Southeastern Pennsylvania Commercial Real Estate
Southeastern Pennsylvania – Four Counties Filled with Valuable Commercial Real Estate
The four counties of Southeastern Pennsylvania surrounding Philadelphia – Bucks, Chester, Delaware, and Montgomery – contain nearly 2.5 million residents and cover slightly more than 2,000 square miles in area. Two of them, Bucks and Chester, share the distinction of being two of the three original counties – along with Philadelphia – that were created by William Penn in 1682. All four of them contain numerous tracts of commercial real estate that are ready for development.
England’s King Charles II, in the latter part of his 36-year reign, made a series of land grants as forgiveness on debts the monarch owed to various benefactors and important subjects of the empire. Four of them were in the Americas and, over time, they ended up comprising the current USA states of Rhode Island, Connecticut, North and South Carolina, and Pennsylvania. The Pennsylvania property was deeded to William Penn’s father – Sir William Penn (an admiral in the Royal Navy and a 10-year member of the House of Commons), who gave the property to his son for colonization and commercialization.
Soon after his arrival in the New World, the younger Penn divided the grant into three counties – Philadelphia, Bucks, and Chester – with the names coming from various sources: Philadelphia from the Greek words “philos” (love or friendship) and “adelphos” (brother), reflecting Penn’s devotion to the Quaker religion, known as the Society of Friends; Bucks from England’s Buckingham County, and Chester from England’s Cheshire County. After the U.S. War for Independence, Montgomery County – named for the Welsh county of Montgomery – was broken off from Philadelphia County in 1784 and Delaware County – named for the Delaware River that comprises its eastern border – was sliced from Chester County in 1789.
Today, the four counties of Bucks, Chester, Delaware, and Montgomery form a northeast-to-southwest arc around the western edge of Philadelphia, which is one of the country’s few geographic anomalies in that it is both a city and a county. Each of the four suburban counties has a thriving economy and boasts a popular portfolio of commercial real estate:
Bucks County is in the middle of period of rapid growth in the biotechnology field. This makes Southeastern Pennsylvania the second-largest biotech market in the United States, only behind Boston. It is predicted that, by 2020, one of every four Bucks County residents will work in the field.
Chester County’s largest business is agriculture as its more than 1,700 farms create more than $600 million in annual revenue and providing an estimated $3 billion boost to the local economy. For example, Chester County produces more than half of all the mushrooms consumed in the United States.
Delaware County has an annual job growth rate of more than 1.5 percent with its 10-year job growth rate predicted to be close to 38 percent. The county per capital income – which includes all adults and children – is $33,539, while the median household income is $64,174.
Montgomery County also is a major employment center with large business parks in Blue Bell, Lansdale, Fort Washington, Horsham, and King of Prussia which attract thousands of workers from all over the region.
When you are in the market for Southeastern Pennsylvania commercial real estate, contact Wolf Commercial Real Estate. WCRE, a full-service CORFAC International brokerage and advisory firm, is the foremost Southeastern Pennsylvania commercial real estate broker that provides a full range of Southeastern Pennsylvania commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Southeastern Pennsylvania commercial properties for buyers, tenants, investors and sellers.