Philadelphia Office Figures Report Q2 2023
Flexibility paves the path to recovery
July 11, 2023 3 Minute Read
- 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.