King of Prussia District Reports Steadiness in Commercial Real Estate Vacancy Rates

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cluster of buildings
Image via the King of Prussia District.
Renaissance Corporate Park, King of Prussia, which site between Bridgeport and Conshohocken; it is one of a number of area laboratory-science sites available to commercial tenants.

The King of Prussia District has released its third-quarter 2022 report on the area’s commercial property vacancy rate.

Its analysis shows relative market steadiness:

  • Class A office locations — the top-line properties featuring premium space — saw vacancy rates rise less than a point from the prior quarter, resting at 10.8 percent. Its six-point reduction from 2019 data (prior to COVID-19) indicates a general return to robustness
  • The next commercial real estate tier, Class B, saw a larger increase in vacancies (six points); its current level is 14.5 percent
  • Class C properties, with their deeper histories, reported a steady vacancy rate of 8.9 percent, its same level for all three quarters of 2022. The evenness of its results may be attributable to the very few properties in King of Prussia in the Class C category, whose analysis came from CoStar, a Richmond, Va., real-estate analytics provider.

Flex and industrial space mirrors the steady trend of the office sector. Vacancy rate for flex, lab, and R&D space remained solid at 4.6 percent, while the industrial property vacancy rate was 1.1 percent.

The commercial retail rate of vacancies in King of Prussia remained steady at 3.2 percent per square foot.

The King of Prussia District report containing data on CRE occupancy (and other local business statistics) is online.

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This anniversary video highlights some of the achievements of the King of Prussia District over its first decade.

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