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2013 Greater PhiladelphiaMid-Year Office MarketReport and Outlook
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2013 Philadelphia CBD Mid-YearOffice Market Report and Outlook
MarketStreetEast
SouthBroadStreet
Ind
ependenceMall
Conshohocken
Malvern|Exton|WestChester
Norristown|ValleyForge
BalaCynwyd
KingofPrussia
FortWashington
|Springhouse
D
elawareCounty
LowerBucksCounty
Horsham
|WillowGrove
PlymouthMeeting|BlueBell
MarketStreetWest
UniversityCity
Rad
nor|MainLine
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%Vacancy RateRental Rate
MAJOR TENANTS IN THE MARKET
FMC Corporation
200,000 SF
BNY Mellon
90,000 SF
Pond Lehocky Stern Giordano*
40,000+ SF
* Represented by SSH Real Estate
2013 SIGNIFICANT LEASE TRANSACTIONS
Pepper Hamilton
268,000 SF Two Logan Square Renewal
Reliance Standard Life Insurance
137,663 SF Two Commerce Square Renewal
GSA
135,715 100 Independence Mall West New
PHMC
120,207 1500 Market Street New
Beneficial Savings Bank
96,000 1818 Market Street New
2013 SIGNIFICANT OFFICE BUILDING SALE TRANSACTIONS
2000 Market Street
665,649 SF, sold for $110 millio
or $165 per square foot
42 South 15th Street
143,344 SF, sold for
$17.5 million or
$122 per square foot.
1429 Walnut Street
71,754 SF, sold at auction for
$5.7 million or $80 per square foot.
1600 Vine Street
225,616 SF, sold for $29 million or
$128 per square foot to a charter school.
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2013 Philadelphia CBD Mid-YearOffice Market Report and Outlook
OUTLOOK
Rental RatesRents throughout the Philadelphia CBD have remained relatively flat.
We expect Class B rates to increase due to the decreasing supply in
that asset class. Look for this trend to continue through 2014.
Vacancy
Overall, vacancy rates have experienced minimal change. Three
Franklin Plaza, 225,000 square feet, has been eliminated from the
supply with its sale to a charter school. One Franklin Plaza, also left
vacant by GSKs move to the Navy Yard accounts for roughly 12%
of the overall CBD vacancy.
Large Blocks of Space
Tenants looking for over 50,000 square feet of contiguous space are
faced with a relatively limited supply. There are only 15 spaces over
50,000 square feet. Only 6 contiguous blocks of space greater than
100,000 square feet are available. The lack of large spaces on the
market leaves large tenants with few options, this could lead to the
construction of a new office building.
Investment Sales
The investment sales market in Center City continues to gain
momentum. During the first half of 2013 we have seen a variety
of assets trade. They range from stabilized Class-A office,
value-add opportunities, to re-development opportunities. The
investor activity has triggered other owners to explore disposition
of assets. There are currently 5 buildings comprising of 2.5 million
square feet on the market.
New Office Development
There has been no real change in new office development in the
CBD. The only office development activity has been in University
City and the Navy Yard. 2.0 University Place was recently completed.
3737 Market Street is progressing and will be the anchored by Penn
Presbyterian Medical Center. Liberty Property Trust has
several new buildings on the drawing board at the Navy Yard.
PHILADELPHIA
Overall Central Business District
Inventory
Class A Class B Total
Square Feet 23,799,489 21,206,194 45,005,683
Buildings 29 93 122
Rental Rate
Class A Class B Average
Year-End 2012 $29.10 $21.95 $25.55
Mid-Year 2013 $29.11 $22.19 $25.85
Vacancy Rate
Class A Class B Average
Year-End 2012 10.08% 11.39% 10.73%
Mid-Year 2013 11.66% 10.50% 11.12%
3737 Market Street rendering
The statistical analysis in this report has been conducted using information from
CoStar, the largest and most comprehensive database of commercial real estate
information.
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2013 Philadelphia CBD Mid-YearOffice Market Report and Outlook
MULTIFAMILY ACTIVITY
Philadelphia has the third largest residential population among
Central Business Districts in the Country. Over 175,000 people live
in the Center City, this represents a 10% increase from 2000.*
According to the 5-year estimates from the U.S. Census Bureaus
American Community Survey, 57.4% of Center City residents
are renters. High demand for rental units in Center City is confirmed
by low vacancy rates along with the highest rental rates in the
region. Rental apartments in Philadelphias CBD boasts a low
vacancy rate of 3.4%. Rents have remained relatively flat over
the last year due to the increase in inventory.
Center City continues to see the trend of Office-to-Apartment
conversions. Over the past 20 years 47 Center City office buildings
have been converted to apartments. This has resulted in a reduction
of 7,685,000 square feet of office space from the market.
This trend of conversions does not seem to be slowing down as
Alterra Properties, one of the developers behind the conversion
of 1616 Walnut recently purchased 42 South 15th Street with
the intention to convert to 185 apartments.
Center City has seen a significant amount of new construction as
well. Pearl Properties is nearing completion on the construction of
The Granary and the 100% pre-leased The Sansom. In addition,
The John Buck Company has delivered 319 new apartments at
2116 Chestnut Street. These three buildings total 679 units of
new inventory. Brandywine Realty Trust is looking to begin
construction on 278-units at 1919 Market Street in the fall.
SSH is currently tracking 22 new apartment projects in various
stages of development. These projects could add over 4,500
new units by 2015, if all are completed.
Despite the influx of inventory to the market it is expected va-
cancy rates will remain low. This is due to the absorption of pent
up demand as people begin to trade up from older units and
move out of their parents houses. Additionally, as the economy
improves people will be able to afford to not have roommates.
* Center City Districts State of Center City 2013
42 South 15th Street The Sansom, 1605 Sansom Street 2116 Chestnut Street
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MARKET STREET WEST
Submarket Statistics
Inventory
Class A Class B Total
Square Feet 20,057,879 8,049,240 28,107,119
Buildings 25 46 71
Rental Rate
Class A Class B Average
Year-End 2012 $29.60 $22.62 $27.30
Mid-Year 2013 $29.53 $23.10 $27.65
Vacancy Rate
Class A Class B Average
Year-End 2012 10.41% 10.43% 10.42%
Mid-Year 2013 12.53% 10.27% 11.88%
Submarket News
Public Health Management Corporation has relocated from
260 South Broad to 1500 Market Street. This will eliminate a
120,207 square foot block of space in Market West.
GlaxoSmithKline has vacated One and Three Franklin Plaza and
moved to the Navy Yard. This was originally thought to create
870,000 square feet of new vacancies in Market West, however,
Three Franklin Plaza has sold to DeMedici II for a new charter
school. It is unclear what the fate of One Franklin Plaza will be,
its owners have yet to announce their plans for the vacant
building.
Carroll McNulty & Kull*, a law firm from Northern New Jersey, has
signed a sublease for approximately 17,000 square feet of office
in Two Liberty.
* Represented by SSH Real Estate
Pepper Hamilton has
renewed its lease at
Two Logan Square for
268,000 square feet.
Beneficial Savings Bank
will be relocating their
headquarters from Penn
Mutual Towers to 1818
Market Street. The market
west building will now be
referred to as Beneficial
Bank Place.
Reliance Standard Life
Insurance has renewed
its lease at Two
Commerce Square. The
will be expanding by
approximately 15,000
square feet and will
occupy 137,663 squar
feet.
2000 Market Street ha
sold for $110 million.
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MARKET STREET EAST
Submarket Statistics
Inventory
Class A Class B Total
Square Feet 2,001,984 5,011,063 7,013,047
Buildings 2 26 28
Rental Rate
Class A Class B Average
Year-End 2012 $27.03 $21.35 $23.00
Mid-Year 2013 $27.03 $21.42 $23.02
Vacancy Rate
Class A Class B Average
Year-End 2012 2.36% 15.07% 11.37%
Mid-Year 2013 2.43% 15.46% 11.74%
SOUTH BROAD STREET
Submarket Statistics
Inventory
All Classes
Square Feet 2,995,810
Buildings 9
Rental Rate
All Classes
Year-End 2012 $21.90
Mid-Year 2013 $22.04
Vacancy Rate
All Classes
Year-End 2012 8.49%
Mid-Year 2013 5.31%
Submarket News
PREIT continues to pursue the redevelopment of The Gallery at
Market East.
Submarket News
The South Broad submarket continues to
have some of the lowest vacancy rates in
the CBD.
One South Broad Street is currently being
marketed for sale. A 25,000 square foot
Walgreens store will be opening this
summer in the former Borders space.
Dranoff Properties broke ground at thebeginning of 2013 on South Star Lofts,
an 85-unit new apartment building
with ground floor retail. Occupancy is
expected in the spring of 2014.
1429 Walnut Street ha
been sold at auction fo
approximately $80 pe
square foot. The buye
will continue to lease th
building to office tenan
1401 Walnut Street has
been purchased by Pearl
Apartments for $15 million.
Pearl has purchased floors
three through twelve
totaling 76,596 square
feet consisting of 36
apartments.
Host Hotels and Resorts is lookin
for a buyer to purchase the
Philadelphia Marriott Downtown
This is Philadelphias largest hotewith 1,400 rooms. Host believes
it could sell for $325 million, or
$231,000 per room.
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INDEPENDENCE MALL
Submarket Statistics
Inventory
Class A Class B & C Total
Square Feet 1,739,626 5,150,081 6,889,707
Buildings 2 12 14
Rental Rate
Class A Class B & C Average
Year-End 2012 $26.03 $21.35 $22.52
Mid-Year 2013 $26.67 $21.60 $22.88
Vacancy Rate
Class A Class B & C Average
Year-End 2012 15.50% 11.24% 12.31%
Mid-Year 2013 12.24% 8.24% 9.24%
UNIVERSITY CITY
Submarket Statistics
Inventory
Class A Class B & C Total
Square Feet 2,190,116 1,303,591 3,493,707
Buildings 8 11 19
Rental Rate
Class A Class B & C Average
Year-End 2012 $34.25 $23.13 $30.62
Mid-Year 2013 $37.96 $23.24 $32.47
Vacancy Rate
Class A Class B & C Average
Year-End 2012 8.61% 7.57% 8.27%
Mid-Year 2013 8.21% 6.37% 7.52%
Submarket News
Reputation Changer, Inc., now Brand.com has relocated from We
Chester to The Curtis Center. The move to Center City is a growi
trend among technology companies geared towards attracting to
young talent.
Submarket News
Rental Rates in University City remains the highest of the
Philadelphia submarkets. Much of the activity in this submarket
is due to the continued expansion of the Eds and Med sector.
Brandywine along with joint venture partners Campus Crest
Communities and Harrison Street Real Estate Capital have
commenced construction on The Grove at Cira South, a 33-story
850-bed student housing complex located 31st and Chestnut
Streets. Third quarter 2014 is the targeted date for completion.
University Place Associates are nearing completion on 2.0 Univers
Place. The approximately 97,000 square foot building will be
anchored by GSAs Citizen and Immigration Services who signed
lease for 53,000 square feet. U.S. Facilities, Inc. will be relocating
from 1800 JFK Blvd.
Drexel University has purchased 3161-67 Market Street.
This parcel plays an integral role in Drexels strategic plan.
401 Market Street has been
sold as part of a 40 building
$240 million portfolio.
GSAs relocation to the Dow
Chemical building was a key
driver of the decrease in
vacancy in the submarket.
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OUTLOOK
Rental RatesAs a whole rental rates have remained flat during the first half of
2013. The average suburban rental rate increased $0.11 per square
foot since the end of 2012. Expect rents to continue to increase
gradually during the remainder of 2013.
Vacancy
The average vacancy rate for the suburban market saw little change,
decreasing by 0.67% in the first half of 2013.
Investment Sales
The Blue Bell area saw one of the biggest investor sales in the
suburbs. Keystone Property Group has purchased 16 and 18 Sentry
Park West from Mack-Cali. The price was $19.3 million or roughly
$102 per square foot.
New Development
Speculative new development has yet to resume, however there
are a number of properties slated for redevelopment. There are
some ongoing built-to-suit projects underway as well.
Liberty Property Trust is developing a new 200,000 square foot
office building for Vanguard at Great Valley Corporate Center.
Construction is expected to be finished mid-2014. Liberty is also
renovating One County View Road in Malvern.
Shires built-to-suit at Atwater Corporate Center has been scrapped,
and they have decided to remain at Chesterbrook Corporate Center.
With the recent completion of the new turnpike interchange the
Atwater Corporate Center remains poised to be a top competitor
for any large build-to-suit in the market.
MAJOR TENANTS IN THE MARKET
URS
80,000 SF Ft. Washington, Plymouth Meeting, Conshohocken
Rovi Corporation
70,000 SF - Radnor
PRA International
50,000 SF Blue Bell
SUBURBAN PHILADELPHIA
Overall
Inventory
Class A Class B Total
Square Feet 43,157,572 32,027,496 75,185,068
Buildings 471 608 1079
Rental Rate
Class A Class B Average
Year-End 2012 $24.23 $18.72 $21.86
Mid-Year 2013 $24.26 $18.88 $21.97
Vacancy Rate
Class A Class B Average
Year-End 2012 12.72% 14.69% 14.13%
Mid-Year 2013 11.78% 14.38% 13.46%
2013 SIGNIFICANT LEASE TRANSACTIONS
CSL Behringer 191,654 SF
Maschellmac Office Complex, King of Prussia
Renewal with Expansion
Teleflex 84,000 SF
CrossPoint at Valley Forge, Wayne
New Lease
New Penn Financial 52,000 SFMultiple buildings, Plymouth Meeting
Renewal with Expansion
CardioNet, Inc. 46,972 SF
1000 Cedar Hollow Road, Malvern
New Lease
Bristol-Myers Squibb 45,484 SF
Fort Washington Executive Center, Fort Washington
New Lease
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RADNOR | MAIN LINE
Submarket Statistics
Inventory
Class A Class B Total
Square Feet 2,681,501 1,706,528 4,388,029
Buildings 32 44 76
Rental Rate
Class A Class B Average
Year-End 2012 $30.11 $20.61 $26.53
Mid-Year 2013 $30.41 $20.56 $26.58
Vacancy Rate
Class A Class B Average
Year-End 2012 5.9% 9.00% 7.07%
Mid-Year 2013 5.6% 7.00% 6.10%
Submarket News
The Radnor-Main Line submarket remains one of the strongest
in the region. Vacancy continues to fill as rental rates continue
to exceed $30 per square foot.
J.G. Wentworth expanded into an additional 15,000 square feet
at 201 King of Prussia Road.
CONSHOHOCKEN
Submarket Statistics
Inventory
Class A Class B Total
Square Feet 3,464,735 859,745 4,324,480
Buildings 26 12 38
Rental Rate
Class A Class B Average
Year-End 2012 $28.93 $21.49 $27.41
Mid-Year 2013 $28.65 $22.84 $27.49
Vacancy Rate
Class A Class B Average
Year-End 2012 10.00% 5.30% 9.04%
Mid-Year 2013 9.70% 2.50% 8.26%
Submarket News
Conshohocken remains one of the stronger submarkets. This
market has seen a 0.78% decrease in vacancy.
Mercy Health Systems renewed their lease at 1 W. Elm Street
for 86,293 square feet.
RES signed a lease for 9,000 square feet at Radnor Financial Cent
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MALVERN | EXTON | WEST CHESTER
Submarket Statistics
Inventory
Class A Class B & C Total
Square Feet 7,501,368 4,587,671 12,089,039
Buildings 102 111 213
Rental Rate
Class A Class B & C Average
Year-End 2012 $21.48 $19.50 $20.68
Mid-Year 2013 $21.98 $19.94 $21.21
Vacancy Rate
Class A Class B & C Average
Year-End 2012 14.30% 14.20% 14.25%
Mid-Year 2013 11.80% 18.20% 14.23%
Submarket News
CardioNet, Inc. will be moving their operations to 1000 Cedar
Hollow Road in January 2014. They signed a sublease for 46,972
square feet.
PREIT will be opening a 32,000 square foot Main Line Health
facility in its Exton Square Mall.
Meridian Bank has moved its headquarters to the former
IMC Construction Building on Lancaster Avenue.
Shire Pharmaceuticals has abandoned its plans to build a new
headquarters at the Atwater Corporate Center.
West Pharmaceutical Services has relocated to a new
170,000 square foot headquarters building in the
Eagleview Corporate Center.
J. W. Pepper & Son, Inc. purchased 191 Sheree Blvd. in Exton, P
from Elite Underwriting Services, Inc. for $5.1 million, or about
$118 per square foot. The new owner will occupy the building
in the fall.
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NORRISTOWN | VALLEY FORGE
Submarket Statistics
Inventory
Class A Class B & C Total
Square Feet 2,445,571 1,906,208 4,351,779
Buildings 20 30 50
Rental Rate
Class A Class B & C Average
Year-End 2012 $19.66 $16.77 $18.44
Mid-Year 2013 $20.94 $16.96 $19.20
Vacancy Rate
Class A Class B & C Average
Year-End 2012 15.30% 9.60% 12.89%
Mid-Year 2013 10.60% 6.80% 8.93%
Submarket News
TA Associates purchased Highview at Providence Corporate Cent
The two Class A office buildings totaling 183,000 square feet we
purchased for $33 million or $180 per square foot.
SEI Investments has resumed construction on 37,000 square
foot building on its 90-acre campus in Oaks, PA. SEI has been
experiencing consistent growth which has resulted in the need
to build the new office building. When completed, the campus
will total 560,000 square feet.
Montgomery County is looking to sell One Montgomery Plaza
at 425 Swede Road, they plan on continuing to lease space in
the building. The County is also selling the former Sacred Heart
Hospital property is under agreement to Silverang and Hallowell
Development for $17.5 million. 125,000 square feet will be lease
back by the county.
BALA CYNWYD
Submarket Statistics
Inventory
Class A Class B & C Total
Square Feet 2,255,808 661,812 2,917,620
Buildings 14 9 23
Rental Rate
Class A Class B & C Average
Year-End 2012 $29.24 $26.63 $28.65
Mid-Year 2013 $28.82 $27.27 $28.47
Vacancy Rate
Class A Class B & C Average
Year-End 2012 13.30% 10.30% 12.62%
Mid-Year 2013 13.60% 11.40% 13.10%
Submarket News
One Belmont Ave has tallied 40,000 square feet of new leases.
Connect America will relocate from Broomall and occupy 20,000
square feet on the 12th floor. Atrium Executive Suites has leased
20,000 square feet on the 8th floor. These deals bring the buildin
to 87% leased.
There are approximately 1,000 new apartment units planned off
of Righters Ferry Road. Nolen Properties has plans for 335 units,
ONeill Properties is proposing to develop approximately 600 uni
on the former Connelly Container site, and Penn Real Estate Grohas plans to develop 300 units on an adjacent parcel.
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KING OF PRUSSIA
Submarket Statistics
Inventory
Class A Class B Total
Square Feet 7,934,336 4,116,938 12,051,274
Buildings 83 77 160
Rental Rate
Class A Class B Average
Year-End 2012 $23.90 $18.98 $22.16
Mid-Year 2013 $23.73 $18.96 $22.10
Vacancy Rate
Class A Class B Average
Year-End 2012 11.30% 20.70% 14.62%
Mid-Year 2013 12.10% 19.60% 14.66%
Submarket News
Teleflex will relocate to 84,000 square feet at CrossPoint at
Valley Forge.
Crothal Services Group leased 39,674 square feet at
1500-1550 Liberty Ridge Drive at the Chesterbrook
Corporate Center in Wayne.
CSL Behring has renewed its lease and expanded to approximate
190,000 square feet at Maschellmac Office Complex.
Shire Pharmaceuticals has reversed its decision to relocate to
Atwater Corporate Center. Shire will likely remain at Chesterbroo
Corporate Center. This decision averts a 425,000 square feet of
vacancy that would have been created by the move.
The Childrens Hospital of Philadelphia will break ground on a
100,000 square foot specialty care center on North Gulph Road.
FORT WASHINGTON | SPRINGHOUSE
Submarket Statistics
Inventory
Class A Class B & C Total
Square Feet 1,720,660 2,012,517 3,733,177
Buildings 16 33 49
Rental Rate
Class A Class B & C Average
Year-End 2012 $22.41 $18.64 $20.38
Mid-Year 2013 $22.47 $18.63 $20.40
Vacancy Rate
Class A Class B & C Average
Year-End 2012 8.30% 20.90% 15.09%
Mid-Year 2013 9.70% 21.50% 16.06%
Submarket News
Bristol-Myers Squibb has leased 45,484 square feet at the Fort
Washington Executive Center.
1015 Virginia Drive was sold to Intercontinental Development
Corporation for $1.1 million. The 20,000 square foot building
was sold by The Shidler Group.
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DELAWARE COUNTY
Submarket Statistics
Inventory
Class A Class B Total
Square Feet 4,376,733 3,891,168 8,267,901
Buildings 50 76 126
Rental Rate
Class A Class B Average
Year-End 2012 $24.12 $18.64 $20.38
Mid-Year 2013 $24.31 $18.06 $21.37
Vacancy Rate
Class A Class B Average
Year-End 2012 7.70% 16.40% 11.75%
Mid-Year 2013 8.00% 15.53% 11.53%
Submarket News
Paragon Real Estate Group purchased Chichester Square, a 29,02
square-foot retail center for $4.1 million, or roughly
$141 per square foot.
10 Lacrue Avenue in Concordville has been sold to
322 Property Holdings LP.
LOWER BUCKS COUNTY
Submarket Statistics
Inventory
Class A Class B Total
Square Feet 3,465,544 4,119,512 7,585,056
Buildings 46 94 140
Rental Rate
Class A Class B Average
Year-End 2012 $25.21 $16.50 $20.47
Mid-Year 2013 $25.65 $17.23 $21.08
Vacancy Rate
Class A Class B Average
Year-End 2012 24.90% 17.40% 20.82%
Mid-Year 2013 23.90% 15.30% 19.23%
Submarket News
Discovery Labs has extended its 39,594 square foot lease at
Stone Manor Corporate Center in Warrington.
Epicor Software has signed a 42,940 square foot lease
at Horizon Corporate Center in Trevose.
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HORSHAM | WILLOW GROVE
Submarket Statistics
Inventory
Class A Class B & C Total
Square Feet 3,869,815 5,073,490 8,943,305
Buildings 40 69 109
Rental Rate
Class A Class B & C Average
Year-End 2012 $21.86 $18.68 $20.05
Mid-Year 2013 $21.27 $18.28 $19.57
Vacancy Rate
Class A Class B & C Average
Year-End 2012 5.80% 16.00% 11.60%
Mid-Year 2013 4.80% 16.40% 11.38%
Submarket News
ImpactRX will be relocating to 38,000 square feet at 550 Blair M
Road in Horsham. They will be moving from 220 Gibraltar Road.
Despite a small decrease in the vacancy rate, rents have dropped
by $0.48 on average from 2012.
Station Park signed a 28,000 square foot lease
with Philidor Rx Services LLC.
AMEC signed a 13,932 square feet lease for office space at
Hillcrest Building One, located at 751 Arbor Way in Blue Bell.
PLYMOUTH MEETING | BLUE BELL
Submarket Statistics
Inventory
Class A Class B Total
Square Feet 3,441,501 3,091,907 6,533,408
Buildings 42 53 95
Rental Rate
Class A Class B Average
Year-End 2012 $23.91 $18.99 $21.58
Mid-Year 2013 $23.39 $18.93 $21.28
Vacancy Rate
Class A Class B Average
Year-End 2012 22.90% 18.30% 20.72%
Mid-Year 2013 19.10% 17.80% 18.48%
Submarket News
Toll Brothers and Brandywine Realty Trust have begun developme
of a 398 unit apartment complex off of Plymouth Road in Plymou
Meeting. They expect to complete construction in the fourth
quarter of 2015.
16 and 18 Sentry Park West in Blue Bell have sold for $19.3 millio
or approximately $102 per square foot. The two buildings totalin
188,103 square feet sold to Keystone Property Group.
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COMPANY NEWS
New Assignments
Pond Lehocky Stern Giordano has hired Pete Soens and Mike Kennedy
to represent the firm with all of their real estate needs.
The Investment Sales team of Dan Mayock and Adam Gillespie have been
selected by Temple University to sell the former Tyler School of Art in
Elkins Park, PA.
Recent SSH Transactions
Doug Newbert represented Philidor Rx Services LLC in a 28,000 squarefoot lease in Hatboro, PA.
Jeff Seligsohn and Eric Muller represented the law firm Carroll McNulty &
Kull. CMK signed a 16,275 square foot sublease at Two Liberty Place.
The Investment Sales team sold the Ardmore YMCA for $2.6 million.
Pete Shrier has represented Zajac, Arias & Trichon PC in a 7,426 square
foot lease at 1835 Market Street
Anniversaries:
Maryann Ludwick celebrated her 12th anniversary as
SSHs Controller. We would like to thank her for her
endless hard work and dedication to the company.
New Hires
Carla Bonifas has joined the SSH
team as a Tenant Coordinator.
Her responsibilities include
establishing and maintaining
relationships with tenants
occupying space in the SSH
portfolio.
On April 28th, SSH joined hundreds of others for the
March of Dimes March for Babies. We were able to rai
over $6,000. The money raised helps fund research an
programs for babies who are born prematurely.
SSH in the Community
Property Management News
SSH has added over 215,000 square feet to its
property management portfolio. The following
buildings were added:
1710 Walton Road, Bluebell
1730 Walton Road, Bluebell
1429 Walnut Street, Philadelphia
1401 Walnut Street, Philadelphia
Investment News
SSH Real Estate has sold
42 South 15th Street, a
140,000 square foot Class
B office building to Alterra
Property Group for
$17.5 million. 15th and
Chestnut, L.P. purchased
the building in 2005 for
$11.38 million.
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SSH REAL ESTATE SERVICES
In 2012, SSH Real Estate celebrated 60 years of service to Greater Philadelphia. Through hard work and an entrepreneurial spirit,
weve grown to become one of the largest full-service commercial real estate firms in the region. The only one with our size and scope
of experience in brokerage, property management and investments. Knowing the market as we do, we believe the best real estate
advisors are those who work in all aspects of the business, with an understanding of all interests involved. Our 360-degree perspectivegives our clients an edge in an increasingly complex market. Our 75 professionals, experienced in all facets of the business brokerage,
management, finance, and construction -- provide clients with outstanding results in the full complement of commercial real estate
services:
Tenant Representation
SSH Real Estates 25 brokers provide strategic tenant representation
to clients in the Philadelphia area and throughout the country.
With an average of 20 years experience, our brokers draw on
extensive knowledge, resources and expertise to provide each
client with exceptional service and results.
Investment ServicesSSHs Investment Services Division focuses on investment property
sales in the Philadelphia region. Our team has represented owners
in the sale of over 24 million square feet of income-producing real
estate worth more than $2 billion. We also provide capital market
services for income-producing real estate including multi-housing,
industrial, office, retail, as well as developable land sites.
Non-Profit Services
SSH has cultivated an expertise in working with non-profit
organizations to ensure that their real estate choices are financially
sound and meet the specific needs of their constituents. Clients
include associations; educational, health, social service, religious,legal, arts and cultural organizations; and government agencies.
Landlord Representation
Representing approximately 2 million square feet of office
space in Philadelphia and more than 1.1 million square feet in
the suburban market, SSH is a recognized leader in landlord
representation. Our buildings consistently retain high occupancy
due to aggressive and creative marketing.
Property ManagementSSH manages approximately six million square feet of office space
in the Greater Philadelphia region. As property owners ourselves,
we manage our clients assets as we do our own. Our staff of 50
combines experience and innovative approaches to maximize our
clients cash flow while maintaining the highest quality service to
our tenants.
Construction Management
SSH performs construction management for core and shell
capital improvement projects, and new tenant improvement
fit-outs.
Receivership Services
As an appointed receiver, SSH provides services to banks, loan
servicers and financial institutions in need of help managing
defaulted real estate assets for all commercial property types.
CENTER CITY OFFICE
123 South Broad Street
8th Floor
Philadelphia, PA 19109
T (215) 893-3000
F (215) 893-1466
Jeffrey R. Seligsohn, SIOR, Partner
(215) 825-1500
Peter C. Soens, Partner
(215) 825-1510
SUBURBAN OFFICE
Two Radnor Corporate Center
100 Matsonford Road, Suite 107
Radnor, PA 19087
T (610) 995-1010
F (610) 995-1017
Doug Newbert, Partner
(610) 995-1010 ext. 100
2013 Greater PhiladelphiaMid-Year Office MarketReport and Outlook