Rents/Leases

↑ Office:

Asking: $23.90 per square foot

Effective: $20.38 per square foot

↑ Retail:

Asking: $20.13 per square foot

Effective: $18.21 per square foot

↑ Apartment:

Asking: $1,019 per unit

Effective: $979 per unit

↓ Industrial: $4.17 per square foot

Vacancy

↔ Office: 11.7 percent

↓ Retail: 6.3 percent

↑ Apartment: 4.3 percent

↑ Industrial: 7.4 percent

Absorption

↑ Net office: 1.58 million square feet

↑ Net retail: 110,000 square feet

↓ Net industrial: 40,000 square feet

↓ Apartment: 106 units

Under Construction

↑ Office: 1.3 million square feet

↓ Retail: 0 square feet

↑ Apartment: 214 units

↑ Industrial: 7.1 million square feet

Résumé

• Largest area employers: School District of Philadelphia, Jefferson Health System, University of Pennsylvania, University of Pennsylvania Health System, Merck & Co. Inc.
• Demographics: 45 percent black, 43 percent white, 7 percent other, 5 percent Asian; 10 percent identify as Hispanic or Latino
• Pennsylvania Convention Center expansion to create largest contiguous exhibit space in the Northeast upon completion in 2011
• U.S. capital from 1790 to 1800

Sources: CB Richard Ellis, CityFeet.com, TheDailyGreen.com, GlobeSt.com, Greater Philadelphia Chamber of Commerce, MarketWatch.com, The Philadelphia Business Journal, The Philadelphia Inquirer, Reis Inc., The Temple News, U.S. Census Bureau, U.S. Department of Labor

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