Philadelphia office market reports

Q4 2021: Although the 4th quarter saw an improvement in the unemployment ratio, leasing activity was still weak. 

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Although the 4th quarter saw an improvement in the unemployment ratio, leasing activity was still weak. As companies contemplate their return to work strategy and assess their office needs, we expect leasing activity to increase.


Economic conditions

The Philadelphia MSA unemployment rate decreased to 4.1% in Q4 2021. This is the first time it has dropped below 5% since March 2020.


Recovery rate

Philadelphia ranked #7 in the U.S. in terms of return-to-work efforts when referencing the same mid-December week in 2019.


Office demand

Annual average leasing activity is down (-35.1%) compared to the prior 20-year annual average.



The Philadelphia MSA vacancy rate remains near record levels, reaching 12.1% by the end of 2021.


Pricing trends

Tenant improvement allowances are up by (+10%) since the pandemic began.


Capital markets

Office asset pricing has decreased (-22.7%) across the Philadelphia MSA since 2019. The average price per square foot sold in 2021 was $163 PSF.

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Your source for the latest Philadelphia office market reports

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.

The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.

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