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

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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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