Latest / Real Estate News Today | 2 Min News | The Daily News Now!
Philly Office Market Slows to a Halt | Real Estate News
Philadelphia’s office construction has hit pause—zero new projects in the city after a major 438K sq ft building wrapped up last quarter. The bottleneck? Hard to attract big tenants to sign leases before spaces are built. While downtown vacancy dipped below 20% and absorption saw a boost (thanks mostly to that one completed tower), overall available space is shrinking—driven by conversions and dwindling subleases. Suburbs are feeling the chill too, with leasing down sharply year-over-year. And here’s the kicker: Vanguard is vacating 88K sq ft in Malvern, hunting for a new tenant, while…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.