The suburbs outpace downtown Philadelphia in Q1 leasing activity

The Greater Philadelphia region reported almost 1.5 million square feet (msf) of leasing activity — moving closer to pre-pandemic levels of activity. Over 1.0 msf of transactions were executed in the suburbs with the PA Turnpike/Rt. 202 Corridor (158,869 sf), Burlington County (140,558 sf), North New Castle (90,415 sf) and Conshohocken (87,984 sf) submarkets leading in demand. In the Philadelphia Central Business District (CBD), West Market reported 320,071 sf of transactions. Notable leases executed during the first quarter included Temple University renewing its 130,213-sf lease at 1515 Market Street, IQVIA relocating to 54,427 sf at 650 E Swedesford Road, Nemours renewing and downsizing to 42,734 sf at 2200 Concord Pike and Auto Lenders leasing 31,277 sf at 101 Woodcrest Road. Philadelphia’s growing life sciences industry is driving new construction. A joint venture between Drexel University and Gattuso Development Partners announced plans to build a 500,000-sf lab building on Drexel’s campus in University City. In addition, Oxford Properties in conjunction with Ensemble Real Estate Investments and Mosaic Development Partners announced plans to build a 3.0-msf life sciences campus in the Navy Yard.

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