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Tuesday, November 3, 2009
Center City leases off 60%; Wolters, KPMG seek space: report

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.

Posted by Joseph N. DiStefano @ 4:17 PM  Permalink | 1 comment
Comments   
Posted 06:08 PM, 11/03/2009
TJones
Seriously, why would any company want to take up shop in Philadelphia? This town is about as business friendly as Karl Marx.
1 comments
About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column, which is printed in the business pages of The Philadelphia Inquirer every Sunday, Tuesday, Wednesday, Thursday and Friday. Joe has worked at the Inquirer, mostly, since 1988. He has also written for Bloomberg and Gannett, authored the book Comcasted, majored in economics at Penn, and fathered six children. Reach Joe at 215-854-5194 and JoeD@phillynews.com

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