Joe O’Donnell from Omega Commercial Real Estate sent us the data for the commercial real estate in the Conshohocken sub-market. Office vacancy rates continue to be low. In the fourth quarter of 2016 the vacancy rate for Class A space was 7.9%. That represents a small rise from 7.7%. Class B space had a vacancy rate of 6.2% in the fourth quarter, also up 0.2% from the 6.0% in the third quarter.
The average rent for Class A space stayed even at $31.50 per square foot from the third to fourth quarter. Rents rose from $21.50 to $23.00 per square foot in Class B space.
These numbers mean that there continues to be very little available space for larger tenants in the newer and tall office buildings. The same goes for the Class B space which represents the older buildings.