Tenants favored Class A assets in 2024

Regional leasing activity totaled 3.6 million square feet (msf) in 2024, a 7.5% decrease compared to the 3.9 msf executed in 2023. Overall, leasing activity in the Philadelphia region mainly centered around the Class A sector, which accounted for 66.0% of the 547 deals signed in 2024. The Philadelphia Central Business District (CBD) closed the year with 1.0 msf of transactions, 31.3% less square footage than the prior year's total. Notable fourth quarter transactions executed in the Philadelphia region included QlikTech's 45,087-square-foot restructure at 211 S. Gulph Road in King of Prussia, Polsinelli Law Firm's relocation to 40,790 square feet (sf) within Three Logan Square in West Market and International SOS's relocation to 34,765 sf at 785 Arbor Way in Blue Bell.

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