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FEWER TROPHY DEALS SPUR SLIGHT DROP IN RENT
Takeaway
Sustained leasing in education and health care, coupled with modest expansion among law firms, banks and professional/business services sectors kept activity in Center City’s Class A sector on a steady track. Effective rent fell slightly, due to fewer leases in trophy buildings in 2017 and nearrecord concession packages. Demand for quality product is seemingly quite strong. In turn, tenants will encounter slightly higher rent in Center City’s top-tier properties during 2018.