The Philadelphia CBD and Suburbs wrapped up 2019 with the region’s diversity of demand on display. Eleven different sectors were each able to claim a share of at least 5% of gross leasing activity in 2019.
Asking rents persisted on their upward climb as the year ended, which was the result of several factors, including large scale flight-to-quality from tenants and capital improvements from landlords.
After securing investment management firm Hamilton Lane as an anchor tenant, Oliver Tyrone Pulver broke ground on Seven Tower Bridge in Conshohocken, adding approximately 260,000 square feet to the construction pipeline.
The year finished relatively flat for net absorption, with the metro area only posting about 55,000 sq. ft. in occupancy gains.