Pennsylvania & New Jersey Office Construction Costs 2022 vs 2023
Pennsylvania & New Jersey Office Construction Costs 2022 vs. 2023
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- Construction material costs were at an all-time high in 2022 as demand significantly outpaced supply, and we are just starting to see some relief in 2023.
- Although overall construction costs are decreasing there is still limited demand to lease office in the PA-NJ area. Overall office PSF costs have decreased roughly 5.6% YoY.
- Tenants are now often looking to downsize overall square footage to maximize their floorplan to better fit hybrid work strategies.
September 22, 2023
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US-PA-PHL Philadelphia