Philadelphia office market reports

Q4 2022


Net Absorption

Over the past twelve months net absorption as a share of inventory decreased 20-basis points from -0.7% in 2021 to -0.9% by end of year 2022.

Total Vacancy Rate

Total vacancy rate YoY increased 110 basis points from 12.2% in 2021 to 13.3% in 2022.
$30.97 PSF

Direct Asking Rent

Asking rents continue to trend upwards and have increased 84 basis points from $30.71 in Q3 22’ to $30.97 in Q4 22’.
1.45 MSF

New Development

1.45M SF is set to deliver by the end of 2023 67% from 850K SF in 2022.
$157 psf

Average Sale Price PSF

Average sale price per square foot rose 5.36% from $149 in  Q4 2021 to $157 in Q4 2022.

Total Average Visitor Volume

Total average visitor volume increased 16.6% from the week of December 27, 2021 vs. December 26, 2022.
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Get in-depth office market reports and insights from commercial real estate experts in the Greater Philadelphia area. Avison Young advisors look at Philadelphia commercial real estate activities and the latest Philadelphia statistics to provide you expert market research on Philadelphia's office properties.

Explore different topics like the latest office market pricing trends and analysis of Philadelphia's current office real estate market conditions. Gain a better understanding of Philadelphia’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Philadelphia's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Philadelphia.

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