While office development activity in the Philadelphia region cooled recently with the delivery of several projects, it is set up to bounce back in 2020 as multiple developments are slated to break ground by the end of next year.
Net absorption in the CBD turned positive in the third quarter with strong occupancy gains. Notable move-ins included Drexel at 3675 Market Street, and the Biden Campaign at Centre Square. Several more planned move-ins should help offset Wells Fargo’s downsize and consolidation into Two Logan Square.
The Five City Center Urban Innovation Campus in Allentown’s CBD delivered, with payroll services firm ADP occupying a significant portion of the new asset.