Navy Yard is a prime-tier Class A submarket of Philadelphia with average asking rent around $42/sqft/yr.
Master-planned campus on the Delaware. · Tier: prime · Avg rent: $42/sqft/yr
The Navy Yard is a master-planned Class A campus on the former naval shipyard — a mix of corporate HQ (Urban Outfitters, Vanguard satellite), life sciences, and clean tech tenancy.
Corporate HQs, life sciences, manufacturing R&D, clean tech.
15–40,000 sqft floor plates available across newer Class A stock; 9'+ slab-to-slab and modern MEP common.
Bus only; ferry pilot.
Multi-modal transit captures the metro's principal professional catchment.
Navy Yard waterfront, Cisco Systems Innovation Lab.
Navy Yard is one of 5 Class A submarkets we cover in Philadelphia, classified as prime tier with an average asking rent around $42/sqft/yr. Compared with the broader Philadelphia Class A stock, Navy Yard typically attracts Corporate HQs, life sciences, manufacturing R&D, clean tech and competes most directly with the city's other prime submarkets on building specification, transit access, and amenitisation.
Adjacent submarkets to study alongside Navy Yard: Center City West, Center City East, University City / Schuylkill Yards, King of Prussia & Conshohocken. The full Philadelphia submarket atlas is at /cities/philadelphia.
For an institutional Class A occupier evaluating Navy Yard, the highest-leverage analyses to commission next are the rent benchmark, the concession-package comparable, and the ESG performance baseline. Class A Atlas covers each as a dedicated topic page for this submarket:
Terminology specific to Philadelphia Class A leasing and to the prime tier: Class A, Trophy asset, Effective rent, Concession package, TI allowance, Submarket tier.
Reviewed by Miriam Hollander — Lead market analyst. Last updated 2026-04-15. See our methodology and editorial standards.