This Week's Philadelphia Deal Sheet: Suburban Philly's Coworking Market Grows 50% In 2 Years
Coworking spaces are proliferating at a rapid pace in suburbs nationwide, and Philadelphia’s bedroom communities are no exception.
Suburban Philly had 1.5M SF of coworking space in January, up from just 1M SF two years earlier, according to a report from Yardi Kube.
Shared offices have also proliferated in urban parts of the region, but not to the same degree. Yardi counted nearly 1.3M SF earlier this year, up from about 1.2M SF in 2023.
Suburban areas are now home to 55% of metro Philly’s coworking spaces, up from 46% two years ago.
That matches up with trends Yardi identified nationwide. Suburban coworking spaces expanded by 58% between 2023 and 2025, while the sector only grew 4% in urban areas.
Industrious is one of the companies capitalizing on the increased popularity of shared offices.
“Return to office is definitely here in a big way,” Industrious Assistant General Manager Colin Rooney said at Bisnow’s State of Philadelphia's Office Market event earlier this month.
While coworking is on the rise in greater Philadelphia, the region isn't leading the nation. The metro came in at No. 19 on Yardi’s nationwide list of suburban coworking markets ranked by square footage and No. 13 on the list of urban areas.
SALES
Allen Rubber Co., a tire distributor with locations in Philadelphia and East Norriton, is expanding into South Jersey with a 42K SF warehouse space at 1271 Little Gloucester Road in Blackwood.
The property’s former owner, Charles Chang, was represented by a Vantage Commercial team including Ken Richardson and Vince Ceroli.
LEASES
KRM Development Co.’s 211-acre Duck Creek Business Campus in Smyrna, Delaware, is leasing up.
Supply chain manager Wesco took a 67K SF warehouse space and 3 acres of industrial outdoor storage. Hydroponics to You LLC recently inked a 49K SF lease at the complex.
JLL's Jamie Vari is handling leasing for Duck Creek and KRM’s Western Sussex Business Campus in Seaford, Delaware.
CONSTRUCTION AND DEVELOPMENT
Buccini Pollin Group LLC has opened its Market West mixed-use project in the former DuPont headquarters in Downtown Wilmington.
The $110M office-to-residential conversion at 221 W. 10th St. is bringing 363 new apartments to the city, 97 of which are still under construction and slated for completion by late next year.
“Market West is a project over 25 years in the making and was the first of many firsts for us when we acquired the Nemours Building in 1999,” Buccini Pollin Group founder Chirs Buccini said in a statement.
“It marked our first development in Delaware, our first purchase of surplus corporate real estate, our first residential project, and our first office-to-residential conversion. In many ways, it was the beginning of BPG itself.”
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The nonprofit ArtsQuest has received a $1M grant from the Pennsylvania Main Street Matters Program to help convert the historic Bethlehem Steel Turn & Grind Shop into a new 26K SF arts venue.
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Toll Brothers is opening a new 55-plus community in Bucks County later this year. The homebuilder is constructing 72 new townhomes on a site in Sellersville. Sales are expected to begin in early fall 2025.
THIS AND THAT
The Philadelphia Housing Development Corp. is looking for contractors to complete lead abatement work at properties across the city.
The organization’s request for quotation is open until May 9. Contractors have until April 25 to email questions to Nancy.K.Burns@phdc.phila.gov. Responses can be submitted through PHDC’s website.
