Jones Lang LaSalle has updated its useful and ornamental at-a-glance semi-annual portrait of Center City offices, both occupied and vacant. See and download it here.
The news is not so lovely as the portrait. "The Philadelphia central business district's year-to-date leasing activity dropped off almost 60% compared to last year," JLL warns in the report. "Our records show the CBD's year-to-date leasing activity at 476,306 square feet," down from almost 1.2 million square feet this time last year, says JLL research analyst Daniela Stundel. The firm's local office measures vacancy at 13%, up four percentage points since late 2007.
Supply side: WolfBlock's disappearance from 1650 Arch and new owner Dow Chemical's attempt to lease Rohm and Haas HQ on Independence Mall leave seven vacant blocs of 100,000 sq ft + available downtown.
Demand side: Among those searching for 75,000 sq ft or more: publisher Wolters Kluwer, accountant KPMG, law firm White & Williams, Beneficial Bank. JLL hopes vacancies and rents will flatten by 2011.
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