Flight to higher quality office space continued across the Greater Philadelphia market in the first quarter of 2024

A total of 1.68 msf of office space was leased in the first quarter of 2024 across the Greater Philadelphia market. This represents a 3% increase - from the total,1.62 msf, that was leased the previous quarter in Q4 23’, and equates to a 22.6% YoY increase from the 1.36 msf leased in Q1 23’.

70% of the total leasing activity occurred within Trophy and Class A properties, equating to 1.16 msf, with an average deal size of 9.93 ksf across 116 deals. The remaining 30% of lease transactions occurred in Class B and C properties, with an aggregate 508K SF leased, with an average deal size of 3.28 ksf, across 155 deals, respectively.

May 2, 2024

US-PA-PHL Philadelphia