Availability tightens in Philadelphia’s CBD, options plentiful in Wilmington
Philadelphia’s regional availability rate contracted 50 basis points year over year to 17.8%. The decline in the Central Business District (CBD) was more pronounced with availability dropping 250 basis points over the same period to 11.8%. Few large blocks of available space remain on the market, which could spur future development in the Philadelphia CBD. In contrast to the Philadelphia CBD, the overall availability rate in the Wilmington CBD jumped significantly over the year to 24.7% as three blocks of space over 100,000 square feet (sf), located at Bracebridge I, Bracebridge III and 301 West 11th Street, remain unleased.