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We ring in 2016 with terrific Q1 news. Direct, vacant, available Class A commercial office space fell below 10% for the first time since Q1 2007. CoStar reports that Class A commercial office space closed out Q1 2016 with a vacancy rate of 9.6%. Strong leasing at the end of 2015 was a large contributor to that improved metric, however, Class A was also buoyed by a continued "flight to quality" as Class B tenants move to better opportunities. Class B property vacancy continued to rise and closed Q1 2016 at 26.9%. Class C experienced a slight decrease in vacancy, closing Q1 2016 at 15.2%. Down from 16.6% a year ago.
Retail development and leasing activity remains extremely strong. Goodman Properties has leased all 55,000 SF of its project near Henderson Road, the King of Prussia Town Center reports 80-85% of its 260,000 SF is fully leased and the King of Prussia Mall is in the throws of turning its 155,000 SF of new space in the connector over to tenants, with various openings throughout the remainder of this year.
Industrial and Flex property (9.2M SF) in King of Prussia closed the first quarter of 2016 with a very strong overall vacancy rate of 3.8%. Average rates ticked upward from $7.25/nnn a year ago to $7.37/nnn at the close of the quarter.
Sincerely,
Eric T. Goldstein Executive Director, King of Prussia District
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Prime Property in Business Park Purchased, Seeks Redevelopment
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At the corner of First Avenue and Moore Road in the King of Prussia business park sits 18.14 acres of prime real estate. The property was recently purchased by Royale Gardens, an entity affiliated with Vince Piazza. Preliminary plans look to take advantage of the new mixed-use zoning in the business park to redevelop the property with commercial office, retail and residential. Read More...
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Genomind Recently Featured on the Dr. Phil Show!
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Genomind is a personalized medicine company bringing innovation to mental health care through genetic
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Recent press in the Philadelphia Business Journal about Dr. Phil show appearance. Click for article.
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testing. Genomind is comprised of pioneering researchers and thought leaders in psychiatry and neurology and specializes in pharmacogenetic laboratory testing for psychiatry. Genomind is committed to partnering with clinicians to improve their patients' lives. Genomind offers the Genecept Assay�, a genetic test designed to help clinicians optimize treatment decisions for their patients with mental illness. Each Assay provides clinicians with an easy-to-read patient report and a complimentary psychopharmacogenomic consultation. Learn More... Genomind's headquarters being based in King of Prussia, PA embeds the company in an area rich with biotechnology and healthcare companies that serve as partners, as well as academic institutions graduating top talent to join the company as it rapidly expands in the years ahead.
2200 Renaissance Blvd, Suite 100 877.895.8658 | [email protected] | genomind.com
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In the News
King of Prussia Stays on Throne with Surge, Exclusive with KOP-BID's Executive Director Philadelphia Business Journal
King of Prussia has $1 billion in development activity underway, the most the community has experienced at any one time, according to King of Prussia District. Read More...
The Apartment Boom: Multi-family Continues at Torrid Pace Philadelphia Business Journal
Korman Communities and Cornerstone Communities will break ground this spring on a new multi-family project at the Village of Valley Forge in King of Prussia.
Upper Merion's New Downtown Rises Near KOP Mall Philadelphia Business Journal
The Town Center - which sits where the Pennsylvania Turnpike, I-76, and Routes 422 and 202 converge - aims to be "the downtown of Upper Merion Township."
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Leasing Activity
RENAISSANCE BLVD. 47,437 SF
RENAISSANCE BLVD. 42,418 SF
CONTINENTAL DR. 34,852 SF
AMERIGAS 1150 First Ave. 34,135 SF
HILL PLAZA 15,393 SF
FOGO DE CHAO King of Prussia Town Center 8,500 SF
MEDISYS SOLUTIONS, LLC 1016 W. 9th Ave. 7,948 SF
W. VALLEY FORGE PARK PLACE 7,948 SF
XFINITY King of Prussia Town Center 7,686 SF
WARNER RD. 5,423 SF
VALLEY FORGE SQUARE 2 4,697 SF
KING OF PRUSSIA BUSINESS CENTER, BLDG. 2 4,003 SF
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VALLEY FORGE SQUARE 2
4,000 SF
PENN LIBERTY
King of Prussia Town Center 3,600 SF
CONTINENTAL DR. 3,195 SF ESCAPE ROOM MYSTERY
840 First Ave., # 500 3,940 SF SHAKE SHACK
King of Prussia Mall 1,864 SF
NICOLETTA PIZZERIA
King of Prussia Mall 1,495 SF
ST. JOHN King of Prussia Mall MELT SHOPKing of Prussia Mall 1,130 SF HAI STREET KITCHEN King of Prussia Mall 700 SF Not a complete listing. Leases submitted to KOP-BID as of 4.8.16.
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King of Prussia District (KOP-BID) is a 501(c)(3) not-for-profit, special
services organization. KOP-BID engages public and private partners to
collaboratively improve the economic environment in King of Prussia
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234 Mall Boulevard, Suite 150, King of Prussia PA 19406
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� 2016 King of Prussia District. All Rights Reserved.
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