Philadelphia office market reports

Q2 2023

1.53 MSF

Under Construction & Renovation

There are nine properties under development across greater Philadelphia, totaling 1.53 msf.

The development of new headquarters for Morgan Lewis and Chubb Insurance in the Center City West submarket accounts for 48% of total SF under development.


Total Availability

Total availability for office space within greater Philadelphia has increased 60 bps from 18.8% in Q1 23’ to 19.4% in Q2 23’.

This has been driven largely by an increase in available sublease SF, increasing 20 bps from 3.3% in Q1 23’ to 3.5% in Q2 23’ respectively.

$585 M

CMBS Loan Maturities

Through the end of 2023, within greater Philadelphia there are 38 CMBS office loans set to mature, equating to over $585 million.

Compared to other major office markets, Greater Philadelphia is relatively insulated from CMBS exposure due to a historically active banking ecosystem at the local and regional level.

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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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