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Office Snapshot Q1 2016 111 Ill 11111 WAKEFIELD PHILADELPHIA, PA - CBD

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Office Snapshot Q1 2016 111 Ill 11111 WAKEFIELD PHILADELPHIA, PA - CBD MARKETBEAT -- CUSHMAN & Office Snapshot Q1 2016 111 Ill 11111 WAKEFIELD PHILADELPHIA, PA - CBD PHILADELPHIA CBD OFFICE Economy The Philadelphia Metropolitan Area’s (MSA) unemployment rate declined Economic Indicators 12-Month to 4.8% in the first quarter 2016, a 100-basis-point drop year-over-year. Q1 15 Q1 16 Forecast Philadelphia’s total nonfarm employment increased by 2.1% over the Philadelphia Employment 2,799M 2,857M past year, with the professional and business services experiencing the Philadelphia largest growth of any sector, adding 18,100 jobs to the market. The 5.8% 4.8% Unemployment education and health services sector also added 15,300 new jobs, U.S. Unemployment 5.6% 4.9% increasing by 2.5% year-over-year. Market Indicators (Overall, All Classes) Market Overview The overall vacancy rate for the Philadelphia Central Business District 12-Month Q1 15 Q1 16 (CBD) declined to 9.8% in the first quarter 2016, down 210 basis points Forecast from the first quarter 2015. Most notably, the West of Broad submarket’s Vacancy 11.9% 9.8% overall vacancy dropped to 8.6% in the first quarter, the lowest vacancy Net Absorption -374k 271k experienced in the submarket since 2001. The West of Broad submarket Under Construction 1.9M 1.9M began the year with 459,337 square feet (sf) of positive absorption due Average Asking Rent $26.86 $28.22 - to several tenants that inked deals in 2015 taking occupancy this quarter. *Rental rates reflect gross asking $psf/year Independence Blue Cross (IBC) took occupancy during the first quarter 2016 at 1900 Market Street. IBC signed for 228,000 sf in the summer of Overall Net Absorption/Asking Rent 2015 and consolidated from its suburban operations in Horsham and 4Q TRAILING AVERAGE 400 $29 Fort Washington. Additional 2015 leases that contributed to the first quarter’s absorption included Obermayer Rebman Maxwell & Hippel 200 $28 relocating to 1500 Market Street for roughly 66,000 sf, Comcast 0 $27 expanding by 44,334 sf at Two Logan Square, and MakeOffices opening -200 $26 its first downtown office at Two Commerce Square for 24,000 sf. -400 $25 -600 $24 Significant first quarter 2016 leases included Comcast signing for -800 $23 another two floors at Two Logan Square for 44,398 sf, Liberty Resources, Inc. taking 42,000 sf at 801 Arch Street and WeWork leasing -1,000 $22 2010 2011 2012 2013 2014 2015 2016 39,845 sf of space at 1601 Market Street. On the investment sales side, the largest single asset to trade during the first quarter was the 862,000- Net Absorption, SF (thousands) Asking Rent, $ PSF square-foot (sf) Cira Square building at 2970 Market Street. The building, - which is occupied entirely by the IRS, was sold by Brandywine Realty Trust to Korea Investment Corporation for $354 million. Overall Vacancy 14% Outlook 13% The FMC Tower at Cira Centre South is scheduled to deliver next quarter and will add approximately 230,000 sf of new speculative space 12% to the market, and also free up over 200,000 sf of space at the BNY 11% Historical Average = 12.0% Mellon Center once FMC Corp. makes the move to its new building. The Historical Average = 12.0% 600,000-sf One Franklin Tower building, GlaxoSmithKline’s former 10% headquarters, is currently under renovation and scheduled to deliver in 9% September 2016 and is expected to add 200,000 sf of available office space back into the pipeline. Despite the influx of new tenants coming 8% 2010 2012 2014 2016 from outside the market to the Philadelphia CBD, this available space coming online over the next couple of quarters is expected to cause a rise in vacancy. www.cushmanwakefield.com MARKETBEAT Office Snapshot Q1 2016 -. CUSHMAN & 111 Ill 111111 WAKEFIELD PHILADELPHIA, PA - CBD YTD NET YTD OVERALL DIRECT DIRECT SUBLET DIRECT OVERALL CURRENT NET INVENTORY OVERALL LEASING UNDER AVERAGE AVERAGE AVERAGE SUBMARKET VACANT VACANT VACANCY ABSORPTION (SF) ABSORPTION ACTIVITY CNSTR ASKING RENT ASKING RENT ASKING RENT (SF) (SF) RATE (SF) (SF) (SF) (ALL CLASSES)* (ALL CLASSES)* (CLASS A)* East of Broad 12,545,212 61,817 1,471,164 12.2% -188,120 -188,120 88,967 0 $ 25.93 $ 26.05 $26.56 West of Broad 27,753,078 97,883 2,299,666 8.6% 459,337 459,337 289,222 1,943,921 $ 29.51 $ 29.60 $30.53 CBD 40,298,290 159,700 3,770,830 9.8% 271,217 271,217 378,189 1,943,921 $ 28.22 $ 28.33 $29.53 Bala Cynwyd 2,734,940 4,159 242,374 9.0% 3,450 3,450 7,724 0 $ 29.91 $ 30.15 $31.78 Southern Bucks County 6,510,789 72,497 1,269,541 20.6% 94,187 94,187 20,132 0 $23.73 $23.79 $25.72 Southern Route 202 Corridor 5,506,239 66,379 696,279 13.9% 31,485 31,485 94,874 0 $23.36 $23.17 $23.49 Delaware County 4,457,867 1,710 600,182 13.5% 104,250 104,250 24,861 0 $24.05 $24.03 $25.89 Blue Bell/Ply. Mtg./Ft. Wsh. 10,635,776 1,482 1,918,244 18.0% 49,042 49,042 113,817 0 $22.96 $22.96 $23.23 Main Line 3,410,922 11,235 107,708 3.5% 33,074 33,074 23,420 17,969 $26.99 $27.07 $29.91 Conshohocken 3,595,436 35,764 209,597 6.8% 8,870 8,870 24,684 0 $32.71 $32.79 $33.33 Horsham/Willow 5,075,439 30,366 740,076 15.2% 0 0 8,814 0 $24.28 $24.53 $25.56 Grove/Jenkintown King of Prussia/Valley Forge 17,371,546 136,613 2,750,691 16.6% 1,015 1,015 328,139 0 $25.64 $25.69 $27.41 SUBURBAN PHILADELPHIA 59,298,954 360,205 8,534,692 15.0% 325,373 325,373 646,465 17,969 $24.70 $24.74 $25.87 Burlington County 7,875,642 13,399 842,939 10.9% 51,895 51,895 71,525 0 $18.82 $18.79 $23.43 Camden County 6,332,277 15,613 1,137,930 18.2% 105,223 105,223 42,422 0 $19.50 $19.49 $24.61 SOUTHERN NEW JERSEY 14,207,919 29,012 1,980,869 14.1% 157,118 157,118 113,947 0 $19.22 $19.20 $23.87 New Castle-Suburban 8,540,492 6,315 1,296,911 15.3% 61,075 61,075 23,918 0 $21.49 $21.51 $22.22 Wilmington-CBD 6,525,248 0 1,022,978 15.7% 3,117 3,117 10,534 0 $23.86 $23.86 $26.08 NEW CASTLE CTY-DE TOTAL 15,065,740 6,315 2,319,889 15.4% 64,192 64,192 34,452 0 $22.81 $22.82 $24.35 Lehigh & Northampton Counties 7,201,233 33,385 693,499 10.1% 263,133 263,133 36,754 0 $ 19.25 $ 19.27 $ 21.75 SUBURBAN TOTAL 88,572,613 395,532 12,835,450 14.9% 546,683 546,683 794,864 17,969 $ 23.52 $ 23.52 $ 25.50 PHILADELPHIA TOTALS** 128,870,903 555,232 16,606,280 13.3% 817,900 817,900 1,173,053 1,961,890 $24.73 $24.75 $26.69 *Rental rates reflect gross asking $psf/year **Lehigh & Northampton Counties are not included within the Suburban & Philadelphia MSA total Key Lease Transactions Q1 2016 PROPERTY SF TENANT TRANSACTION TYPE SUBMARKET Two Logan Square 44,398 Comcast Lease West of Broad 801 Arch Street 42,000 Liberty Resources, Inc. Lease East of Broad 1601 Market Street 39,845 WeWork Lease West of Broad Key Sales Transactions Q1 2016 PROPERTY SF SELLER/BUYER PRICE / $PSF SUBMARKET Kaiserman Company Inc. / MRP Realty, Kaiserman Company Inc. – Portfolio Sale 920,462 $105,250,000 / $114 East of Broad Inc. Brandywine Realty Trust / Korea 2970 Market Street 862,000 $354,000,000 / $411 West of Broad Investment Corporation David Werner Real Estate / Shorenstein 1700 Market Street 841,172 $195,000,000 / $232 West of Broad Properties Cushman & Wakefield For more information, contact: Cushman & Wakefield is a global leader in commercial real estate services, helping clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and rd 1650 Market Street-33 Fl Jared Jacobs, Research Manager investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms in the world with revenues of $5 Philadelphia, PA 19103 Tel: +1 215 963 4077 billion across core services of agency leasing, asset services, capital markets, facilities services (branded C&W Services), global occupier services, investment management (branded DTZ Investors), tenant representation and valuations & advisory. To learn more, visit www.cushmanwakefield.com [email protected] www.cushmanwakefield.com or follow @Cushwake on Twitter. Copyright © 2016 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy. .
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