Downtown Philadelphia Accounts for Bulk of the Region’s Office Construction

The Philadelphia region has 21 office properties under construction totaling over 3.7 million square feet, as of the third quarter of this year. Over 70% of the new office development is concentrated in two downtown areas: University City and the Market Street West section of Center City. University City alone accounts for 1.2 million square feet, or 32%, of the ongoing office construction, while Market Street West contributes nearly 1.5 million square feet, constituting 40% of the region's total.