The Northeastern Pennsylvania Office Report Key Trends:
The vacancy rate increased slightly from 6.2% at the end of the first quarter to 6.3% at the end of the second quarter of 2018, the same level as at the end of 2017. Class A vacancy has increased since the end of 2017, mainly due to an increase in sublease space. Class B vacancy decreased from 7.0 to 6.6%.
Absorption was flat due to low leasing volume.
The weighted average asking rent for Class A space space dropped slightly to $19.08 per square foot, full service, from $19.20. Class B rents decreased marginally from $18.85 to $18.59 per square foot.
FOR MORE INFORMATION:
Jeff Algatt
Senior Vice President | Investment Services
+1 610 557 0180 jeff.algatt@colliers.com
