What's the future of WFH and midtown office space?

Dated: July 16 2023

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Who's winning the WFH battle?

Recent news highlights the WFH battle in cities worldwide. 

CNBC's report below features East Coast mayoral efforts to revitalize downtowns with Philadelphia office conversions featured.

Personally, I think the statistics on WFH productivity are misleading. In many jobs measurable results are difficult to prove. I remember working in marketing for a software company in the 90's when my bosses would spend hours in hallway discussions of the latest Friends episode, then stay late "working" when it seemed like they just wanted to avoid parenting duties at home.

What appears as productivity may not really be the case.

How office workers affect livability plays out in Philadelphia's MidTown condo market as the WFH debate continues;

MidTown Condo Market Report

Limited inventory and a few MidTown luxury condo sales create misleading and confusing market reports as you can see with sales in May.

Highlights of June 2023's sales statistics;

  • Median sold price for Condo & Coop properties for June was $495,000, representing an increase of 70.7% compared to last month and an increase of 25.3% from Jun 2022.
  • Average days on market for units sold in June was 71 days, 9% below the 5-year June average of 78 days.
  • There was a 44.4% month over month decrease in new contract activity with 5 New Pendings; a 22.2% MoM increase in All Pendings (new contracts + contracts carried over from May) to 11; and a 1.8% decrease in supply to 56 active units.
  • Download full report
  • Center City Market Reports - 5 year comparisons

Empty offices not only reduce tax base for cities and livability for residents, the carrying cost for developers is hitting a critical zone.

Empty Office Space - Bad Debt Timebomb

Growing bad debt impacts the commercial sector due to empty office space;

For more market insights specific to your real estate goals, be sure to book a private consultation. I look forward to our next conversation.

Susanna Kunkel, Realtor
eXp Realty, LLC

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Susanna Kunkel

Susanna provides executive level service to all her clients based on her years in corporate CEO offices. Creative marketing, global networking and local expertise. Her unique mix of business savvy and....

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