If you are looking to rent out an office space for lease in Philadelphia, it’s important to know that prices can vary dramatically depending on size and location. You will need to consider where you want or need to be because pricing in Center City is more expensive than other parts of the city.
What to Consider When Leasing Office Space in Philly?
First off, start by thinking about what you want. Here are some considerations –
- Do you want to be able to drive up to the office?
- Do you prefer to walk to the office or be near public transport?
- Do you need a space that allows for easy visitor parking?
- Do you want to be in a high-rise complex with multi-level parking or do you prefer to park in a surface lot and walk right in?
- Are you happy with your office on a higher floor or do you need to be on the ground level?
All these factors need to be considered in addition to pricing. Now, let’s take a look at office pricing in Philly.
What Prices Should You Expect to Rent an Office Space in Philly?
Prices can vary based on location. Here is how they can vary across different parts of the city –
Center City (19106)
For office space in Center City, you can expect to pay an average of $35.40 per square foot per year. So, for a 1,500 square foot office, you’d be looking at a monthly base rent of $4,425. Most of Center City is equipped with elevator buildings and serviced by public transport.
Center City Washington Square (19107)
For office space in Center City Washington Square, expect to pay an average of $36.20 per square foot per year. So, for a 1,500 square foot office, you’d be looking at a base rent monthly of $4,525.
Center City Logan Square (19103)
For office space in Logan Square, the average is about $37.64 per square foot per year. So, for a 1,500 square foot office, you’d be looking at a base rent of $4,700.
Office space in Fishtown is $25 per square foot per year. So, for a 1,500 square foot office, you’d be looking at a base rent of $3,125. Fishtown is generally full of residential townhomes that have been converted to office spaces. It is rare to find parking, which is a consideration for your office.
Office space in University City costs $38.69 per square foot per year. So, for a 1,500 square foot space, you’d be looking at a base rent of $4,836. Mostly mid and high rises can be found in University City, although parking can be challenging.
Office space in Callowhill costs $29.57 per square foot per year. So, for a 1,500 square foot office, you’d be looking at a base rent of $3,696. Most buildings in Callowhill are mid to high-rise and are slightly on the older side. You may not find as many offices here as other areas.
For office space in Northeast Philly, you’d be looking at a much cheaper cost of $16 per square foot per year. This will cost you a base rent of $2,000 per month for a 1,500 square foot office. This is just an average. The benefit of Northeast Philly is that there is plenty of parking around, and the area is relatively easy to access as it is close to the i-95 and SEPTA routes. You can also get a small office in a shopping center, which can help drive additional foot traffic to your store.
The location you choose and price you finalize will depend on the business goals of your company.