Suburban Developers Turn to Small Office Growth
A surge in new proposals for small office buildings in the Philadelphia suburbs may be tipping off the market that there’s big business to be had in an underserved niche.
The trend is popping up simultaneously in business-centric suburbs Wayne, Conshohocken and Radnor, according to a Philadelphia Business Journal report by Natalie Kostelni.
In Conshohocken, a $10 million renovation to the Spring Mill Corporate Center will provide a new office building with 42,000 square feet, more parking and an amenity center with a gym and lounge. Kalmon Dolgin Affiliates’ Spring Mill has leases for 94 percent of its 635,000 square feet across four buildings.
In Wayne, owners John Lieberman and Bob Kilgore are looking to add 31,000 square feet over three stories to their Meadows portfolio, where 100,000 square feet is already 95 percent leased. The new building would be pre-leased before being built, the article explained.
In Radnor, Emerson Group is seeking to transform three formerly residential buildings into a single, connected office complex by demolishing and rebuilding the center one.
Read more about the suburban small office trend in the Philadelphia Business Journal here.
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