months. As leasing volume has yet to normalize, office-to-residential conversions along with owner-user sales have been the greatest source of positive absorption and continue to place downward pressure on space availability.

• The share of available space listed for sublease continues to decrease. Total available space at the end of the second quarter measured 38.4 msf, of which 6.2 msf was for sublease, equating to 16.0% of the total available space.

• Amongst urban submarkets, Center City West has the greatest amount available space, totaling 7.2 msf at the close of the second quarter, with 5.9 msf of direct available space and 1.3 msf listed for sublease. Outside the CBD, the Exton/Whitelands submarket leads in availability, with 2.7 msf of total space available, of which there is 2.4 msf of direct available space and 204 ksf for sublease, respectively.

*Inclusive of all property classes