Philadelphia, PA Office Overview
The Philadelphia Metropolitan Area includes the University City, Logan Square, and Kensington submarkets. With a metropolitan population of over 2.1 million, it’s known as 'The City of Brotherly Love' and one of the main historic and cultural centers of American history. Biosciences, financial services, and tourism are three of the primary drivers of the economy and create demand for white-collar office space.
As of mid-2017, the market encompasses over 60 million square feet of existing office space in properties larger than 50,000 square feet. Demand for commercial real estate is also created by the world-class research and educational institutions.
Philadelphia, PA Office Inventory Description
As the center for economic activity in Pennsylvania, Philadelphia is home to seven Fortune 1000 companies and has been ranked as an important link within the global economic system by the Globalization and World Cities Study Group & Network.
With an annual gross metropolitan product of $109 billion, there is consistently strong demand from tenants and national and international investors for the white-collar offices. Nearly 61% of the office inventory in Philadelphia is Class A or A+, with Class B office product accounting for 35% of space.
South Philadelphia is home to a diverse array of neighborhoods that span the cultural patchwork that typify the city. South of downtown and between the Delaware and Schuylkill Rivers, this area is home to historic as well as new Class A properties. The Navy Yard is currently under redevelopment and has added buildings such as 1200 Intrepid Avenue, Building 10, and Five Crescent Drive.
Philadelphia, PA Commercial Inventory Breakdown
Office Spaces
Total: 76,460,598 SF
By square footage range:
- 50k to 100k SF: 5,822,977 SF / 7.62% of total office
- 100k to 500k SF: 23,399,565 SF / 30.6% of total office
- 500k to 1M SF: 34,015,288 SF / 44.49% of total office
- > 1M SF: 13,222,768 SF / 17.29% of total office
By class:
- Class A+: 15,418,232 SF / 20.16% of total office
- Class A: 29,541,084 SF / 38.64% of total office
- Class B: 21,690,521 SF / 28.37% of total office
- Class C: 1,596,353 SF / 2.09% of total office
Top 10 Largest Office Buildings
in Philadelphia
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Comcast Technology Center | 1800 Arch Street, 19103 | 1,555,803 | 2018 |
| Wanamaker Building | 100 Penn Square East, 19107 | 1,401,000 | 1911 |
| 1735 Market Street | 1735 Market Street, 19103 | 1,286,936 | 1990 |
| Comcast Center | 1701 John F. Kennedy Blvd, 19103 | 1,258,379 | 2008 |
| Schuylkill Yards - 3101 Market East | 3101 Market Street, 19104 | 1,209,000 | n/a |
| The Philly QuarterMaster | 2800 South 20th Street, 19145 | 1,065,000 | 2000 |
| 700 Schuylkill Avenue - Phase II, III, IV | 700 Schuylkill Avenue, 19146 | 1,056,329 | n/a |
| Centre Square - West | 1500 Market Street, 19102 | 1,049,710 | 1974 |
| Three Logan Square | 1717 Arch Street, 19103 | 1,029,413 | 1990 |
| Two Commerce Square | 2001 Market Street, 19103 | 953,276 | 1992 |
Most Recently-Built Office Buildings
in Philadelphia
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| 2400 Market Street | 2400 Market Street, 19103 | 608,421 | 2019 |
| Center for Healthcare Technology | 3600 Civic Center Blvd, 19104 | 250,000 | 2019 |
| Esperanza Health Center - 861 East Allegheny Avenue | 861 East Allegheny Avenue, 19134 | 35,000 | 2019 |
| Comcast Technology Center | 1800 Arch Street, 19103 | 1,555,803 | 2018 |
| uCity Square - 3675 Market Street | 3675 Market Street, 19104 | 343,465 | 2018 |
| Axalta Global Innovation Center | 1050 Constitution Avenue, 19112 | 175,000 | 2018 |
| The Arsenal - Building 202 | 2275 Bridge Street, 19137 | 52,182 | 2018 |
| 448 North 10th Street | 448 North 10th Street, 19123 | 49,613 | 2018 |
| The Arsenal - Building 201 | 2275 Bridge Street, 19137 | 39,768 | 2018 |
| FMC Tower at Cira Centre South | 2929 Walnut Street, 19104 | 625,863 | 2017 |
Philadelphia, PA Green Office Space
The 2017 National Green Building Adoption Index surveyed the top 30 major markets in the U.S. for the adoption of energy-efficient green office building standards. Philadelphia just missed winning a top 10 ranking, coming in at #11 for percentage of green buildings.
Ten Penn Center is an excellent example of a green office building. LEED-Certified Gold, this 27-story building at 1801 Market Street in the Center City neighborhood has more than 670,000 square feet of space, including ground-floor retail.
Of the office buildings larger than 50,000 square feet in Philadelphia, over 2% are LEED-Certified, over 12% have an Energy Star rating, and over 13% are recognized as being green buildings. In mid-2017, the percentage of green office buildings in the top 30 U.S. markets reached 38%, while 12 years ago less than 5% were energy efficient.
Philadelphia, PA's Top Office-Using Sectors
The demand for Class A space and is driven by a vibrant mix of businesses in both the public and private sectors, including major research universities, financial and professional services, and Fortune 1000 companies.
- Education & Research – Major universities such as Drexel University, Temple University, the University of Pennsylvania drive innovation, attracting a vibrant venture capital industry.
- Financial Services –Philadelphia Stock Exchange, Colonial Penn, the Federal Reserve, and numerous other financial services companies are located here.
- Professional Services – The American Law Institute, the Third Circuit Court of Appeals, and ten of the 100 largest law firms in the U.S. including Morgan Lewis, and Duane Morris, all create tremendous demand for white-collar office space.
- Fortune 1000 – The numerous headquarters include CIGNA, Comcast, Aramark, Crown Holdings, FMC, and GlaxoSmithKline.
Philadelphia Demographics
Population
- Total Population1,569,657
- Male Population(47.3 %) 742,412
- Female Population(52.7 %) 827,245
- Median Age34.10
Income/Financial
- Average Household Income$60,517
- Median Household Income$40,649
- Median Income Under 25$20,445
- Median Income 25-44$47,790
- Median Income 45-64$43,470
- Median Income Over 65$29,206
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