From the December issue: The City of Brotherly Love is undergoing a property market revival thanks to strong demand for retail space, a flood of industrial development deals, a hot hospitality market and a recovering office sector. The city’s prime retail rents have jumped 87.5 percent since 2008, with rents on Walnut Street, the shopping strip in Center City, hitting a record high of $154 per square foot in the first six months of 2015, CBRE data shows.
Younger and wealthier professionals have descended on Center City, as have tourists, leading to a population boom that’s helped buoy development and raise rents. Hospitality is also taking off, with a number of high-profile projects in the works, including the city’s second casino and a reported $125 million 300-room hotel. [more]