Philadelphia office market reports

Q3 2024

3.6 msf

YTD leasing volume

At the close of the third quarter, leasing volume throughout Greater Philadelphia totaled 3.6msf, the markets lowest quarterly volume recorded since Q3 20’, and the markets lowest Q1-Q3 volume recorded since 2014. A combination of factors continue to impact leasing demand for office space, primarily ongoing hybrid work schedules, along with tenants right sizing their spaces  to best fit their needs.

21.6%

Total availability

Total availability closed the quarter at 21.6% equating to a minor 10bps decrease. Class A and B properties currently have the highest availability rate at 26% and 19.4%, respectively. Whereas Trophy and Class C availability remains more constricted. The market continues to grapple with over 6.5 MSF of sublease availability; as well as, a growing amount of high vacancy lower quality properties.

57.6%

Sept 24' office visitation

Utilizing Avison Young’s office busyness index to analyze office visitation, we study the physical occupancy of buildings over periods of time. Across Greater Philadelphia, office visitation volume seems to be trending up; however, September 24’ visitation volume equated to only 57.6% of the volume measured in February 20’ (one month before the onset of COVID-19). On a day-by-day basis in September 24’, Wednesday’s saw the highest visitation volume at 65.3% of pre-pandemic volume.

Your source for the latest Philadelphia office market reports

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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