Offices Taken Off The Market
Philadelphia Business Journal reports: The office investment market has been so upended that more buildings are being pulled off of the market than are getting sold.
The Colonial Penn building on East Market Street in Philadelphia was put up for sale in March just to be taken off in May when offers didn’t meet the seller’s expectations. It’s not the only one. Among the other office properties that have met a similar fate are 1700 Market, Evesham Corporate Center, Curtis Center, Public Ledger Building, and a smattering of office and industrial properties between South Jersey and King of Prussia as well as Domus, a luxury apartment complex in University City.
Transactions were expected to be off, but the depth of the lackluster sales has surprised the real estate community. For the first quarter of this year, the Philadelphia metropolitan area rang up $30 million in commercial property sales, according to LoopNet data. A year ago, it tallied $265 million in sales, which was still off.
Three properties have sold so far this year as compared to 25 during the same period last year, according to Real Capital Analytics.
View the full article on Philadelphia Business Journal: Offices Taken Off The Market
Posted by: Mark Alferman