Philadelphia's office market faces a 20% space reduction in 2025 due to increased remote work.

Philadelphia's office market faces a significant downturn in 2025, with companies downsizing their physical spaces by over 20%, driven by the shift to remote work. Law firms have been aggressive in reducing their office footprints by about 40% since the pandemic. Despite the challenges, building owners who upgrade their spaces can maintain occupancy. This trend towards less office space is expected to continue, impacting the market in the coming years.

3 months ago
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