Philadelphia’s largest office sector expansion for 2012 was Drexel University’s lease of an additional 119,000sf (186,000sf total) at Three Parkway in Center City Philadelphia, according to Commercial Property Executive. The university signed a ten-year lease bringing the 561,400sf property to 96 percent occupancy.

Administrative offices and classrooms for Drexel’s College of Nursing and Health Professions and College of Medicine will occupy the space. Three Parkway (located at 1601 Cherry Street) is located one block from Hahnemann University Hospital where Drexel nurses practice.
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According to a Jones Lang LaSalle fourth quarter report (noted in the Commercial Property Executive article) the “eds and meds” are driving the demand for office space in downtown Philadelphia. In addition to Drexel, Thomas Jefferson University and Penn State have expanded their footprint in the downtown area.

Last Updated on January 15, 2013 by Ramin Seddiq