Leasing activity decreases for a second quarter in a row

The Greater Philadelphia region reported almost 1.1 million square feet (msf) of leasing activity, down 31.4% from the first quarter of 2022. There were 358,270 square feet (sf) of transactions executed in the Philadelphia Central Business District (CBD) —17.5% less square footage leased compared to the prior quarter. The submarkets that reported the greatest amount of leasing activity included Camden County (167,032 sf), West Market (145,981 sf) and East Market (130,031 sf). During the quarter, Camden County leased 154,211 sf at 101 Woodcrest Road in Cherry Hill. In the East Market submarket, the Philadelphia Inquirer announced that it would be relocating its headquarters from 801 Market Street (81,192 sf) and downsizing into 36,744 sf at 100 Independence Mall West. Life sciences incubator, BioInnovation Labs, expanded by 30,151 sf at The Curtis Building — bringing its total occupancy to 53,529 sf. With continued growth in the life sciences sector, life sciences tenants will continue to be a key driver in the market.

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