{"id":1004698751,"date":"2024-01-23T08:49:51","date_gmt":"2024-01-23T16:49:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004698751"},"modified":"2024-07-25T03:53:36","modified_gmt":"2024-07-25T11:53:36","slug":"philadelphias-office-market-had-a-mixed-2023","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/philadelphias-office-market-had-a-mixed-2023\/","title":{"rendered":"Philadelphia’s Office Market Had a Mixed 2023"},"content":{"rendered":"
\n
\"3151\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
3151 Market St. is part of the $3.5 billion mixed-use Schuylkill Yards project in University City.
Rendering courtesy of Brandywine Realty Trust<\/em> <\/figcaption><\/figure><\/div>\n\n\n

The Philadelphia office market had a mixed performance throughout 2023. The development pipeline grew, with construction starts significantly increasing compared to the previous year, this activity being mainly bolstered by life science projects. Investment volume however dropped massively, reaching about a third of that recorded in 2022.<\/p>\n\n\n\n

Office debt in the metro also continued increasing as maturities expected in the near future outpace national figures. Flexible space in the metro has continued to maintain its hold, representing however a smaller share than most other comparably sized markets.<\/p>\n\n\n\n

Life science projects bolster development<\/h2>\n\n\n\n

As of December, the Philadelphia office market had nearly 3.8 million square feet under construction across 14 properties, accounting for 1.7 percent of stock. The pipeline was on par with the national construction rate and surpassed comparably sized markets such as Phoenix (0.6 percent), Houston (1.1 percent) and Baltimore (1.5 percent), but lagged other secondary markets including Charlotte (3.1 percent) and Nashville (4.4 percent).<\/p>\n\n\n

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\"Quartermaster\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
The Quartermaster will include 1 million square feet of wet and dry lab space.
Image by FIFTEEN Design + Architecture, courtesy of Scheer Partners Inc.<\/em><\/figcaption><\/figure><\/div>\n\n\n

The most sizeable project currently under construction is the Quartermaster Science + Technology Park. Developer SkyREM <\/strong>is leading the $250 million venture<\/a> which involves converting the historic Quartermaster site into a mixed-use property slated to include 1 million square feet of wet and dry lab space for R&D and bio-manufacturing purposes.<\/p>\n\n\n\n

Another large development underway is 3151 Market, a 435,000-square-foot life science project, developed by a joint venture of Brandywine Realty Trust <\/strong>and Drexel University<\/strong>. The partners recently topped out the 14-story building<\/a> in October and expect completion in 2024. It will be part of the $3.5 billion, 14-acre Schuylkill Yards mixed-use master plan in Philadelphia\u2019s University City district.<\/p>\n\n\n

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\"3201\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
JLL arranged the financing for 3201 Cuthbert St.
Image courtesy of JLL Capital Markets<\/em><\/figcaption><\/figure><\/div>\n\n\n

Throughout 2023, seven properties broke ground in Philadelphia\u2019s office market for a total of 2.3 million square feet, accounting for 1 percent of existing stock, double the national rate of development. This activity was mostly bolstered by the life sciences sector, as of the total, nearly 2.1 million square feet belonged to this asset type. Compared to the previous year, development activity increased, as in 2022 only 1.4 million square feet broke ground.<\/p>\n\n\n\n

One of the most significant projects to commence construction this year is Gattuso Development Partners <\/strong>and Vigilan Holdings of New York<\/strong>\u2019s life sciences development at 3201 Cuthbert St. The 519,647-square-foot property is slated for completion in early 2025 and is valued at more than $400 million. The partners secured a $290 million loan<\/a> for the venture in late 2022.<\/p>\n\n\n

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\"One\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
One uCity Square comprises 400,000 square feet of lab and office space.
Image courtesy of Turner Construction Co.<\/em><\/figcaption><\/figure><\/div>\n\n\n

Nearly 1.6 million square feet of office space entered the Philadelphia market in 2023 across 7 properties, accounting for 0.7 percent of existing stock, on par with the national rate of deliveries of 0.8 percent. In terms of volume, the metro considerably surpassed secondary markets such as Baltimore (648,625 square feet), San Diego (559,964 square feet) and Phoenix (528,890 square feet) but lagged others including Austin (2.8 million square feet) or the Bay Area (4.1 million square feet).<\/p>\n\n\n\n

The largest property to come online in 2023 was One uCity Square, a 400,000-square-foot lab and office building. The $300 million project<\/a> was developed by Ventas<\/strong> in partnership with Wexford Science + Technology<\/strong> and the University City Science Center<\/strong>. It is part of the 4 million-square-foot uCity Square mixed-use project salted to comprise two residential buildings, five office and lab buildings, a public school and an academic building for Drexel University.<\/p>\n\n\n\n

Investment volume drops by two thirds<\/h2>\n\n\n\n

Throughout 2023, some 5.5 million square feet traded across 45 properties in the Philadelphia office market for a total investment volume of $523.3 million. These figures represent a tremendous drop from the previous year when 9.1 million square feet changed hands for nearly triple the investment at $1.6 billion.<\/p>\n\n\n

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\"400\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
The Dow Chemical Northeast Technology Center spans 1.9 million square feet across 340 acres.
Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n

The price per square foot in the metro clocked in at $127.5 as of the end of the year, a roughly 25 percent decrease from 2022. Prices in Philadelphia surpassed secondary markets such as nearby Baltimore ($100.4), but considerably lagged others such as Austin ($304.1) and the Bay Area ($341.4).<\/p>\n\n\n\n

The largest sale recorded in 2023 was David Werner Real Estate Investments<\/strong>\u2019 $71.5 million acquisition of the 885,233-square-foot Dow Chemical Northeast Technology Center. Pfizer <\/strong>sold the asset and continues to occupy space at the location through its subsidiary Wyeth<\/strong>. It is part of a campus including 14 interconnected office, life science and mixed-use buildings. DWREI, in partnership with GreenBarn Investment Group<\/strong>, acquired the entire park in August for $180 million, involving a $95 million CMBS loan. Recently, materials science company Dow <\/strong>signed a lease for 800,000 square feet <\/a>at the asset.<\/p>\n\n\n

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\"One\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
One Tower Bridge was designed in 1989.
Image courtesy of The Buccini\/Pollin Group Inc.<\/em> <\/figcaption><\/figure><\/div>\n\n\n

Another sizable transaction was the $67.8 million sale of One Tower Bridge<\/a>, a 270,000-square-foot office building in suburban Philadelphia. The Buccini\/Pollin Group<\/strong> acquired the asset, which was 92 percent occupied at the time of the transaction. The acquisition also involved a $59 million loan from Citibank<\/strong>, according to CommercialEdge data.  <\/p>\n\n\n\n

<\/p>\n\n\n\n

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Office debt increases in Philadelphia<\/h2>\n\n\n\n

A large leasing deal in the past year is architecture firm EwingCole\u2019s 55,000-square-foot renewal<\/a><\/strong> at 10 North Independence Mall West. Owned by The Federal Reserve Bank of Philadelphia<\/strong>, the Class A office building spans 775,000 square feet across eight stories. Newmark <\/strong>represented the tenant in the transaction.<\/p>\n\n\n

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\"Chubb\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
The Chubb headquarters will span 438,000 square feet.
Rendering courtesy of JLL<\/em> <\/figcaption><\/figure><\/div>\n\n\n

The total debt in the Philadelphia office market amounted to nearly $23.2 billion as of October 2023, according to a recent CommercialEdge market bulletin<\/a>. By the end of 2024, 20.5 percent of it will be maturing, above the national rate of 16.1 percent, and through 2026 the figure rises to 36.4 percent, the same source shows.<\/p>\n\n\n\n

One of the largest notes originated during 2023 was the $409 million in credit tenant lease financing<\/a> for Parkway Corp<\/strong>.\u2019s development of Chubb<\/strong>\u2019s new headquarters. UMB Bank <\/strong>provided the fixed-rate long term note as trustee of the JLL Securities <\/strong>Credit Lease-Backed Pass-Through Trust. The project will break ground in early 2024 and is expecting completion by 2026.<\/p>\n\n\n\n

Coworking remains an option<\/h2>\n\n\n\n

As of the end of 2023, there was more than 2.5 million square feet of flexible space in Philadelphia\u2019s office market accounting for 1.3 percent of total stock. The share of coworking space was smaller than the national average of 1.7 percent and lagged comparably sized markets such as Houston (1.7 percent) or Atlanta (2.1 percent). It was on par with Charlotte\u2019s 1.3 percent and above Baltimore\u2019s 0.8 percent.<\/p>\n\n\n\n

The largest flexible space operator in Philadelphia was Regus<\/strong> with a total of 463,363 square feet across 25 properties. Other key players in the market include Industrious<\/strong> with 122,774 square feet in three locations, as well as WeWork <\/strong>with two coworking properties totaling 106,564 square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Find out how Philadelphia’s office markets stacked up against similar metros throughout 2023.<\/p>\n","protected":false},"author":3120,"featured_media":1004687364,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,22251,21783,52420,11,21742,21747,1494],"tags":[51047,50674],"class_list":["post-1004698751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-in-focus","category-investment","category-market-updates","category-midatlantic","category-latest","category-office","category-philadelphia","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nPhiladelphia's Office Market Had a Mixed 2023 - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Find out how Philadelphia's office markets stacked up against similar metros throughout 2023, according to the latest CommercialEdge data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/philadelphias-office-market-had-a-mixed-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philadelphia's Office Market Had a Mixed 2023\" \/>\n<meta property=\"og:description\" content=\"Find out how Philadelphia's office markets stacked up against similar metros throughout 2023, according to the latest CommercialEdge data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/philadelphias-office-market-had-a-mixed-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-23T16:49:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-25T11:53:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/3151-Market_Exterior-Rendering_1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"804\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/philadelphias-office-market-had-a-mixed-2023\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/philadelphias-office-market-had-a-mixed-2023\/\",\"name\":\"Philadelphia's Office Market Had a Mixed 2023 - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/philadelphias-office-market-had-a-mixed-2023\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/philadelphias-office-market-had-a-mixed-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/3151-Market_Exterior-Rendering_1.jpg\",\"datePublished\":\"2024-01-23T16:49:51+00:00\",\"dateModified\":\"2024-07-25T11:53:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2\"},\"description\":\"Find out how Philadelphia's office markets stacked up against similar metros throughout 2023, according to the latest CommercialEdge data.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/philadelphias-office-market-had-a-mixed-2023\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/philadelphias-office-market-had-a-mixed-2023\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/philadelphias-office-market-had-a-mixed-2023\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/3151-Market_Exterior-Rendering_1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/3151-Market_Exterior-Rendering_1.jpg\",\"width\":804,\"height\":600,\"caption\":\"3151 Market St. is part of the $3.5 billion mixed-use Schuylkill Yards project in University City. 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