Available commercial real estate in King of Prussia remains steady with little change in all classes since Q3 2022.

Available vacant Class A office remained at 10.9% from the previous quarter with a slight rise in the inventory to 4.6M SF. This steady rate is continuing evidence of the appeal of Class A space in KOP.

Available Class B office also remained steady at 14.7% with 2.1M SF of inventory. Available Class C office space finished the year at 8.9%. However, the inventory in Class C office space is very small compared to the other classes with only 282,628 SF in 13 properties.

When all office classes are combined, the available space in Q4 2022 came in at 11.9%.

Available industrial space increased to 2.3% in Q4 2022 with 6.4M SF of inventory. Available flex space increased slightly to 5.1% with 4.2M SF of inventory. 

Available retail space remains low at 3.2% with inventory at 6.5M SF in 192 properties.

Eric T. Goldstein

President & CEO

King of Prussia District

Business Spotlight

Valley Forge Casino Displays Community and Business Success

Before King of Prussia Business Park was renamed Moore Park and the King of Prussia Mixed-Use District was enacted by Upper Merion Township in 2014, Valley Forge Casino Resort was the commercial district’s original mixed-use development. 

Originally Valley Forge Plaza, this mix of hotel, cinema and office complex opened in 1973. In 1985, the developer, J. Leon Altemose, added the enormous Valley Forge Convention and Exhibition Center with another hotel tower. In 2012, the entire complex became Valley Forge Casino Resort.

Purchased by Boyd Gaming in 2018, Valley Forge Casino Resort is the region’s only full-amenity gaming resort, featuring a 40,000 SF gaming floor, 100,000 SF conference facility, two hotels, six restaurants and multiple nightlife venues. The Casino, which recently returned to 24/7 service, ranks third in the state with 2022 revenue from slots, table games, sports book and internet gaming totaling over $601M. This is an increase of 28% from the previous year and a 364% increase from the beginning of 2019, when sports wagering was introduced with the FanDuel Sportsbook.

In November 2022, the Pennsylvania Gaming Control Board unanimously voted to renew the Casino operator’s license for Valley Forge Casino for another 5-year term. As stated in the PA Gaming Control Board, “since its opening in March 2012, Valley Forge Casino Resort has generated $2.04 billion in gross revenue from the play of slot machines, table games, iGaming and sports wagering, resulting in a return to the Commonwealth of approximately $807 million in tax revenue.”

In addition to supporting local and diverse businesses and making charitable contributions to nonprofits, Valley Forge Casino Resort employs 320 board-licensed people and partners with Upper Merion Township to fund an annual scholarship and grant program called the Board of Community Assistance (BCA). Since 2015, the BCA has provided $1.1M in grants and scholarships to 225 organizations and 155 college-bound students. Not only does the Valley Forge Casino Resort provide a multi-use experience at the entrance of Moore Park, it is an example of good corporate citizenship for the entire business community in King of Prussia.

1160 First Avenue | vfcasino.com

Featured Real Estate

Office Space Available at Courtside Square

Courtside Square retail, office and apartment complex is an important mixed-use development in King of Prussia. Renovated and curated over the past 40 years by owner and manager Willner Properties, this highly visible property at the corner at Allendale Road and Dekalb Pike includes over 126,000 SF of commercial retail, restaurant and office space, in addition to 74 residential apartments spread across four multi-story buildings. 

Courtside Square now has up to 12,000 SF of prime space available and is looking for local or regional brands to join this vibrant development. 600 W. Dekalb Pike, located directly across the street from King of Prussia Mall, sits at one of the most heavily trafficked intersections in the area, with over 40K VPD on Dekalb Pike, between Allendale Road and N. Gulph Road. For more information about this site and available space, visit wilnerproperties.com.

Lockheed Martin plans expansion to King of Prussia campus

New pharmaceutical ingredients manufacturing plant opens in King of Prussia

King of Prussia District's 2022 Comparative Location Analysis and Quarterly Commercial Report indicate Upper Merion Township's strong post-pandemic performance

Not a complete listing. Retail leases submitted to King of Prussia District for Q4 2022 as of 1/27/23. All other sales and leasing info from CoStar.

King of Prussia District is a 501(c)(3), not-for-profit, business improvement district that engages public and private partners to collaboratively improve the economic environment in King of Prussia by making it more vibrant, attractive and prosperous. This mission and our core values –progressive, determined and fun – drive the work that we do every day across  five programs. 

Learn more at visitKOP.com

DISCLAIMER

All information obtained using CoStar Analytics and field checked for accuracy by King of Prussia District. Vacancy rates are calculated using existing, non-owner occupied commercial buildings in Upper Merion Township only, over 10,000 SF, Class A, B, and C plus retail, industrial and flex. King of Prussia District uses "Direct % Vacant Available" in its vacancy reporting. All industrial and flex statistics are NNN.

234 Mall Boulevard, Suite 150, King of Prussia PA 19406 

484.681.9452 | Info@kopbid.com

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