2022 Office Space Rent & Sales
- $36.37 2022 Avg. Asking Rent
- 9.04% 2022 Office Vacancy Rate
- $538.3M2022 Total Office Sales
- $311.43Avg. Sale Price/SF
Philadelphia office price per square foot in 2022 was $36.37 on average. The local office market recorded an average vacancy rate of 9.04% across all asset classes combined. The 11 transactions that closed here throughout 2022 amounted to a total sale volume of $538.3M. Philadelphia office space commanded an average sale price per square foot of $311.43.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Philadelphia Class A & A+ Office Space$37.91
- Philadelphia Class B Office Space$27.84
- Philadelphia Class C Office Space$27.93
- Pennsylvania Class A & A+ Office Space$32.08
- Pennsylvania Class B Office Space$25.35
- Pennsylvania Class C Office Space$19.66
Philadelphia, PA Office Asking Rents by Class
Average office rent in Philadelphia rested at $36.37 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Philadelphia averaged $37.91 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.84 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $27.93 per square foot, on average. Comparably, statewide Pennsylvania average office rents by class in 2022 were: $32.08 per square foot for class A office space; $25.35 per square foot for class B office space; $19.66 per square foot for class C office space.
2022 Office Vacancy Rates in Philadelphia
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Philadelphia - University District | $40.71 | 1.50% |
Philadelphia - Center City | $36.56 | 11.01% |
City Avenue Corridor | $33.62 | 27.13% |
Philadelphia - West | $29.11 | 1.72% |
Philadelphia - North Central | $23.02 | 0.00% |
Philadelphia - Northwest | $18.56 | 12.97% |
Philadelphia Office Sale Price per SF
- $311.432022 Avg. Price per SF
- 22.09%Y-o-Y Avg. PpSF Change
- $538.3M2022 Office Sales Volume
- 112022 Number of Transactions
Philadelphia, PA Sale Price per SF Trend
- Philadelphia Avg. Sale Price per SF in 2022$311.43
- Pennsylvania Avg. Sale Price per SF in 2022$166.72
2022 Office Sales Volume
- Philadelphia, PA Total Office Sales Volume in 2022 $538.3M
- Philadelphia, PA Total Number of Office Sales Closed in 2022 11
Largest Philadelphia Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
Cira Square | 2970 Market Street | 4/1/2022 | $383,000,000 |
uCity Square - 3440 Market Street | 3440 Market Street | 4/13/2022 | $46,100,000 |
1309 Noble | 1309 Noble Street | 1/31/2022 | $31,500,000 |
Monroe Office Center | 1 Winding Drive | 10/13/2022 | $15,000,000 |
United Way Building | 1709 Benjamin Franklin Pkwy | 3/23/2022 | $14,050,000 |
Coworking Spaces in Pennsylvania
- New York City Coworking Space
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2022 Office Construction in Philadelphia, PA
- Philadelphia, PA Total SF completed in 2022 527,727
- Philadelphia, PA Total SF under construction in 2023 1,458,227
During 2022, 527,727 square feet of new office space were delivered across the market. At the close of 2022, the Philadelphia office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 527,727 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 1,458,227 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
University Place 3.0 | 4101 Market Street, 19104 | 250,000 | 2023 |
Schuylkill Yards - 3025 JFK Blvd | 3025 John F. Kennedy Blvd, 19104 | 209,000 | 2023 |
LVL North | 510 North Broad Street, 19130 | 535,000 | 2022 |
FMC Tower at Cira Centre South | 2929 Walnut Street, 19104 | 625,863 | 2017 |
East Market | 1100 Ludlow Street, 19107 | 185,000 | 2017 |
6232 Market Street | 6232 Market Street, 19139 | 37,500 | 2017 |
The Steele Building | 15 South 11th Street, 19147 | 31,700 | 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 |
1025 Hamilton St | 1025 Hamilton St, 19123 | 9,359 | 2010 |
Worth noting among recent office completions on the Philadelphia market is University Place 3.0, which is currently the largest new office development in the city, at 250,000 square feet.
See reports for other markets
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- Malvern Office Rent Price
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Philadelphia commercial properties sized 25,000 square feet or larger.
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 CommercialEdge can guarantee that the information provided is complete.