Leasing momentum strengthens with both large renewals and relocations
Year-to-date leasing activity totaled 3.3 million square feet (msf) in the Philadelphia metropolitan region, 16.1% higher than this time last year. Transactions in the Philadelphia Central Business District (CBD) accounted for 39.3% of the regional total. While half of the quarter’s top 10 transactions involved tenants choosing to stay in place, renewals and restructures represented only 29.0% of quarterly volume.