While Philadelphia’s office market still has a lower vacancy rate than most of Delaware County, this could be changing sometime in near future, writes Harold Brubaker for The Philadelphia Inquirer.
A possible glimpse into the future was provided recently by Radian Group, which decided to move its corporate headquarters from Center City into a significantly smaller space in Wayne.
The mortgage insurer said it learned during the pandemic that its employees performed well without having to come into the office every day.
The move is concerning for Philadelphia’s central business district but it could mean that the collar counties are about to see an influx in businesses looking to adjust their office footprint post-pandemic.
Center City Philadelphia reported a second-quarter commercial vacancy rate of 12.2 percent. The only nearby submarket that has posted a lower vacancy rate for the same quarter is Main Line / Radnor at 6.6 percent.
Meanwhile, the Delaware County submarket currently stands at a 22.7 percent commercial vacancy rate.
Read more about commercial vacancy rates in The Philadelphia Inquirer.