News
BRANDYWINE TO FOCUS ON 'BURBS IN Q2
April 24, 2012
| If you see a bunch of brokers in sunglasses, that's because Class-A office rentals in Philadelphia's CBD and suburbs is looking bright. Brandywine Realty Trust laid out details of its Q1 leasing activity yesterday, reporting it signed 740k SF of new and renewal leases. |
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| 180k SF of that activity was Center City-based, with the vast majority consisting of lease extensions in Brandywine's Three Logan Square, where Marsh & McClennan, Hudson Highland Group and CH2M Hill all renewed. But Brandywine SVP George Johnstone assures us that space in 'burbs in being snapped just as quickly. Aside from Philadelphia's CBD, he said, "the markets that are performing best [for us] are the crescent markets of Radnor, Conshohocken, Plymouth Meeting, and Newtown Square." |
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| This picture will lead many alien hunters to descend on Philly. As far as Q2 is concerned, George suggested that Brandywine will be paying special attention to its lesser-performing regional suburban markets, which include Berwyn, West Chester, and Devon (especially since Three Logan, above, is so stabilized at this point). "Our hope is that as certain submarkets tighten even further," he says, "demand will shift to other submarkets where [Brandywine's] vacancy rates are higher." |
