Why implement your office in Philadelphia?

Philadelphia has emerged as a highly sought-after destination for businesses looking to lease office space. With a strong and diverse economy, a strategic location in the heart of the Northeast Corridor, and a growing population of highly skilled workers, the city offers an attractive mix of factors that make it a prime location for commercial real estate. As a result, the office leasing market in Philadelphia has remained consistently strong in recent years, with demand for high-quality office space driving new development projects and renovations of existing properties. From the bustling business district in Center City to the more suburban office parks of the surrounding counties, Philadelphia offers a wide range of options for businesses of all sizes and industries looking to lease office space. With easy access to major transportation hubs, world-class cultural institutions, and a vibrant restaurant and nightlife scene, Philadelphia continues to be a top choice for companies seeking a dynamic and thriving business environment.

How much does it cost to rent an office in Philadelphia?

The cost of renting an office in Philadelphia can vary widely depending on factors such as location, size, amenities, and the specific neighborhood within the city. Generally, office rental prices in Philadelphia range from around $20 to $40 per square foot per year.

Prime locations in downtown Center City or popular neighborhoods such as University City may command higher rents, while office spaces in suburban areas or emerging neighborhoods may be more affordable.

To read: our Philadelphia MarketBeat Office report analyzes quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels. 

Are office space rents likely to increase in Philadelphia? 

Office space rents in Philadelphia, like in many other major cities, can be influenced by various factors such as supply and demand dynamics, economic conditions, and overall market trends.

Philadelphia has been experiencing a period of revitalization and economic development in recent years, attracting new businesses and residents. This growth could potentially lead to increased demand for office space, which may contribute to upward pressure on rental prices. 

Popular neighborhoods in Philadelphia

Philadelphia offers a variety of popular neighborhoods where businesses can lease office space, each with its own unique character and advantages. Here are a few notable neighborhoods in Philadelphia known for their commercial real estate offerings: 

• Center City: As the heart of Philadelphia, Center City is a bustling business district and a popular choice for office leasing. It is home to many high-rise office buildings, corporate headquarters, and professional services firms. The neighborhood offers a vibrant mix of amenities, including restaurants, shopping centers, and cultural attractions. 

• University City: Located near prestigious universities like the University of Pennsylvania and Drexel University, University City is a thriving hub of innovation and research. It is an attractive location for companies in the technology, healthcare, and education sectors. The neighborhood offers a blend of modern office spaces, collaborative work environments, and access to a highly educated workforce. 

• Navy Yard: Situated along the Delaware River, the Navy Yard has undergone significant redevelopment in recent years. It has transformed into a dynamic business campus with modern office buildings and a focus on sustainability. The Navy Yard is particularly attractive to companies in the technology, manufacturing, and life sciences industries. 

• Northern Liberties: This neighborhood has experienced a revitalization in recent years and is known for its artistic and creative vibe. It offers a mix of converted industrial spaces, lofts, and modern office buildings. Northern Liberties is often preferred by startups, creative agencies, and design-oriented businesses. 

• Old City: With its historic charm and proximity to major attractions such as Independence Hall and the Liberty Bell, Old City has become a popular destination for businesses seeking a unique office environment. The neighborhood features a mix of renovated historic buildings and contemporary office spaces, catering to a wide range of industries.   

Getting to and from Philadelphia

Philadelphia is a well-connected city with various transportation options for getting to and from the city. 

• Air Travel: Philadelphia International Airport (PHL) is the major airport serving the region. It offers numerous domestic and international flights, making it convenient for both business and leisure travelers. The airport is located about 7 miles southwest of Center City Philadelphia and is easily accessible by taxi, ride-sharing services, public transportation, or private car. 

• Train Travel: Philadelphia is a major transportation hub along Amtrak's Northeast Corridor, offering frequent train service to and from cities like New York, Washington, D.C., and Boston. Amtrak's 30th Street Station, located in West Philadelphia, is the city's main train station and provides connections to regional rail lines and other transit options. 

• Bus Travel: Several bus companies, including Greyhound, Megabus, and BoltBus, operate in Philadelphia, offering affordable intercity transportation. The main bus terminal in the city is the Greyhound Bus Station, located near the Convention Center in Center City. 

• Car: Philadelphia is accessible via major highways such as Interstate 95, Interstate 76 (Schuylkill Expressway), and the Pennsylvania Turnpike (Interstate 276). However, traffic congestion can be common during peak hours, so it's advisable to plan accordingly. There are various parking options available in the city, including parking garages and street parking, although rates and availability may vary. 

• Public Transportation: Philadelphia has an extensive public transportation system operated by the Southeastern Pennsylvania Transportation Authority (SEPTA). The system includes buses, subway lines, trolleys, and regional rail services. SEPTA's Broad Street Line and Market-Frankford Line are the city's subway lines that provide convenient access to many neighborhoods and attractions. 
  
  
• Cycling and Walking: Philadelphia is a bike-friendly city, with bike lanes and trails available throughout the city. Indego, the city's bike-sharing program, offers a convenient option for short-distance travel. Walking is also a popular way to explore the city, especially in the compact and pedestrian-friendly areas of Center City.