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Regional availability declines, but increases seen in the Philadelphia CBD
Philadelphia’s regional availability declined for the third consecutive quarter contracting 50 basis points (bps) from Q2 to 17.3%, marking an 80 basis-point drop over the year. Suburban availability, at 20.0%, decreased 100 bps quarter over quarter with notable contractions recorded in the King of Prussia (-380 bps), Newtown (-360 bps), Lower Bucks County (-300 bps) and South New Castle County (-450 bps) submarkets. However, availability in the Philadelphia Central Business District (CBD) rose 40 bps quarter over quarter to 12.2%, which was attributed to additional space returned to the market in the West Market and Navy Yard submarkets.