Philadelphia Commercial Real Estate
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Philadelphia Commercial and Office Space Overview
Intertwined with the origins of the United States of America, the city of Philadelphia has prospered, waned, and seen struggles unlike most notable cities in the western world. With over 6 million residents within its metropolitan area, the city is an economic and cultural powerhouse in the northeastern United States.
The largest city in Pennsylvania, the city’s economic impact is felt throughout the country at large. Home to the Philadelphia Stock Exchange, one of the most critical financial sectors in the nation, making the city a major business hub and a prime candidate for companies seeking new or expanded space in the northeastern U.S.
Hundreds of listings are available throughout the city limits with a median rate of $34 per square foot/year, making Philadelphia an ideal destination for startups, small businesses, and those looking to expand into a new city.
Economy of Philadelphia
The 8th largest metropolitan market in the United States, Philadelphia accounts for nearly a half trillion dollars to the nation’s economy annually. With industries like biotechnology, information technology, manufacturing, tourism, healthcare, and financial services, the city’s economic output is diverse and varied. Home to Comcast, Cigna, Sunoco, and more, Philadelphia holds a special place in the corporate business community that’s representative of the history and tradition of innovation in the city since its inception in 1682.
With a median household income of $40,649, the city is below the national average, but the majority of high-income earners tend to live outside the city limits and commute to downtown Philadelphia, demonstrating the economic strength of the metropolitan area.
Trends of Philadelphia
Philadelphia’s primary downtown corridor is undergoing a renaissance of mixed-use development, with nearly 30 high-rise projects underway promising hundreds of thousands of square feet in residential, commercial, retail, and restaurant space to the city’s most prominent area.
The Philadelphia area accounts for the third fastest-growing county in the United States and accounts for 42 percent of the overall population growth in the northeast, showing the region’s dominance as a secondary market for both business and lifestyle compared to Boston, New York, San Francisco, and other cities in its scope.
Where to Lease Commercial Real Estate in Philadelphia
Companies seeking a high-profile, high-visibility presence in Philadelphia should look toward Center City and its proximity to the downtown corridor with the city’s business district easily at hand. Otherwise, Brewerytown, Old City, and North Central should offer plenty of space to companies looking for larger, more expansive spaces with easy access to transportation and logistics.
Philadelphia has 2,104 commercial real estate spaces for lease, representing 23,173,895 sqft space.
774 buildings are available for sale.
In the past 30 days, Philadelphia has had 122 spaces leased.