From Time Square to Rittenhouse Square: The Golden Corridor of Investment Opportunity for New Yorkers
There are just 95 short miles between NYC and Philadelphia. Much opportunity awaits the individual or institutional investor interested in commercial property in Philadelphia.
Philadelphia is the fifth largest city in the United States According to the 2016, the most recent numbers available from the US Housing and Department of Urban Development, there are 4.11 million residents in the Philadelphia area and half of those residents are urban dwellers. It is a young city with nearly ¼ of the population 18 years old and younger. Residents 65 plus years old account for 12% of the population. Philadelphia is a very diverse city with gender and race split nearly 50/50. These numbers themselves indicate opportunity. Robert Half Staffing ranks Philadelphia at number 7 in cities projected to grow in technology hires in 2018.
Philadelphia has been experiencing an astounding rate of growth in commercial, industrial and residential property development. Comcast towers has boosted the influx of trendy eateries and a flurry of construction projects in the City Center District, while luxury in Philadelphia is being redefined by a wave of hotel developments and upscale housing projects bursting through the outer seams of the city’s growing pulse.
Rather than slowing down, this growth has led to opportunities for additional growth. Fishtown and Kensington are channeling the Brooklyn, New York phenomena, attracting the cool and the chill. The spillover has flowed to areas such as the commercial corridors of Girard Ave and Point Breeze Ave in Brewerytown and Point Breeze. Areas which are cashing in on an uptick in development spurred by commercial retail growth. North Broad Street is experiencing a rapid transition to a major destination area with the redevelopment of the Divine Lorraine and the Philadelphia MET. The growing commercial interest moving and shaking in the city is booming and the development continues to meet the match.
Despite soaring growth, opportunity for commercial, industrial and residential development and redevelopment is still robust. While there is much focus on Fishtown and Kensington, opportunities still abound in CMX5 (High density commercial zoning district in City Center) and ICMX (Industrial mixed use).
All this is good news to New Yorkers looking to invest in the affordable safety of communities and neighborhoods with attractive growth potential. As the buzz continues around Philadelphia and its close proximity to New York City and New Jersey, Philadelphia is alluring for its favorable tax incentives, rents and other associated costs.
Institutional investors and large developers will see a bright future bargain in Camden and along the Waterfront of the Delaware River. Commercial opportunity is also abound in the suburbs with office buildings being built and restored throughout The Main Line. Redevelopment has become trend to watch as PRIET redevelops the Gallery Mall.
The generational curve is in the spotlight in Philadelphia. Millennials are moving into the Center City area and purchasing, while Baby Boomers are selling and renting. Individual investors may consider purchasing and redeveloping apartment buildings to create senior housing communities and assisted living. Others might think about buying some of the old row houses and converting them to rentals to accommodate the growing populations who want to live in the city.
The lower rental rates on office space should be enticing to a New York City business looking to curtail spending on square footage. Philadelphia is convenient and close to Manhattan by rail or car. The benefits are obvious.
Philadelphia’s “cool” factor and updated walking communities present exciting possibilities to small retail and service businesses such as hair and nail salons looking to extend their brands and diversify their holdings. Ultra hip New York fashion and home boutiques can capture a whole new audience of people wanting to look great as they congregate in Philadelphia’s new venues. Don’t forget the influx of Boomers and Millennials who want to feather their nests in New York chic.
NYBP is a top commercial property developer. We partner with you to seek out the best investment opportunities to meet your individual goals whether you are a seasoned investor or someone new to the world of real estate. We have a unique knowledge of the Philadelphia market, the tools, systems and research to create a collaborative coalition that supports in you in every aspect of negotiating the golden corridor between Manhattan and Philadelphia.
Our roots are right in the City of Brotherly love and we have access to exclusive unlisted opportunities. We have presented exciting real estate strategies, guided, advised and closed deals of all sizes for our many clients. Our status as an boutique independent broker allows us the flexibility to provide superior insight to the market and outstanding customer service.
NYBP services include assistance with market analysis, investment strategy, property and business acquisition, trust building, development, strategy, income projecting, valuation, financing, sales ( commercial and residential) and management. We welcome you to contact us to discuss your goals and explore your options.
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