Joe O’Donnell from Omega Commercial Realty recently shared with us the vacancy rates for office and commercial space in the Conshohocken sub-market (Conshohocken, West Conshohocken and portions of Plymouth and Whitemarsh) from the first quarter of 2015. As the below graph details, Class A space has slid down to under a 10% vacancy rate. A year ago the vacancy rate was hovering just below 15%. Class B space also ticked down to a 6.1% vacancy rate.
So what does this mean? It means that if a large company wanted to make Conshohocken its home, it would need someone large to move out or go out of business, or have a new building built (there are two approved, but not yet constructed, and a couple proposed).
As of 2013, the Conshohocken sub-market had almost 3,500,000 square feet of Class A office space across 26 buildings, plus just over 840,000 square feet of Class B office space within 11 buildings.
If you are wondering about the differences between Class A and Class B space, click here for an explanation.