Conshohocken’s commercial real estate market continues to be very strong according to a real estate report provided to us by Omega Commercial Real Estate. In the second quarter of 2016, Class A office space had a vacancy rate of 7.1%, down from 9.7% in the first quarter. Class A office space basically means the new newer buildings. The vacancy rate for Class B space was at 5.8%, up from 3.5% in the first quarter. Class B space is in older or converted buildings for the most part.
Vacancy for Class A space is at a three year low (as far back as the statistics we have go). Back in 2014, the Class A vacancy rate averaged 13%.