Philadelphia proved to be one of the most stable major apartment markets in the U.S. during 2020, with rents in many of its suburban submarkets ending the year up more than 4%.
But owners of Center City apartment towers had a much rockier year than their suburban counterparts. Shuttered restaurants and new, work-from-home requirements for downtown office workers meant far fewer renters chasing small but pricey units that make up the bulk of Center City’s apartment stock.
The good news heading into 2021 is that rent and occupancy losses among Center City properties are finally beginning to cease. This sets the stage for a rebound in 2021, although the recovery will likely be gradual, given the large number of projects still on track to begin lease-up in, and around, Center City over the next several months.
For more information about Philadelphia office space, Philadelphia retail space, and Philadelphia industrial space or other Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philadelphia office space, Philadelphia retail space, and Philadelphia industrial space.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.
A Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office space, Philadelphia retail space, or Philadelphia industrial space with the Philadelphia commercial properties that best meets their needs.
As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for Philadelphia office space, Philadelphia retail space, or Philadelphia industrial space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need – a strategic partner who is fully invested in your long-term growth and success.
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