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University City and the Navy Yard lead Philly office deals despite negative absorption

JLL data showed the central business district had move-outs outpace move-ins by 63,100 SF last quarter, even as University City and the Navy Yard posted the biggest deals.

Reported · Written up by our desk · Commercial

University City and the Navy Yard led office leasing activity across Philadelphia last quarter, helping strengthen those submarkets even as overall absorption turned negative, according to Bisnow, citing JLL.

The report pointed to Burlington’s plan to move its headquarters to a 441,000 SF space at 3151 Market St. in University City, and Hanwha’s 64,400 SF lease near its shipbuilding operation in the Navy Yard, as key drivers of deal momentum.

Even with those pockets of strength, the central business district, including University City and the Navy Yard, saw move-outs exceed move-ins by 63,100 SF, largely tied to Day & Zimmerman’s shift from 97,000 SF at 1500 Spring Garden St. to 48,000 SF at 11 Penn Center, as noted by JLL’s Emily Friedman.

Bisnow also said the CBD remained positive on a year-to-date basis at 448,500 SF, supported in part by Chubb’s move into a 438,000 SF space, also attributed to JLL.

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