A soft start for leasing as a new year begins

Companies continue to reimagine their space requirements and usage as leases expire. Leasing activity totaled 899,153 square feet (sf) for the first quarter of 2024 — almost 8.0% less than executed at year-end 2023. At 192,452 sf, leasing activity for the Philadelphia Central Business District (CBD) was almost half of what was executed in the fourth quarter of 2023. The City of Philadelphia’s new mayor, Cherelle Parker, has called for city employees to return to the office. Her administration’s goal is to influence more private sector employers to do the same. Notable transactions signed during the first quarter included Unisys Corporation’s renewal of its 64,390-sf lease at 801 Lakeview Drive in Blue Bell, Berkley Insurance Company’s relocation to 52,785 sf at 232 Strawbridge Drive in Burlington County and Morris James’ lease to relocate to 43,000 sf at the soon-to-be delivered 1800 Concord Pike — Tower at Avenue North in North New Castle.

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