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Downsizing Returns Blocks of Space to the Market

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Downsizing Returns Blocks of Space to the Market Research PHILADELPHIA 1Q16 OFFICE MARKET Downsizing Current Conditions Bottom of Shaded Title Box • Overall vacancy for the region ticked up 10 basis points Bottom of Subtitle/Title Returns Blocks from year-end 2015, to 14.3%. Top of Chart of Space to the • All property classes within the CBD experienced an increase in the rental rate average from year-end 2015. Market • Outside investors executed a number of capital 6 Values on Y-Axis Chart Area investments within the Greater Philadelphia Region during After a strong finish to 2015, the Greater Philadelphia office market the first quarter 2016. experienced a slight slowdown in the first quarter of 2016. Overall vacancy for the region ticked up 10 basis points from year-end 2015, Bottom of Chart to 14.3%. Regardless of this minor hiccup, the average vacancy rate Top of Legend/Chart is still at a long-term low. Tenants seeking quality space created Market Analysis Bottom of Legend/Chart Top of Source/Legend 253,651 square feet in positive absorption within Class A inventory. Asking Rent and Vacancy Bottom of Source Bottom of Shaded Blue Box During the first quarter of 2016, overall net absorption for the Central $27 20% Business District (CBD) registered at negative 339,227 square feet, $26 18% as downsizing tenants put space back on the market. The CBD’s $25 16% overall vacancy rate, at 11.7%, represents an increase of 80 basis points from the fourth quarter of 2015. Cigna returned 128,000 $24 14% square feet of trophy-quality space to the market, after renewing for $23 12% only 322,000 square feet at Two Liberty Place last year. Additionally, $22 10% Wells Fargo returned over 65,000 square feet to the market at 123 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 South Broad Street. At the Sovereign Building, located at 714 Market Street, the departure of a number of mid-size tenants brought over Average Asking Rent (Price/SF) Vacancy (%) 90,000 square feet back on the market. Tenant interest in relocating to the West Market helped the city’s Net Absorption largest and most central submarket maintain good market Square Feet, Millions fundamentals. The West Market was the only submarket in the CBD 1.5 to show positive absorption this quarter, posting 67,495 square feet. Notable tenants that occupied space included CDI Corp., which took 1.0 34,987 square feet at 1735 Market Street, and FINRA, which leased 0.5 19,866 square feet at 1601 Market Street. Year-over-year, the overall 0.0 vacancy rate abated 320 basis points, to finish first-quarter 2016 at -0.5 10.4%. Class A space is particularly tight within the submarket, reporting a record low vacancy of 9.9%. -1.0 1Q06 1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 The suburbs posted 186,527 square feet of positive net absorption this quarter due in large part to activity in the Exton/Malvern and King of Prussia submarkets. At 52 East Swedesford Road in Malvern, SEI Market Summary occupied 45,532 square feet, while Main Line Health took 31,459 Current Prior Year Ago 12 Month square feet. Overall vacancy, at 16.1%, dropped by 160 basis points Quarter Quarter Period Forecast compared with this time last year. Vacancy was tightest in the Total Inventory 107MSF 107MSF 106MSF suburbs closest to the city limits. Vacancy Rate 14.3 % 14.2% 15.7% Quarterly Net Absorption -152,700 370,013 206,977 Average Asking Rent $26.27 $26.07 $26.02 Under Construction 2,355,662 2,355,662 2,001,400 Deliveries 0 45,400 0 Research PHILADELPHIA 1Q16 OFFICE MARKET CBD Rents for All Classes Increase Turning to the suburbs, Brandywine Realty Trust sold a multi-state Despite some blocks of space coming back to the market, all property leasehold interest in a 57-property portfolio to New York-based Och-Ziff classes within the CBD experienced an increase in the rental rate average Capital Management for $210 million. Some of the properties in the from year-end 2015. Tenant gravitation to the West Market resulted in its Philadelphia suburbs included: 500 Enterprise Road and One Progress Class A direct average rental rate remaining above $30.00/SF for the Drive in Horsham, 920 Harvest Drive in Blue Bell and Croton Road second quarter in a row. While the Class A average in the suburbs rose Corporate Center in King of Prussia. $0.17 from fourth-quarter 2015, Class B and Class C properties both Lastly, National Asset Services sold 300 Four Falls, located in experienced declines from year-end 2015. Conshohocken, to Hayden RE Investments for $98.4 million. Saint Outside Investors Gain Interest in the Philadelphia Region Gobain headquarters, located at 20 Moores Road in Malvern, traded to Investor interest in core markets spurred some notable sales a joint venture of 90 North RE Partners and Arzan Financial Group for transactions within the CBD this quarter. Brandywine Realty Trust sold $123.5 million, or $386/SF. the 862,692-square-foot Cira Square to Korea Investment Management Three Properties To Deliver in the CBD By Year End for $354 million, or $407/SF. The property underwent a major The CBD will have four properties delivering in 2016, totaling over 1.0 renovation in 2010 and secured the Internal Revenue Service as the million square feet. One Franklin Tower and 34 South 11th are both on sole tenant until August 2030. track to finish in the summer. In addition to over 200,000 square feet of Washington, DC-based MRP Realty purchased 400 Market Street, office space being delivered at One Franklin Tower, the project will Constitution Place, The Bourse Building and The Bourse Building’s deliver 468 residential units on the top floors of the building. garage in a portfolio sale from Kaiserman Company for $104 million. Construction of the 622,000-square-foot FMC Tower, aka Cira Centre MRP plans to renovate all four properties, with upgrades to common South, will conclude in December. Comcast Innovation & Technology areas and facades. Additionally, MRP hopes to reposition the Bourse’s Center is well under construction and due to finish at the beginning of retail space. 2018. There are rumors that Comcast may seek to construct a third A joint venture of David Werner RE and Nightingale Property sold the building within the CBD. If that rumor proves true, the Philadelphia CBD 841,172-square-foot 1700 Market Street to Shorenstein Properties. The will grow in stature as a media and technology center. San Francisco-based Shorenstein purchased the property for $195 million, or $232/SF. Lease/User Transactions Tenant Building Submarket Type Square Feet SCA Americas Cira Centre West Market Renewal 100,000 Board of Pensions 2000 Market Street West Market Extension 77,000 Liberty Mutual Insurance Company 2200 Renaissance Boulevard King of Prussia New 42,418 AmeriGas 1150 1st Ave King of Prussia Renewal/Expansion 34,135 Bracket Global 1150 Northbrook Drive Bucks County Sublease 26,714 Select Sales Transactions Building Submarket Sale Price Price/SF Square Feet 2790 Market St West Market $354,000,000 $410 862,692 1700 Market St West Market $195,000,000 $232 841,172 20 Moores Rd Exton/Malvern $123,000,000 $384 320,000 300 Four Falls Conshohocken $98,400,000 $330 298,482 200 Dryden Rd Horsham/Willow Grove $34,750,000 $154 225,722 2 Research PHILADELPHIA 1Q16 OFFICE MARKET www.ngkf.com Submarket Statistics Total Under Total Qtr YTD Class A Class B Total Inventory Construction Vacancy Absorption Absorption Asking Rent Asking Rent Asking Rent (SF) (SF) Rate (SF) (SF) (Price/SF) (Price/SF) (Price/SF) East Market 6,288,490 190,290 13.7 % -160,943 -160,943 $27.46 $24.68 $23.72 Independence Square 4,852,963 - 19.3 % -191,691 -191,691 $28.59 $26.18 $25.78 University City 2,868,880 - 2.7 % - 22,512 - 22,512 $36.50 $32.63 $35.80 Walnut/South Broad 4,065,524 - 13.7 % -31,576 -31,576 $27.25 $25.87 $25.06 West Market 25,160,472 2,165,372 10.4 % 67,495 67,495 $30.76 $27.34 $29.86 CBD Total 43,236,329 2,355,662 11.7 % -339,227 -339,227 $31.06 $26.39 $28.07 Bala Cynwyd 2,968,722 - 12.6 % 20,807 20,807 $33.51 $30.50 $30.98 Blue Bell/Plymouth Meeting 8,051,090 - 17.8 % -3,502 -3,502 $25.91 $21.99 $22.96 Bucks County 8,200,087 - 20.3 % 49,549 49,549 $28.51 $22.71 $24.00 Central/S Delaware County 5,366,292 - 13.8 % -108,650 -108,650 $27.23 $24.13 $23.74 Conshohocken 3,333,055 - 12.7 % -32,469 -32,469 $35.41 $28.40 $32.93 Exton/Malvern 8,236,291 - 14.3 % 107,236 107,236 $26.51 $24.67 $25.13 Fort Washington 3,605,418 - 28.3 % -14,397 -14,397 $26.49 $24.43 $24.92 Horsham/Willow Grove 4,569,233 - 16.4 % -2,860 -2,860 $27.53 $24.89 $24.74 Jenkintown 1,081,401 - 13.0 % 7,759 7,759 $25.26 $20.85 $22.79 King of Prussia 13,183,869 - 16.6 % 145,165 145,165 $30.46 $24.30 $26.67 Radnor/Main Line 2,823,355 - 1.8 % 20,628 20,628 $38.97 $33.29 $36.98 Southern 202 Corridor 2,484,837 - 12.2 % -2,739 -2,739 $28.23 $24.45 $26.66 Suburban Total 63,903,650 - 16.1 % 186,527 186,527 $28.91 $24.18 $25.44 Market Total 107,139,979 2,355,662 14.3 % -152,700 -152,700 $29.74 $24.69 $26.27 3 Research PHILADELPHIA 1Q16 OFFICE MARKET Economic Employment By Industry Conditions Philadelphia, PA Metropolitan Division, 2015 Annual Average 2.4% Mining/Logging/Construction The Philadelphia Metropolitan Statistical Area’s (MSA) preliminary 13.9% 3.9% Manufacturing unemployment rate for February of 2016 stood at 4.8%, a year-over-year 14.7% Trade/Transportation/Utilities decrease of 180 basis points.
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