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Market Report

Philadelphia Office Market Report

2Q 2021

Offices in Small Suburban Settings, Medical Hubs Prove Durable as Some Firms Explore CBD Options

Health services sector underpins office demand in University City. While the health crisis continues to challenge Philadelphia offices, some submarkets are demonstrating resilience. Chief among those is University City, where a roster of medical office tenants has kept local vacancy under 9 percent. Proximity to well-regarded colleges and hospitals is an advantage that is difficult to replicate elsewhere in the metro. New firms continue to enter the area as well, such as the new B.Labs research incubator space that will open later this year. Other submarkets with sub-10 percent vacancy through the first quarter include small suburban areas with limited construction, including Upper Bucks County and West Chester.

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