At 2.94 million square feet, the Bala Cynwyd office submarket is already one of the smallest in the region and is about to shrink even further, writes Natalie Kostelni for the Philadelphia Business Journal.
Bala Cynwyd is about to see a reduction of close to ten percent of its office space due to various but unrelated reasons. This will continue to create a unique situation for both tenants and landlords.
“Bala keeps getting smaller,” said Jim Dugan, a broker with Newmark. “It’s the incredible shrinking market.”
The reduction in the market started three years ago when the 27,000-square-foot office building at 9 Presidential Boulevard was sold to Westrum Development, which tore it down to develop an apartment complex on the site.
The owners of Bala Pointe Office Center are now considering doing the same thing.
This has benefited the market in several ways, as it has sent existing tenants looking for other options and made sublease space a good alternative.
It also created a stronger position for landlords who are attempting to fill vacant space at a time when companies are questioning if they need office space at all.
Read more about the office submarket in the Philadelphia Business Journal.
Westrum Development Company discusses their 55+ maintenance-free community in Philadelphia, The Arbours at Eagle Pointe.