About Philadelphia Apartments

Welcome to the Philadelphia Pennsylvania blog. This blog contains a wealth of information about Philadelphia, Pennsylvania, Apartment living, and housing opportunities in our great city and other metro areas of the U.S.. Learn about efforts at restoring architectural relics of the past - former factories, warehouses, schools, hotels, hospitals, train stations - into first-class houses and apartments, and in preserving these distinguished residential communities for future generations. Please enjoy your stay on our Philadelphia apartments blog and feel free to share your stories on life in Philly and the city of brotherly love. In addition, we welcome all commentaries regarding building remodeling, home remodeling, kitchen remodeling, bathroom remodeling, and house hunting. Thank You!

Wednesday, October 8, 2008

Philadelphia's Commercial and Apartment Rental Markets Red Hot

The Lofts at Logan View pictured to the left. One of Center City Philadelphia's most popular residential addresses.

Philadelphia's commercial real-estate and apartment leasing market is holding steady in the midst of the growing economic carnage. Philadelphia's office market, more than the suburbs', has benefited from a steady growth mixed with very little supply.
Historic Landmarks reports that their Philadelphia Apartments have one of the lowest vacancy rates in years. Apartment, retail and warehouse vacancies are at or below averages for the 54 major metro areas as recently audited and surveyed by Real Capital Analytics, a New York-based research firm.
To be sure, the geographic proximity of the region to the crisis on Wall Street -- with Philadelphia about two hours south of Manhattan, give or take -- is a concern among some Philly area's real-estate professionals. As with most markets globally, sales of retail and apartment buildings have slowed since the credit crunch began in the summer of 2007, however the market for Philadelphia apartments remains red hot.

The Philadelphia metro area, home to about 5.1 million people, saw continued growth in its education and health-services sector. And so far overall job growth has remained in the positive territory as of July compared with the year-earlier period, albeit just barely at 0.1%, according to the Bureau of Labor Statistics.

For now, the new luxury lofts and urban condo style apartments offered by Historic Landmarks are at or near capacity with many waiting lists forming. Historic Landmarks has medical student apartments and grad student apartments in some of Philadelphia's most in-demand neighborhoods. Historic offers lofts and Center City apartments, Parkway apartments, University City apartments and Old City apartments.

Many Philadelphia apartment brokers have been asking for rents in the Manhattan-esque $40-per-square-foot range which still seems a little too rich for the City of Brotherly Love.
Historic landmarks apartment buildings and historic building renovation and preservation projects remain true to the city's past architectural leanings and Philadelphia's great historical past. Demand is high for urban living in luxury lofts and upscale Philadelphia apartments.

To Tour any of our Philadelphia apartments and historic buildings in downtown Philadelphia call: 877-563-6754.

No comments: