Joe O’Donnell from Omega Commercial Real Estate sent us the data for the commercial real estate vacancy rates in the Conshohocken sub-market for the third quarter of 2017. Vacancy rates continue to drop.
In the first quarter of 2017 the vacancy rate for Class A space was 5.6% and 5.0% in the second quarter. For the third quarter the vacancy rate decreased to 4.7%.
Class B space had a vacancy rate of 4.5% in the first quarter and 3.4% in the second quarter. The Class B’s vacancy rate decreased to 3.0%.
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.