SPOTLIGHT ON BUCKS
Bucks County Commercial Real Estate Holding Up Well and There are Reasons for Optimism About the Future
Considering the chaos of the past twelve months, Bucks County’s office market has fared relatively well.
In the largely rural Upper Bucks County, vacancies remain close to 6.5%. That’s well under the national average and the area did not experience a radical softening in demand because of the coronavirus.
Lower Bucks County is where much of the local office inventory is located. This area was struggling somewhat prior to the pandemic but held on relatively well through the turbulence. While Lower Bucks overhead vacancy rate is about 13%, which is slightly higher than the national average, the region hasn’t experienced much softening through the pandemic.
CoStar’s data for Lower Bucks County shows the region lost about 230,000 square feet of tenant occupied office space over the past twelve months. This moved the local vacancy rate upwards by about 1%, which is obviously not ideal, but wasn’t nearly the softening experienced in some areas of Philadelphia and New York.