Center City Still Has Lower Commercial Vacancy Rates Than Most of Montgomery County, But Not For Long

vacancy rates building Center City Philadelphia
Image via David Maialetti, The Philadelphia Inquirer.

While Philadelphia’s office market still has a lower vacancy rate than most of Montgomery County, this could be changing sometime in near future, writes Harold Brubaker for The Philadelphia Inquirer.

A possible glimpse into the future was provided recently by Radian Group, which decided to move its corporate headquarters from Center City into a significantly smaller space in Wayne.

The move could mean that the collar counties are about to see an influx of businesses looking to adjust their office footprint post-pandemic.

Center City Philadelphia reported a second-quarter commercial vacancy rate of 12.2 percent. The only nearby submarket that has posted a lower vacancy rate is Main Line / Radnor at 6.6 percent.

Meanwhile, the Conshohocken submarket currently stands at a 14.1 percent commercial vacancy rate, followed by King of Prussia / Wayne and Bala Cynwyd at 14.7 percent each.

Plymouth Meeting / Blue Bell reported a vacancy rate of 18.9 percent, while Fort Washington / Route 309 has a vacancy rate of 20 percent.

The highest commercial vacancy rates in Montgomery County are in Horsham / Willow Grove / Jenkintown at 20.7 percent.

Read more about commercial vacancy rates in The Philadelphia Inquirer.

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