Jan 24, 2024 - News

Office building vacancies in Philadelphia better than national average

Metro area office vacancy rate, Q4 2023
Data: Moody's Analytics; Chart: Axios Visuals

Office vacancies hit 17.4% in the Philadelphia metro in the final quarter of last year, according to data from Moody's Analytics.

Why it matters: Office buildings are emptying around the U.S. as companies adapt to the new norms of remote and hybrid work, writes Axios' Emily Peck.

The big picture: Nationwide, office vacancies reached a record high in the fourth quarter of last year, hitting 19.6%.

Zoom in: Office vacancies in the Philly metro ticked up 1.8% over the past year, per Moody's data.

  • Meanwhile, asking office rent growth rose 1% in the area over the past 12 months.

Between the lines: Remote work in the Philly area isn't as popular as other big metros.

  • The share of people who work from home fell to 18.6% in 2022, down from 23.6%, per the latest Census figures.

Plus, more workers began clocking into Center City's main office hub in September when tech giant Comcast — the city's largest private downtown employer — called workers back to the office four days a week, up from three.

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