The winners and losers in Philadelphia’s post-COVID office market

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Daily News | The winners and losers in Philadelphia’s post-COVID office market

? Are there cases where it makes sense to demolish a building to make way for something new?

Brandywine Realty Trust, a Philadelphia company with a national portfolio of more than 24 million square feet of office and other space, noted in its second quarter earnings call that its core holdings in Center City, University City, the Philadelphia suburbs and Austin, Texas, were 91.2% occupied and 92.7% leased.

The superabundance of subleasing is historically unusual and is a sign of this moment of uncertainty as office users try to figure out how much space they actually need. Historically, such offerings have drawn little interest. Large-to-medium size office tenants like to have control of their surroundings and don’t want to deal with a previous occupant playing landlord.

 

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