A World Series between the Houston Astros and Philadelphia Phillies, set to start Friday in Texas, also is a matchup of two of the country’s most important commercial real estate markets.
Those baseball teams play in the fourth- and sixth-largest U.S. cities, located along key shipping ports, and amid thriving warehouse and apartment demand, according to CoStar data. Houston and Philadelphia also are among many major office hubs trying to regain their footing 2 ½years into the pandemic. Those property markets also face uncertainty, and slowing sales across asset types, as part of a national trend because of rising interest rates, inflation and worries about a recession.
Like their baseball teams, the cities also have major differences, including the way residents get around. Houston is sprawling, fast growing and mostly traversed by car. Philadelphia takes up a much smaller land area, making it navigable by foot and public transit. The urban layouts differ in part because of the much longer history of the East Coast city, which was chartered in 1701 and later served as an early U.S. capital from 1790 to 1800, far before the arrival of automobiles.
The Sun Belt behemoth wasn’t even formed until 1836, six decades after the Declaration of Independence was adopted in Philadelphia in 1776. Texas didn’t become a state until 1845.
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