PHILADELPHIA | FMC Tower @ Cira Centre South | 736 FT | 49 FLOORS

[Londonee]

Originally Posted by Pennsgrant

Im not liking how the Brandywine promotional wraps around the fencing show no signs of the 2 towers, just a lame generic Brandywine print. Office vacancy in Center City up to 18%..
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Are you just making these numbers up?

Comparatively speaking, Center City's office market is pretty healthy, this is a report from May of this year--and that's following Q4 of 2008 and Q1 of 2009--two of the worst economic quarters in US history.

The Philadelphia CBD experienced very slight changes in the market since Q4 2008 with rental rates decreasing by a mere $0.05 across all CBD submarkets and classes. Direct vacancy still remains in the single digits at 8.9%, compared to 8.7% in Q4 2008. Even when comparing Q1 2008 to current rates, we have only seen a slight increase from 7.1%. Total vacancy, including sublease space, has remained equally unchanged between quarters at 10.3% for Q1 2009 versus 10.4% for Q4 2008, but has increased more than 2% since this time last year. Class AA space still holds the lowest vacancy rate of 5.7% which has decreased from Q4 2008's vacancy of 6.4%, which is attributed to positive absorption at One Commerce Square, Two Logan Square and the Mellon Bank Center totaling in excess of 90,000 SF. The overall CBD is reporting a positive net absorption of 28,100 SF versus a negative 172,000 SF last quarter, however when compared to Q1 2008's positive net absorption of 471,600 SF there is a significant decrease year-on-year. Market Street West was the most significant contributor to the first quarter net absorption rebound due to Thomson Reuters Scientific occupying a large bock of office space at 1500 Spring Garden Street.
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