Joe O’Donnell from Omega Commercial Real Estate sent us the data for the commercial real estate vacancy rates in the Conshohocken sub-market for the first quarter of 2017. In the fourth quarter of 2016 the vacancy rate for Class A space was 7.9%. In the first quarter of 2017 that number has dropped to 5.6%. Class B space had a vacancy rate of 6.2% in the fourth quarter of 2017. That dropped down to 4.5%.
The average rent for Class A space in the fourth quarter of 2017 was $31.50 per square foot. That has risen to $34.00. Class B space rents continue to climb, going from $21.50 in the third quarter of 2016 to $23.00 per square foot in the fourth quarter of 2016 and now $24.00 per square foot in the first quarter of 2017.
These numbers mean that there continues to be very little available space for larger tenants in the newer and tall office buildings. The same goes for the Class B space which represents the older buildings.