Philadelphia Office Figures Report Q4 2023

Philadelphia office market near peak vacancy; recovery on horizon

January 7, 2024 3 Minute Read

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  • After three quarters of holding steady, vacancy may have reached a peak as demand seems to have stabilized, at least in the short term.
  • While asking rents continued to push up modestly, a look at recent leases signed revealed pricing continuing to soften in the face of high vacancy.
  • While companies associated with traditional office-occupying industries continued to downsize to adjust to new space utilization strategies because of work-from-home productivity, other sectors such as manufacturing helped buoy occupancy during 2023.