A number of new office projects in the works in Montgomery County, totaling nearly 1 million square feet, is creating a rush for developers to stake claim in coveted spots.
For instance Equus Capital Partners Ltd., is jumping over competitors by building without the comfort of committed tenants. Along with a new project in Wayne, the company is also considering a location in Conshohocken., according to Steve Spaeder of Equus. He told the Philadelphia Business Journal in a story written by Natalie Kostelni, “We’re taking a serious look at 400 Barr Harbor [Drive] in Conshohocken.” That proposed 218,000-square-foot building is going through the approval process and Equus will “take a hard look” at breaking ground on it next spring, Spaeder said.
Other projects under way in the suburbs include Keystone Property Group’s Sora West, a 429,000-square-foot complex in Conshohocken; Seven Tower Bridge, a 250,000-square-foot building in Conshohocken; Metroplex Two, a 280,000-square-foot structure o Chemical Road in Plymouth Meeting.
According to reports released by JJL, average leasing rates are $36.27 per square foot in Conshohocken and in the Wayne-King of Prussia are rates are inching up to $40.
To read the complete story in the Philadelphia Business Journal, click here.