More than five years after the pandemic lead to Center City seeing less and less commuters, its office market is finally getting more stable.
This is due to an increase level of tenant interest in trophy properties, writes Noah Zucker for BisNow.
According to JLL, the city’s central business district — which includes Center City, University City, and the Navy Yard — saw 578,000 square feet of leasing volume in the fourth quarter of 2025. JLL Managing Director Alex Breitmayer said this was more than a third of the neighborhood’s leasing activity for the whole year.
“We are busier today than we were any day in the last five years,” Breitmayer said.
According to a Savills report, the central business district recorded 1.7 million square feet of office leasing last year. This was a 61.8 percent increase from 2024.
Among the transactions that took place in 2025 included Oregon-based Datavault AI moving its headquarters to a 23,000 square foot space at One Commerce Square.
Clint Randall, Center City District’s vice president of economic development, also highlights KPMG’s expansion into nearly 25,000 square feet at 1735 Market Street.
Most lease transactions in the neighborhood have been 5,000 to 10,000 square feet.
“Full-floor deals are kind of rare in Center City,” Randall said.
Read more about Center City’s strong office market and what led to it at BisNow.
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