Fourth quarter leasing declines but remains higher than one year ago

Fourth quarter leasing activity totaled 975,705 square feet (sf), down from the 1.2 million square feet (ms) reported in the third quarter but 12.0% higher than in the fourth quarter of 2022. Three years out from the start of the COVID-19 pandemic, however, the market has yet to return to the leasing levels prior to this time. The West Market (185,236 sf), University City (102,232 sf) and PA Turnpike/Route 202 Corridor (87,856 sf) submarkets recorded the largest amounts of leasing activity. Notable transactions executed during the fourth quarter included: the Pennsylvania Hospital of the University of Health Systems' relocation to 75,362 sf at 3535 Market Street in University City, SKF AB's relocation to 75,000 sf at 801 Lakeside Drive in Blue Bell and Philadelphia Works' renewal of 37,125 sf at 1617 John F. Kennedy Boulevard in West Market.

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