Philadelphia commercial real estate may experience positive 2013

Philadelphia's commercial real estate market may improve this year.

There may be many property management companies located in the Philadelphia area that are optimistic about the city's commercial real estate prospects, as there are multiple conditions that could trend up in the coming months.

The office market in the Center City region of Philadelphia experienced a volume increase of 40 percent in 2012 compared to the previous year's figure, according to a report from Newmark Grubb Knight Frank. This should remain strong next year, but not reach the gains recorded last year. There also will likely be a vacancy decline that should remain lower than the national average.

"Although Center City vacancy is currently higher than in other metros in the northeast corridor, Philadelphia is holding its own when compared with major markets throughout the country," said Sid Smith, executive managing director for Newmark Grubb Knight Frank. "Additionally, the CBD continues to outperform the region's suburban office markets."

There should be an improvement in the city's investment prospects, which could spike sales, the report added. Many outside influences may have a positive investment effect on the city, while further interest from those in the city may help improve figures.

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