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CBRE
FIGURES
 | 
PHILADELPHIA OFFICE | Q4 2022
Signs of recovery in portions of the market
Philadelphia Office
Figures
CBRE RESEARCH
 | 
Q4 2022
20.4%
Vacancy Rate
-565.9K
SF Net Absorption
1.4M
SF Construction
$28.82
FSG / Lease Rate
Arrows indicate change from previous quarter.

Philadelphia's office market showed signs of tipping into recovery at the end of 2022 but varied by region. The market continued to shed occupancy albeit at a slower pace, but sublease availabilities tempered any expectations of a swift turn-around. Leasing activity through the year mirrored 2020 and 2021 levels as overall lease sizes settled to around two-thirds as big as pre-pandemic averages. Finally, despite soft market fundamentals, the construction pipeline contained several projects, mostly pre-leased, with another large development in Market West slated to begin construction in the new year. 

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For more information, please contact:
Joe
Gibson
Associate Director of Research
+1 610 727 5922
joseph.gibson@cbre.com
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© Copyright 2025. All rights reserved. This report has been prepared in good faith, based on CBRE's current anecdotal and evidence based views of the commercial real estate market. Although CBRE believes its views reflect market conditions on the date of this presentation, they are subject to significant uncertainties and contingencies, many of which are beyond CBRE's control. In addition, many of CBRE's views are opinion and/or projections based on CBRE's subjective analyses of current market circumstances. Other firms may have different opinions, projections and analyses, and actual market conditions in the future may cause CBRE's current views to later be incorrect. CBRE has no obligation to update its views herein if its opinions, projections, analyses or market circumstances later change.

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