Law firms make up half of top deals
Leasing activity started out strong in 2025. There was nearly 1.1 million square feet (msf) of transactions signed during Ql 2025. This was 38.2% more activity compared to Q4 2024. The Philadelphia Central Business District (CBD) accounted for a little over half of quarterly activity at 593,971 square feet (sf). Law firms were responsible for 50.0% of the top transactions executed during Ql. Duane Morris renewed and downsized to 183,000 sf of office space plus renewed 12,000 sf of cafe space at 30 South 17th Street. Marshall Dennehey renewed 120,462 sf at 2000 Market Street and Klehr Harrison restructured its lease of 67,000 sf at 1835 Market Street. All three transactions were in the West Market submarket. In addition, FS Investments announced that it will leave its longtime home in the Navy Yard for 117,216 sf at 3025 John F Kennedy Boulevard in University City.