Suburban Office Market Wraps Up 2021 with One of Strongest Quarters in Past Two Years

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Several suburban commercial real estate deals helped 2021 close with a rosy outlook for office occupancy.

The suburban office market ended 2021 with one of the strongest quarters for the past two years, which helped further stabilize it. Natalie Kostelni unlocked the performance metrics for the Philadelphia Business Journal.

“Clients are looking at taking less space and investing more in that space,” said Les Haggett of CBRE Group, the Dallas-based real estate services and investment firm. “There is no one who doesn’t believe in the office.”

Several major deals were struck at the end of the year:

  • Sunoco executed a six-year lease on 55,000 square feet at Ellis Preserve in Newtown Square
  • Iqvia signed on for 55,400 square feet at 650 E. Swedesford Road in King of Prussia
  • Nutrisystem opted for 53,000 square feet at 1100 Virginia Drive in Fort Washington
  • Infinite Blue obtained 37,000 square feet at 2500 Monroe Blvd. in Norristown
  • Vanguard leased 250,000 square feet at 3801 West Chester Pike in Newtown Square

A number of smaller deals also took place:

  • SilkSurvey agreed to occupy 8,511 square feet at 1 Country View Road in Malvern
  • Dinsmore & Shohl inked the paperwork for 5,019 square feet at 100 Berwyn Park in Berwyn

Read more about the suburban office market in the Philadelphia Business Journal.

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