Philadelphia office market reports

Q3 2022

Office space availability across the Philadelphia MSA in Q3 hit a new record high.
206 MSF

Inventory

Total space inventory remained at 206 MSF, with over 1.5 MSF of new office space currently under construction.
-2.7 MSF

Net absorption

Net absorption for the quarter sits at -2.7M SF as supply continues to outweigh demand across the market.
$30.80 PSF

Direct asking rent

Average asking rent across the PHL MSA region sits at $30.80 PSF.
40.2 MSF

Availabilities

There is 40.2 MSF of office space currently available in the market, of that 6.9 MSF are sublet availabilities.
13.6%

Vacancy

Vacancy rate across the Philadelphia MSA increased 100 basis points from last quarter, hitting a new record high.
$159 Avg PSF

Investment sales

The 12-month trailing average $PSF for investment sales across the Philadelphia MSA currently sits at $159 PSF. Investors continue to closely monitor the recent interest rate hikes made by the federal reserve, as cap rates continue to rise.
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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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