Philadelphia Office Market Report
By CREhunt Research · Data through Q1 2025 · Aggregated from , Cushman & Wakefield
Quarterly office market indicators for Philadelphia, aggregated by CREhunt from , Cushman & Wakefield. As of Q1 2025, average asking rent was $77.00/SF with a 14.2% vacancy rate.
Projected current office pricing — Philadelphia
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Philadelphia office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q1 2025 asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent held flat). Assumes ~88% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2025 | $77.00/SF | 14.2% | — | — | |
| Q1 2025 | $38.32/SF | 12.0% | -4.3M SF | — | Cushman & Wakefield |
Frequently asked questions
- What is the average asking rent for office space in Philadelphia?
- As of Q1 2025, the average asking rent for office space in Philadelphia was $77.00/SF.
- What is the office vacancy rate in Philadelphia?
- The office vacancy rate in Philadelphia was 14.2% as of Q1 2025.
- Where does CREhunt's Philadelphia market data come from?
- This report aggregates quarterly office market data for Philadelphia from Cushman & Wakefield.