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Office Space for Rent in Philadelphia, PA - 308 Listings

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Philadelphia, PA - Office Market Overview

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The Philadelphia Metropolitan Area includes the Eastwick, Logan Square, and Navy Yard office space submarkets. With a metropolitan population of over 2.1 million, Philadelphia is known as 'The City of Brotherly Love' and is one of the main historic and cultural centers of American history. Bioscience, financial services, and tourism are three of the primary drivers of the economy in the city and create demand for white-collar office space in the metro area.

As of mid-2017 the Greater Philadelphia office market encompasses over 60 million square feet of existing office space in properties larger than 50,000 square feet. Demand for Philadelphia commercial real estate is also created by the world-class research and educational institutions in the city.

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 a city that is an important link within the global economic system by the Globalization and World Cities Study Group & Network.

With a gross metropolitan product of $109 billion annually, there is consistently strong demand from tenants, national and international investors for the white-collar office product in Philadelphia. Nearly 61% of the office inventory in Philadelphia is Class A or A+, with Class B office product accounting for 35% of space on the market.

The Old City office market is home to some of the most historic, Class A office buildings in the metropolitan area. Located along the Delaware River, between Walnut and Spring Garden Streets, the area is home to trophy office property such as Constitution Place, The Bourse, and Riverview Place at 520 North Delaware Avenue.

Philadelphia, PA Commercial Inventory Breakdown

Office Spaces

Total: 75,714,106 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 5,718,977 SF / 7.55% of total office
  • 100k to 500k SF: 22,763,673 SF / 30.07% of total office
  • 500k to 1M SF: 34,008,688 SF / 44.92% of total office
  • > 1M SF: 13,222,768 SF / 17.46% of total office

By class:

  • Class A+: 15,418,232 SF / 20.36% of total office
  • Class A: 29,535,912 SF / 39.01% of total office
  • Class B: 21,681,521 SF / 28.64% of total office
  • Class C: 1,596,353 SF / 2.11% 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
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
Roberts Center for Pediatric Research 700 Schuylkill Avenue, 19146 483,000 2017
East Market 1100 Ludlow Street, 19107 185,000 2017
Pennovation Works - Pennovation Center 3401 Grays Ferry Avenue, 19146 58,000 2017

Philadelphia, PA - Green Office Space

Employment

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.

3.0 University Place is an excellent example of a green office building in Philadelphia. Proposed for a LEED Platinum certification, this six-story building on 4101 Market Street in the West Powelton neighborhood has nearly 201,000 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% of the large office buildings in the city are recognized as being green buildings. In mid-2017, the percentage of green office buildings in the top 30 U.S. markets has reached 38%, while 12 years ago less than 5% of the office space in the country was energy-efficient to current standards.

Philadelphia, PA's Top Office-Using Sectors

The demand for Class A white-collar office space and commercial real estate in Philadelphia is driven by a vibrant mix of both public and private business sectors, including major research universities, financial services, professional services, and Fortune 1000 companies.

  • Education & Research – Major research universities such as Drexel University, Temple University, the University of Pennsylvania, and the venture capital industry they attract, all create demand for Class A office space in Philadelphia.
  • Financial Services – Philadelphia is home to the Philadelphia Stock Exchange, insurance company Colonial Penn, the Federal Reserve Bank, and numerous other financial services companies that are among the top office-using sectors in the city.
  • 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 need for white-collar office space.
  • Fortune 1000 – The numerous businesses headquartered in Philadelphia are also top users of office space in the city, including 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

News

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CRE Events to Attend in the Second Half of 2019

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