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Availability declines across all classes throughout region, led by core submarkets
Philadelphia’s regional overall availability declined 30 basis points from the third quarter to 16.9%. Similarly, the Philadelphia Central Business District’s availability decreased 50 basis points to 11.7%, which was attributed to stronger activity in the East Market and Navy Yard submarkets. Wilmington’s core availability (23.2%) declined 10 basis points from the third quarter. Suburban availability recorded a 20-basis-point drop quarter over quarter to 19.7%, with notable contractions in South New Castle (down 620 basis points), Media/Newtown Square (down 600 basis points), Lansdale (down 550 basis points) and King of Prussia (down 210 basis points).