Highlights
- The average rent for office space in Philadelphia is $37.27 per square foot, 2.57% lower compared to the previous year.
- The market’s vacancy rate stands at 15.79%, lower than the state average of Pennsylvania, which is 18.29%.
- Renting Class A/A+ office space here costs $42.38 per square foot, while Class B averages $29.66 and Class C stands at $23.53.
- 1,898,904 square feet is currently under construction.
2025 Office Space Rent & Sales
- $37.27 2025 Avg. Asking Rent
- -2.57% Y-o-Y Avg. Asking Rent Change
- 15.79% 2025 Office Vacancy Rate
- $245M2025 Total Office Sales
- $51.74Avg. Sale Price/SF
What is the average asking rent price for office space in Philadelphia?
Average asking rents for office space here stand at $37.27 per square foot. The local office market recorded an average vacancy rate of 15.79% in 2025, unchanged from 15.79% in 2024.
Office transactions in the local market in 2025 totaled a sales volume of $245M across 15 sales. These transactions commanded an average sale price per square foot of $51.74.
Philadelphia, PA Office Asking Rents by Class
What is the average office rent per square foot by property class in Philadelphia?
- Avg. Asking Rent Class A & A+$42.38
- Avg. Asking Rent Class B$29.66
- Avg. Asking Rent Class C$23.53
The average asking rent for Class A and A+ office space stood at $42.38 per square foot, indicating the best — and most expensive — that the market has to offer.
Class B space in Philadelphia averaged $29.66 per square foot, while the average for Class C space was $23.53 per square foot.
What is the average office rent per square foot by property class in PA?
- Avg. Asking Rent Class A & A+$35.64
- Avg. Asking Rent Class B$25.85
- Avg. Asking Rent Class C$19.18
For comparison, the average rent for Class A and A+ office space in Pennsylvania was $35.64 per square foot. The state-wide average for Class B space was $25.85 per square foot, and Class C office spaces averaged $19.18 per square foot.
Philadelphia, PA Office Indicators by Submarket
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Philadelphia - University District | $45.44 | 17.68% |
| Philadelphia - Center City | $38.60 | 16.29% |
| City Avenue Corridor | $32.00 | 17.22% |
| Philadelphia - Northwest | $26.19 | 17.49% |
| Philadelphia - West | $24.00 | 6.42% |
| Philadelphia - North Central | $16.08 | 15.10% |
2025 Office Sales Volume
- $51.742025 Avg. Price per SF
- -37.87%Y-o-Y Avg. PpSF Change
- $245M2025 Office Sales Volume
- 152025 Number of Transactions
What is the average sale price per square foot for office space in Philadelphia?
Average sale prices for office space in this market recorded a -37.87% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $51.74 per square foot. For comparison, the statewide Pennsylvania average during the same time period stood at $95.58 per square foot, while the national average was $182.48 per square foot.
Philadelphia, PA Sale Price per SF Trend
- Philadelphia Avg. Sale Price per SF in 2025$51.74
- Pennsylvania Avg. Sale Price per SF in 2025$95.58
What was the total office sales volume in Philadelphia in 2025?
The local office market recorded 15 deals in 2025, adding up to a yearly sales volume of $245M.
- Philadelphia, PA Total Office Sales Volume in 2025 $245M
- Philadelphia, PA Total Number of Office Sales Closed in 2025 15
What were the largest office building sales in Philadelphia in 2025?
The market’s largest transaction last year was the sale of 2000 Market Street for $45,500,000 on 8/20/2025. The next-highest sale was the transaction involving Wanamaker Building, which traded for $30,000,000. The third-largest transaction was the sale of Ten Penn Center for $30,000,000.
| Property name | Address | Date | Price |
|---|---|---|---|
| 2000 Market Street | 2000 Market Street | 8/20/2025 | $45,500,000 |
| Wanamaker Building | 100 Penn Square East | 8/13/2025 | $30,000,000 |
| Ten Penn Center | 1801 Market Street | 10/24/2025 | $30,000,000 |
| 211 South Broad Street | 211 South Broad Street | 2/13/2025 | $18,000,000 |
| 311 South Juniper Street | 311 South Juniper Street | 4/3/2025 | $11,600,000 |
2025 Office Construction in Philadelphia, PA
- Philadelphia, PA Total SF completed in 2025 376,443
- Philadelphia, PA Total SF under construction in 2026 1,898,904
How much office space was built in Philadelphia in 2025?
Looking forward, development activity in 2026 is estimated to add 1,898,904 square feet of office space to the market in total.
What are the largest recent office completions in Philadelphia?
The largest recent office completion here is FMC Tower at Cira Centre South at 625,863 square feet, completed in 2017. The next largest completions are LVL North and 3201 Cuthbert Street.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 400 Market Street | 400 Market Street, 19106 | 201,828 | 2026 |
| 3201 Cuthbert Street | 3201 Cuthbert Street, 19106 | 520,780 | 2025 |
| Schuylkill Yards - 3151 Market Street | 3151 Market Street, 19104 | 435,000 | 2024 |
| Schuylkill Yards - 3025 JFK Blvd | 3025 John F. Kennedy Blvd, 19104 | 209,000 | 2023 |
| 4801 West Jefferson Street | 4801 West Jefferson Street, 19131 | 70,000 | 2023 |
| LVL North | 510 North Broad Street, 19130 | 535,000 | 2022 |
| 1225 N 7th St | 1225 N 7th St, 19122 | 25,057 | 2019 |
| FMC Tower at Cira Centre South | 2929 Walnut Street, 19104 | 625,863 | 2017 |
| The Navy Yard - Five Crescent Drive | 5 Crescent Drive, 19112 | 216,338 | 2013 |
| 2.0 University Place | 30 North 41st Street, 19104 | 97,479 | 2013 |
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Disclaimer
All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor Yardi Research Data can guarantee that the information provided is complete.