What Should You Know About The Office Space Industry In Philadelphia?

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Are you planning to move or expand your business to Philadelphia? There are many office spaces for rent in Philadelphia; the question is: What’s the right location for your business?

Moving your business to a new location can be very time consuming and frustrating. However, you don’t need to go through this painstaking journey because services like OfficeFinder, can help you find the best location suitable for your business. They have representatives who know the market very well. So they can help you with the most suitable office space you need.

There are over 145 million square feet of office space for rent Philadelphia, which includes southern New Jersey that is nearby, and submarkets. The office market is spreading over a wide geographic area, providing tenants lots of options when looking into renting an office space.

Some accessible office space for rent in Philadelphia are:

  • Navy Yard Office Market. The New Yard office market consists of a mix of class A, B, and C industrial and medical office space. As it is considered as a Keystone Opportunity Zone, tax incentive offers are available to companies located there.
  • University City Office Market. The University of Pennsylvania and Drexel University control this area, which consists of Healthcare properties, hospitals, as well as Class A, and R&D buildings. Tax incentive opportunity zones are being offered in this market as well.
  • Center City Office Market. The Center City office market is divided into the Market East and Market West. Broad Street separates these markets. Class B and C office buildings characterize Market East and are primarily tenanted by government agencies, non- profit and city-based organizations. The Market West attracts financial and legal tenants because of newer Class A trophy buildings.

Why Is It Important To Know The Market Of Your Future Office Location?

Why Is It Important To Know The Market Of Your Future Office Location
Knowing the potential of your business location will help you determine if your business will do well in this particular market. Choosing a good location takes time and a lot of research. Therefore, getting assistance from reliable information and referral network can save you time and money.

What Should You Expect From The Philadelphia Office Market?

Apart from the strong job growth in Philadelphia, the deep talent pool led to a thriving, diverse business ecosystem in the metro- which resulted in a massive spike in the number of many startups.

Philadelphia has 1.5 million residents, providing you many talented workers. It is also home to the Philadelphia Stock Exchange- which makes it a vital economic hub for the USA. The numerous colleges and universities attract thousands of international students who find jobs in the area right after graduation. This provides you access to freshly educated individuals who can power your company to success.
What Should You Expect From The Philadelphia Office Market

Conclusion

Philadelphia is leading in trend in embracing and implementing “Agile” office space strategies. By doing so, this generation of workers can work more efficiently without restriction and pressure from a corporate feel environment. Companies are now more capable of maintaining the same number of employees or more without compromising their ability to function.