Analyzing office visitations vs. leased office space across Greater Philadelphia

Following the COVID-19 pandemic, across Greater Philadelphia a large amount of leased office space has continued to sit vacant, despite many businesses across the market returning to in-person work.
Historically speaking when studying the occupancy in a market, occupancy data has been based upon the current amount of leased space throughout the market. The current total occupancy sits at 83.8%, but what is the true physical occupancy across the market?
Utilizing our Office Busyness Index, we can view and analyze the physical occupancy of these office properties on a weekly basis. In Q2 2024 the average office visitation level for Greater Philadelphia per the Busyness index was 62.9%. This has resulted in a 209-basis point delta, which signifies the amount of space that is actively being paid for and is sitting vacant across Greater Philadelphia

August 1, 2024

US-PA-PHL Philadelphia