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Philadelphia’s big-block office leasing lags amid recession concerns

Office leasing activity plateaus for major deals amid cautious business sentiment
 FS Investment's January lease for 117,000 square feet at 3025 John F. Kennedy Boulevard stands out as one of the few companies expanding its office space. The alternative asset manager plans to increase its office space by 46% when it relocates from the Navy Yard later this year. (CoStar)
FS Investment's January lease for 117,000 square feet at 3025 John F. Kennedy Boulevard stands out as one of the few companies expanding its office space. The alternative asset manager plans to increase its office space by 46% when it relocates from the Navy Yard later this year. (CoStar)
CoStar Analytics
May 1, 2025 | 3:30 P.M.

Philadelphia's office market has shown encouraging signs of overall recovery, but the large-scale leasing segment continues to lag its pre-pandemic performance. Despite a few headline office leases lately, companies remain hesitant to commit to substantial office footprints, with activity essentially flat over the past year.

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