Regional leasing volume rebounds, posting almost 1.1 million square feet for the quarter

The second quarter closed with pandemic restrictions being lifted across the Philadelphia region. Local governments reported a significant increase in vaccination rates leading to a re-opening in both the city and the suburbs. However, employees have been slow to return to the office full-time, with many employers permitting flexible work schedules — for the time being. The region reported 1.1 million square feet (msf) of quarterly leasing activity, a level not seen since Q2 2020. West Market and University City recorded the largest quarterly activity at 236,629 square feet (sf) and 168,633 sf, respectively. As a result, leasing activity in the Philadelphia Central Business District (CBD) almost tripled from the first quarter. Law firm Dechert executed a short-term renewal of 109,000 sf at Cira Centre North in the University City submarket, downsizing by three floors. In addition, insurance firm Radian subleased almost 55,000 sf at 550 E Swedesford Road in the King of Prussia submarket, while biotechnology firm, Biomeme, will relocate to 44,000 sf at 401 N Broad Street in the Outer Philadelphia submarket.

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