Philadelphia is known for its famous museums and many cultural activities. That is why it is no surprise that many out-of-town investors are coming in to start or expand their businesses. But finding office space can be tricky and stressful, especially if you are doing it on your own.
Getting a suitable location for your business is not easy. That is why hiring a broker or using a service like OfficeFinder can help you filter only the best areas for you. This method can save you days of unnecessary site visits and money which you can use to make your business grow. The dependable reps at OfficeFinder are well versed about the market, which can make choosing easy for you. It is also good to note that these services are free of charge, giving you more confidence to take your time in deciding which office space to lease.
What Should You Know Before Moving Your Office to Philadelphia?
Philadelphia had the largest metropolitan economy in 2017. It is also home to the Philadelphia Stock Exchange, which plays a vital role in the economic hub of America. That is why many companies come to Philly to expand or to relocate.
Speaking of the demographics, Philadelphia’s population is estimated to be 1.556 million, making it the fastest-growing city in its region.
It would help you were informed about the Office Leasing Market. In the past five years, the direct asking rents increased to 16% due to the out-of-town investors acquiring buildings and rising rents. The direct asking rents continued an upward trend in the first quarter of 2019 after the intense leasing activity in the last quarter of 2018.
What Are the Areas of Interest?
The Central Business District for Philadelphia continues to go strong towards the end of 2019. The newly constructed Comcast Technology Center offers over 1.8M square feet of office space for lease Philadelphia.
About 190,000 square feet of available space will be opened in the property located in the University City submarket, once construction of the University City Science Center is complete.
There is a substantial increase in both the supply and demand for office space for lease in Philadelphia and the surrounding areas. Plenty of new space is expected to open up this year, and more projects are expected to break ground. Interested tenants who need large blocks of space are driving more build-to-suit projects.
Signals of oversupply are slowly creeping in as new spaces become available. Since fundamentals look strong, more local companies are likely to expand not to fill new spaces but to keep old properties occupied. This can be an advantage to new tenants because this could lead to reasonable prices in these office buildings that exist.
Conclusion
In conclusion, due to the massive demand for office spaces, you must find the best way to acquire a new home for your business. Visit OfficeFinder today, and get in touch with a reliable rep, to save you thousands of dollars and hundreds of hours.
