Philadelphia Office Figures Report Q2 2023

Flexibility paves the path to recovery

July 11, 2023 3 Minute Read

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  • An increase in sublease offerings led to fully built-out suites and plug-and-play spaces being more sought after than generous concessions and tenant improvement allowances.
  • Occupancy losses tallied during the past year erased signs of near-term recovery as tenants continued to downsize, on average, when signing new or renewing leases.
  • With market fundamentals weakened, loan maturity dates on office buildings approached, sending some assets into receivership.