Wayne Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $33.85 2023 Avg. Asking Rent
  • 2.61% Y-o-Y Avg. Asking Rent Change
  • 6.92% 2023 Office Vacancy Rate

Wayne office price per square foot in 2023 was $33.85 on average. This marked a +2.61% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 6.92% across all asset classes combined.

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

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Pennsylvania Class A & A+ Office Space$32.78
  • Pennsylvania Class B Office Space$24.45
  • Pennsylvania Class C Office Space$29.06

Wayne, PA Office Asking Rents by Class

2023 Office Vacancy Rates in Wayne

Submarket Asking Rents Vacancy Rates
Main Line $48.40 11.70%
202 Corridor $31.31 11.87%
King of Prussia $29.29 14.01%
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 Wayne market was 6.92% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Wayne was 11.70% in the Main Line submarket, while the highest office vacancy in the market was 14.01%, recorded in King of Prussia.

Office Spaces for Rent in Pennsylvania

Coworking Spaces in Pennsylvania

2023 Office Construction in Wayne, PA

  • Wayne, PA Total SF completed in 2023 138,065
  • Wayne, PA Total SF under construction in 2024 144,685

During 2023, 138,065 square feet of new office space were delivered across the market. At the close of 2023, the Wayne office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 138,065 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 144,685 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Wayne
Office building Address SF Completed
Flex at Chesterbrook 851 Duportail Road, 19087 21,285 2019
1500-1550 Liberty Ridge Drive 1500-1550 Liberty Ridge Drive, 19087 233,120 2002
Radnor Financial Center - 555 East Lancaster Avenue 555 East Lancaster Avenue, 19087 241,687 2000
Penn Medicine at Radnor 250 King of Prussia Road, 19087 250,000 1989
Chesterbrook Corporate Center - 725 & 735 Chesterbrook Blvd 725 Chesterbrook Blvd, 19087 219,734 1987
Chesterbrook Corporate Center - 600, 620, 640 & 690 Lee Road 640 Lee Road, 19087 213,296 1987
Chesterbrook Corporate Center - 955 Chesterbrook Blvd 955 Chesterbrook Blvd, 19087 121,344 1987
Chesterbrook Corporate Center - 965 Chesterbrook Blvd 965 Chesterbrook Blvd, 19087 120,000 1987
West Valley Business Center 900 West Valley Road, 19087 161,000 1986
Bay Colony Executive Park 565 East Swedesford Road, 19087 247,294 1985

Worth noting among recent office completions on the Wayne market is Flex at Chesterbrook, which is currently the largest new office development in the city, at 21,285 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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Wayne 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.