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CBRE
FIGURES|PHILADELPHIAOFFICE|Q42025
As2025ends,themarkethasstarted
shiftingintorecovery.
VacancyRateSFNetAbsorptionSFConstructionFSG/LeaseRate
▽21.9%▲228.4Kr0.5M▲$30.08
Note:Arrowsindicatechangefrompreviousquarter.
-Annualnetoccupancygrewforthefirsttimesincethestartofthepandemic,asignthatthemarketismovingintotherecoveryphaseofthecycle.
-Trophyassetscontinuedtoclaimanoutsizedportionofdemandastenantscontinuedtoseekoutthisspacetoattractandretaintalent,whilealsoluringemployeesbackto
theoffice.
-Subleaseavailabilitylevelscontinuedtoabate,pointingtowardfutureoverallvacancyshrinkinginthenearterm.
Philadelphia’sofficemarketwastiltingintorecoveryat2025’sendasleasingactivitytickedupwhilesubleaseavailabilitiescontinuedtoshrink.Leasingactivitytickedupforthesecondconsecutive
yearasnearly6millionsquarefeet(sq.ft.)ofneworexpansionleasesgreaterthan7,500sq.ft.
weresignedduring2025.Return-to-officeprotocolsandanincreasingnumberofcompanies
becomingcomfortablewithmakingrealestatedecisionsprovidedmomentumforthisgrowth.Fromthesupplyside,vacancyshrankforthefourthconsecutivequarteracrossthegreatermarket,withexpectationsforfurtherdecreasesassubleaseofferingscontinuedtodwindle.Muchasagrowing
FIGURE1:NetAbsorptionvs.VacancyRate
ThousandsSF
4000
3000
2000
1000
0
-1000
-2000
-3000
-4000
-5000
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
ChangeinOccupancy(L-Axis)——Vacancy(R-Axis)
Source:CBREResearch,Q42025
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
1CBRERESEARCH?2025CBRE,INC.
FIGURES|PHILADELPHIAOFFICE|Q42025
2CBRERESEARCH?2025CBRE,INC.
subleasemarketforetellsfutureoverallvacancygrowth,acontractingsubleasemarketportends
fallingvacancyaswell.
Demand
Thecontinueduptickinleasingactivityculminatedin240,000sq.ft.ofpositiveannualnet
absorptionin2025,thefirstyearofoccupancygrowthsincethestartofthepandemic.But
demandgrowthwasnotuniformacrossthemarket.Trophyclassassetsclaimedmostofthe
occupancygainsasflight-to-qualitytrendswerewellintact.Thissegmentposted187,000sq.ft.ofpositivenetabsorption.Thisisespeciallytrueinthesuburbs,wheretrophyvacancytickeddown170basispoints,pushingdemandintosub-trophy,ClassAassets,creatingaspill-overeffect.
Someofthelargestnewleasessignedinthesuburbsduringthequarterwereintheseassettypes,suchasNationalPhilanthropicTrust’s41,000-sq.-ft.leaseatThreeTowerBridgein
ConshohockenorCitcoFundServices’29,000-sq.-ft.leaseinChesterbrookCorporateCenter.
Downtown,leasingactivitywasrestrained,tallyingslightlylessthantheyearprior.Similartothesuburbs,flight-to-qualitytrendswerewellinplacewithtenantdemandfocusedonthehighest-qualityassetsinthemarket.Butdemandhasyettotrendtowardsub-prime,ClassAassets,as
muchofthisinventorywasnotabletoperformfromaleasingperspective.Manyofthese
landlordswereunabletofundtenantimprovementdollarsandwerebeholdentoproformarents,puttingthemonthesidelines.However,someoftheseassetstradedduringtheyear,openingupmoreopportunitiesfortenants.As2026progresses,manyofthesesidelinedassetsareexpectedtotrade,resettingcostbasesforlandlordswithcapitaltododeals.
Fromasupplyperspective,theoverallvacancyratetickeddownforthefourthconsecutivequarterasthemarketmovedtowardrecovery.Recoverywillbeunevenasaresultofsomenon-
performinglandlordsdowntown.Inthesuburbs,peakvacancywasmostlikelyrealizedduringthefirsthalfof2025.Downtown,peakvacancyisexpectedatsomepointduring2026asmore
sidelinedvacancybecomesopportunitiesfortenantsinthemarket.
Andbeyondaconstructionpipelinethatwasempty,lessabuilt-to-suitprojectforCHUBB
expectedtodeliverduring2026,afurthersignofimpendingrecoverywastheshrinkingsubleasemarketthatcontractedby110basispointssinceitspeakattheendof2023.Whileaportionofthissupplynecessarilyexpiredandbecamedirectavailability,thepaceofsubleaseadditions
FIGURE2:VacancyRatebySubmarket
40%
35%
25%
30%
MarketAverage21.9%
20%
15%
10%
5%
GloucesterCounty
HarrisburgWest
MainLine
BurlingtonCounty
CamdenCounty
HarrisburgEast
WestNewCastleCounty
UpperMainLine
LehighValleyWest
Jenkintown
NorthNewCastleCounty
UniversityCity
CentralBucksCounty
MarketEast
SouthNewCastleCounty
BalaCynwyd
LowerBucksCounty
Conshohocken
MarketWest
LehighValleyEast
Exton/WestChester
BlueBell
WilmingtonCBD
KingofPrussia/ValleyForge
FortWashington
Horsham/WillowGrove
DelawareCounty
NorthPenn
IndependenceHall
PlymouthMeeting
mmVacancyRateMarketAverage
0%
Source:CBREResearch,Q42025
FIGURES|PHILADELPHIAOFFICE|Q42025
3CBRERESEARCH?2025CBRE,INC.
deceleratedsignificantlyduringthepasttwoyears,postingwelllessthanhalfoftheaverageamountofspaceaddedduringthefouryearsprior.
CapitalMarkets
Followinganemicactivityduring2024,capitalmarketsactivitytickedupin2025butstillfell
wellbelowthe10-yearhistoricaverage.Theuptickinactivityduringthepastyeararosefromacombinationofareturnofinterestinstabilized,ClassAassetswithlong-termWALT,alongwithvalue-addopportunitiesthatcametomarketasaresultofdefaulteddebtmaturities.AndwhileconversionhasbeenaprimaryfocusforinvestorsconsideringdowntownPhiladelphiaoffice
assetsduringthepastfewyears,recentsalessuchas2000MarketStreetdemonstrated
interestincompetingintheofficemarketatamorefavorablecostbasis.Asmorelendersaremovingbeyondkickingthecanandshiftingtowardrecapturingcapitaltoreinvest,these
opportunitieswilltickupin2026,portendinganotheruptickincapitalmarketsactivityfortheyear.
EconomicOverview
TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,particularlyAI’ssizablecontributiontogrowthinrecentquarters.Someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,andstrengtheningcreditmarketsare
helpingtousherrealestateintoanewcycle.
Thepicturebecomesmoremelancholywhenexamininghouseholds.Consumerconfidenceremainsweak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.
ThismosaicofdatasuggeststhattheannualaverageGDPgrowthwillbesteadyin2026,at2%,butslightlysofterthanin2025.Akeycatalystisasofterlabormarket,ascompaniesare‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofterinflationandlong-termbondyieldstrendingjustbelow4%byH22026.
Figure3:TopLeaseTransactions
TenantBuildingSize(SF)TransactionType
CIGNA
50S16thSt
166,966
Renewal/Contraction
Confidential
2750MonroeBlvd
105,861
Renewal
Corteva
1000NWestSt
45,852
NewLease
PFM
1735MarketSt
44,936
Renewal
National
PhilanthropicTrust
2AshSt
41,135
NewLease
Marsh&McLennan
161WashingtonSt
35,383
Renewal
CommunityLegalServices
123-151SBroadSt
32,573
NewLease
CitcoFundServices
735ChesterbrookBlvd
28,889
NewLease
KPMG
1735MarketSt
24,673
Expansion
DatavaultAI
2005MarketSt
23,037
NewLease
Source:CBREResearch,Q42025
FIGURES|PHILADELPHIAOFFICE|Q42025
4CBRERESEARCH?2025CBRE,INC.
District
Inventory
(SF)
Direct
Total
YTDO-Net
Avg.Asking
Avg.ClassA
Vacancy
VacancyRate
Absorption
Rent
AskingRate
Rate(%)
(%)
(SF)
($/SF/Yr.)
($/SF/Yr.)
DOWNTOWNPHILADELPHIA
MarketWest28,363,906
18.1
22.9
-37,802
$35.13
$39.08
MarketEast
7,102,663
18.2
20.4
-98,709
$31.42
$30.88
IndependenceHall
4,102,142
26.3
30.7
17,154
$34.82
$38.39
UniversityCity
3,010,521
15.5
19.4
-148,263
$47.98
$53.19
Downtown
PhiladelphiaTotals
42,579,232
18.7
23.0
-267,620
$35.02
$39.64
District
Inventory
(SF)
Direct
Vacancy
Rate(%)
Total
VacancyRate
(%)
YTDO-Net
Absorption
(SF)
Avg.Asking
Rent
($/SF/Yr.)
Avg.ClassA
AskingRate
($/SF/Yr.)
NORTHERNDE
NorthNewCastleCo
2,818,628
16.7
18.9
41,694
$28.82
$29.39
SouthNewCastleCo
4,133,707
15.5
21.2
-60,124
$23.56
$24.50
WestNewCastleCou
1,595,711
13.3
14.0
6,424
$37.10
$37.89
WilmingtonCBD
5,427,311
26.4
27.4
-18,284
$27.01
$27.75
NorthernDETotals
13,975,357
19.7
22.3
-30,290
$27.46
$28.48
FIGURE4:MarketFundamentalsbySubmarket
District
Inventory
(SF)
Direct
Total
YTDO-Net
Avg.Asking
Avg.ClassA
Vacancy
VacancyRate
Absorption
Rent
AskingRate
Rate(%)
(%)
(SF)
($/SF/Yr.)
($/SF/Yr.)
SUBURBANPHILADELPHIA
BalaCynwyd2,690,714
16.1
21.6
-55,275
$37.82
$38.37
BlueBell
4,469,595
22.8
26.9
114,248
$27.04
$29.32
CentralBucksCounty
1,930,438
18.0
20.0
-8,609
$22.96
$29.30
Conshohocken
3,968,656
17.9
22.8
-97,700
$40.43
$42.37
DelawareCounty
6,257,566
20.4
29.6
-50,969
$31.74
$34.13
Exton/WestChester
3,927,941
25.0
26.0
-96,570
$26.85
$28.03
FortWashington
2,920,057
17.7
28.2
-32,903
$29.21
$31.14
Horsham/WillowGrove
5,819,847
27.2
29.0
-32,834
$27.28
$28.41
Jenkintown
1,422,210
17.0
17.7
3,129
$22.77
$27.38
Kingof
Prussia/ValleyForge
16,422,137
25.2
27.7
-225,554
$32.25
$34.80
LowerBucksCounty
5,251,145
17.7
21.8
77,322
$25.98
$27.19
MainLine
2,927,000
9.5
12.7
68,383
$43.75
$45.40
NorthPenn
987,043
19.5
30.4
13,982
$25.50
$25.88
PlymouthMeeting
1,822,025
29.7
37.7
32,332
$31.92
$35.50
UpperMainLine
970,287
8.7
14.5
-22,251
$26.80
$34.00
Suburban
PhiladelphiaTotals
61,786,661
21.5
25.7
-313,269
$30.48
$33.06
Source:CBREResearch,Q42025
FIGURES|PHILADELPHIAOFFICE|Q42025
5CBRERESEARCH?2025CBRE,INC.
District
Inventory
(SF)
Direct
Vacancy
Rate(%)
Total
VacancyRate
(%)
YTDO-Net
Absorption
(SF)
Avg.Asking
Rent
($/SF/Yr.)
BYCLASS
ClassA
79,348,352
18.3
22.8
717,159
$33.06
ClassB
58,292,338
20.0
22.9
-568,480
$27.37
ClassC
19,570,702
14.9
15.5
88,516
$24.52
PhiladelphiaMarketTotal
157,211,392
18.5
21.9
237,195
$30.08
District
Inventory
(SF)
Direct
Vacancy
Rate(%)
Total
VacancyRate
(%)
YTDO-Net
Absorption
(SF)
Avg.Asking
Rent
($/SF/Yr.)
Avg.ClassA
AskingRate
($/SF/Yr.)
SOUTHERNNJ
BurlingtonCounty
9,891,614
11.5
12.7
359,594
$24.17
$25.12
CamdenCounty
7,680,320
13.3
13.9
138,087
$23.60
$26.63
GloucesterCounty
467,492
5.2
5.2
4,627
$23.03
-
SouthernNJTotals
18,039,426
12.1
13.0
502,308
$23.90
$25.56
District
Inventory
(SF)
Direct
Vacancy
Rate(%)
Total
VacancyRate
(%)
YTDO-Net
Absorption
(SF)
Avg.Asking
Rent
($/SF/Yr.)
Avg.ClassA
AskingRate
($/SF/Yr.)
LEHIGHVALLEY
LehighValleyEast
3,791,881
16.0
23.6
106,277
$23.44
$24.61
LehighValleyWest
6,013,198
15.6
16.2
98,595
$24.21
$25.01
LehighValleyTotals
9,805,079
15.7
19.0
204,872
$23.91
$24.85
District
Inventory
(SF)
Direct
Vacancy
Rate(%)
Total
VacancyRate
(%)
YTDO-Net
Absorption
(SF)
Avg.Asking
Rent
($/SF/Yr.)
Avg.ClassA
AskingRate
($/SF/Yr.)
HARRISBURG
HarrisburgEast
7,261,553
13.7
14.0
64,284
$19.19
$20.69
HarrisburgWest
3,764,084
9.9
10.3
76,910
$21.13
$22.99
HarrisburgTota
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