Philadelphia Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $38.25 2024 Avg. Asking Rent
  • 0.30% Y-o-Y Avg. Asking Rent Change
  • 17.05% 2024 Office Vacancy Rate
  • $110M2024 Total Office Sales
  • $79.29Avg. Sale Price/SF

Philadelphia office price per square foot in 2024 was $38.25 on average. This marked a +0.30% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.05% across all asset classes combined. The 7 transactions that closed here throughout 2024 amounted to a total sale volume of $110M. Philadelphia office space commanded an average sale price per square foot of $79.29.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Philadelphia Class A & A+ Office Space$43.14
  • Philadelphia Class B Office Space$28.17
  • Philadelphia Class C Office Space$19.82
  • Pennsylvania Class A & A+ Office Space$34.29
  • Pennsylvania Class B Office Space$25.57
  • Pennsylvania Class C Office Space$19.06

Philadelphia, PA Office Asking Rents by Class

Average office rent in Philadelphia rested at $38.25 per square foot in 2024. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Philadelphia averaged $43.14 per square foot. Across all submarkets, class B office space recorded an average asking rent of $28.17 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.82 per square foot, on average. Comparably, statewide Pennsylvania average office rents by class in 2024 were: $34.29 per square foot for class A office space; $25.57 per square foot for class B office space; $19.06 per square foot for class C office space.

2024 Office Vacancy Rates in Philadelphia

Submarket Asking Rents Vacancy Rates
Philadelphia - University District $40.59 15.95%
Philadelphia - Center City $38.47 18.42%
City Avenue Corridor $37.88 22.98%
Philadelphia - North Central $24.05 8.87%
Philadelphia - West $24.00 4.97%
Philadelphia - Northwest $21.01 32.49%
Philadelphia - South $17.52 1.28%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Philadelphia market was 17.05% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Philadelphia was 1.28% in the Philadelphia - South submarket, while the highest office vacancy in the market was 32.49%, recorded in Philadelphia - Northwest.

Office Spaces for Rent in Pennsylvania

Philadelphia Office Sale Price per SF

  • $79.292024 Avg. Price per SF
  • -39.31%Y-o-Y Avg. PpSF Change
  • $110M2024 Office Sales Volume
  • 72024 Number of Transactions

Philadelphia, PA Sale Price per SF Trend

  • Philadelphia Avg. Sale Price per SF in 2024$79.29
  • Pennsylvania Avg. Sale Price per SF in 2024$103.46
Philadelphia office space cost in 2024 marked a -39.31% change compared to the previous year. The sale price for office space in Philadelphia averaged $79.29 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Pennsylvania average office sale price during the same time period was $103.46 per square foot.

2024 Office Sales Volume

  • Philadelphia, PA Total Office Sales Volume in 2024 $110M
  • Philadelphia, PA Total Number of Office Sales Closed in 2024 7
A total of 7 deals closed on the Philadelphia office market in 2024, adding up to a yearly sales volume of $110M. Notably, the largest transaction on the market saw Bourse, The change hands for $31,000,000 on 7/9/2024.
Data provided by Commercial Edge

Coworking Spaces in Pennsylvania

2024 Office Construction in Philadelphia, PA

  • Philadelphia, PA Total SF completed in 2024 879,000
  • Philadelphia, PA Total SF under construction in 2025 1,228,193

During 2024, 879,000 square feet of new office space were delivered across the market. At the close of 2024, the Philadelphia office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 879,000 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 1,228,193 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Philadelphia
Office building Address SF Completed
Schuylkill Yards - 3151 Market Street 3151 Market Street, 19104 435,000 2024
University Place 3.0 4101 Market Street, 19104 250,000 2023
Schuylkill Yards - 3025 JFK Blvd 3025 John F. Kennedy Blvd, 19104 209,000 2023
LVL North 510 North Broad Street, 19130 535,000 2022
FMC Tower at Cira Centre South 2929 Walnut Street, 19104 625,863 2017
The Navy Yard - Five Crescent Drive 5 Crescent Drive, 19112 216,338 2013
2.0 University Place 30 North 41st Street, 19104 97,479 2013
1025 Hamilton St 1025 Hamilton St, 19123 9,359 2010
3020 Market Street 3020 Market Street, 19104 190,925 2008
Rare Loft-Style Office with Parking & Flexible Redevelopment Potential 4640 Umbria St, 19127 15,090 2008

Worth noting among recent office completions on the Philadelphia market is Schuylkill Yards - 3151 Market Street, which is currently the largest new office development in the city, at 435,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Philadelphia commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.