Thinking About Investing in Philadelphia? The Outlook is Sunny (it always is)
• Millennials and Baby Boomer’s fuel City Center District
• Upside investment potential continues unabated as business and retailers move in
• Waterside Development offers explosive opportunities
The aroma of great food wafting from the doorways of the new restaurants dotting the burgeoning neighborhoods of Fishtown, Northern Liberties, and Kensington harbingers the onslaught of foot traffic and the birth of the eclectic businesses that always follow the openings of new eateries.
In the past 11 years, 40,000 jobs have been added to Center City. Forty percent of Philadelphia’s workers occupy 41 million square feet of commercial space in the downtown district. Trophy building occupancy is at 93% and classes a and class b space is at almost 90% occupancy with an average price per square foot of $27.44-$29.60. Compared to Manhattan where the average cost per commercial square foot is $87.00 to Boston where the cost per square foot is $55.00, Philadelphia is a bargain. The boom is expected to continue and as people continue to migrate to Philadelphia looking for new opportunities. Philadelphia is the city most searched by residents of Manhattan and Washington DC.
The demand for more commercial space shows no signs of letting up as office construction flows into the surrounding neighborhoods. Despite this explosive growth, you can still get in on the ground floor. The following neighborhoods offer lucrative investment opportunities.
As the employment market gains steam, these neighborhood areas are attracting more and more people who want to be close to work. The local character, charm, a compelling crafts scene, along with quaint shops and entertainment venues are driving neighborhood growth.
Opportunities abound in these areas in both the commercial and residential areas. An experienced commercial real estate broker with development experience and access to financing can assist you in finding the love in Philadelphia.
New York Buys Philly is a leading boutique commercial and residential real estate firm providing accurate market knowledge from the beginning to the end of a deal. Our three decades of combined experience offers our clients access to an insider’s view of all aspects of the real estate market in the Philadelphia area. Depend on us to assist you with all your commercial real estate and residential needs including development, leasing, business, and marketing to create solutions to champion your business successfully in the Philadelphia marketplace. Contact us at New York Buys Philly and let us show you what you have to gain in Philadelphia.