The vacancy rate for high-end office properties located along the Pennsylvania Turnpike and U.S. Route 202 in Malvern, PA, rose to almost 25 percent in the wake of the Great Recession, with pharmaceutical firms – including Pfizer and Endo Health Solutions – downsizing their footprints and putting large blocks on space on the market for lease.
But these same office properties in the U.S. commercial real estate market – including Malvern office space – have seen average vacancy rates decline steadily since 2011 and are down below five percent to start the second quarter of 2018 – the lowest level in more than 15 years.
This report on U.S. and Malvern commercial properties is being made through Malvern commercial real estate broker Wolf Commercial Real Estate, a Malvern commercial real estate brokerage firm focusing on Malvern office properties.
Another way to gauge the tightness of Malvern’s high-end office market is by comparing its availability rate – the percentage of office space listed as available for lease on CoStar – with availability rates in the national and Malvern commercial real estate markets. By this measure, Malvern is one of the tightest suburban office nodes throughout the entire Northeast region.
What explains the dramatic recovery in occupancies in these office properties located more than 25 miles from Philadelphia’s CBD?
For starters, recent infrastructure improvements near these national and Malvern commercial real estate properties have played a key role. In 2016, the Pennsylvania Department of Transportation completed a three-year project widening Route 202 to six lanes between Conestoga Road and Route 30. This project, combined with an earlier installation of a new interchange between the Pennsylvania Turnpike and Route 29, has made Malvern more accessible to commuters coming in from nearby areas such as Exton, King of Prussia, and Downingtown.
By locating in Malvern, office tenants looking for more value in their U.S. and Malvern commercial real estate listings also can remain close to highly-educated workers in and around the Upper Main Line, while paying lower office rents than tenants in competing suburban submarkets closer to Philadelphia.
For example, at the start of the second quarter, the average listed rent for Four and Five Star office space in Malvern was about $24 per square foot, 20 percent below listed Four and Five Star rents in King of Prussia and 30 percent below listed Four and Five Star rents in Conshohocken.
All these selling points have helped coax firms in information technology, pharmaceuticals and finance to either move into the U.S. commercial real estate market – including Malvern office space – or to expand their existing offices within the area, in recent years.
For more information about Malvern office space and other Malvern commercial properties, please call 215-799-6900 to speak with Jason Wolf (email@example.com) at Wolf Commercial Real Estate, a leading Malvern commercial real estate broker that specializes in Malvern office space.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Malvern commercial real estate brokerage firm that provides a full range of Malvern commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, office buildings and other Malvern commercial properties for buyers, tenants, investors and sellers.
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