Office Space in Philadelphia Rebounds

Center City’s market for office space has made a dramatic turnaround over the past three years as the Comcast Center’s building is topped off and office vacancy rates have fallen. Some made negative predictions as plans were being made for the new, downtown skyscraper, but through organic growth Center City has experienced a boost in office space needs and the job market has stabilized. Several other factors played a part in this positive growth. Comcast has doubled its lease space in its new 57-story high rise, with Citizen’s Bank renting two of those floors. Children’s Hospital of Philadelphia and University of Pennsylvania Health System both leased hundreds of thousands of square feet of office space in Center City for administrative functions. Finally, the top of Two Liberty Place was converted into luxury condos, removing top-class office space from the market.