Next big Phila. CRE question: Who gets Glaxo's vacated space?
December 21, 2011
By: Natalie Kostelni

Forecasting season is upon us.

Here are some of Studley Inc.’s prognostications for next year for the office market in Philadelphia’s Central Business District:

• Trophy space will continue to get tighter;

• Rents for this top-notch space will rise though distressed properties are having a “downward pull” on the remainder of the market;

• Firms will continue to shrink the amount of square footage they allot employees in offices as hoteling and collaborative work spaces are encouraged;

• Some tenants may begin to feel more confident to relocate rather than renew;

• The market will experience overall positive growth. ...

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