You can hardly get around Center City without bumping into a closed sidewalk covered in construction fencing and colorful banners. Look up anywhere in the city and you’ll see cranes dotting the skyline.
I think we can all agree, developers are bullish on the Philadelphia market this year. Curbed Philly recently published an article outlining the 29 buildings – yes, I said 29 – high-rise buildings currently under construction or undergoing renovation in the city. Check it out here. These 29 buildings showcase a wide array of property types, with residential being most prevalent.
“Are we overbuilding” is a question I consistently am asked by my clients. The data seems to suggest we are not. Philadelphia underwent a period of very little construction growth during the recession and years following. The pickup in building began in 2013 and has not stopped. But with the increase in construction has come an increase in demand for the urban environment on all fronts.
Over that period, we have successfully increased our retention of many graduates from the area colleges and universities. Office users have made decisions to accommodate their younger workforce who seek a city lifestyle, and empty nesters are moving back into the city in droves. If this demand continues this path, we can look forward to a continually fruitful and vibrant city.
And if Amazon gives us the nod, we will kick ourselves for not jumping in to the market sooner.
If you are interested in learning more about market trends in the city, please reach out! At VERY, we pride ourselves on being the residential experts in the areas in which we work.