Philadelphia Commercial Real Estate News
Philadelphia, fondly known as the City of Brotherly Love, is the largest city in the state of Pennsylvania, in the United States. It has a population of over 1.4 million with a growth rate of 1.2% on average until 2009. This growth is considered one of the lowest in the United States, however, at the present time, there has been a small but significant influx of migrants into the Philadelphia area which has helped somewhat make the office space market in Philly stable. Philadelphia played an important role in what has become America as we know it because it was here that the American Revolution and Independence was fought for. We also list all the office spaces in Pittsburgh and the majority of local listings in: Blue Bell, East Falls, Hatboro, Manayunk, Market St., Oreland, Roxboro, Bridgeport, Chester Springs, Exton, Hanover, and Queen Village. If you need an office space elsewhere check out our office listings.
Local Economy and Companies Supporting Philadelphia:
Philadelphia’s main economic interests lie in the areas of manufacturing, oil refining, food processing, health care and biotechnology. Some prominent Fortune 500 companies that have their base here are Comcast, Lincoln Financial Group, Sunoco, Rohm and Haas Company, Wyeth and Glaxo SmithKline. Some of the federal government’s facilities are also here for e.g., the United States Mint and the Federal Reserve Bank’s Philadelphia division.
Philadelphia New Commercial Developments:
New commercial development is said to be ready to make a comeback with the economy showing signs of recovery. Many business owners are planning their strategy for expansion and new ventures. The commercial districts are poised to be ready when the businesses come back strong after the turmoil. Even the local communities have agreed to work together to make these new ventures work.
Office Space In Philadelphia Rental Rates:
Philadelphia recorded one of the lowest office vacancy rates in the nation at 10.2% despite the economic crisis hitting the whole country. The commercial office rentals faced a hard knock though with a huge dip in rentals which has been experienced across the entire country. The bad economy has affected all types of spaces like serviced units, temporary office spaces, furnished units, and even just conference rooms rented by the hour have dropped in price. Many land and building owners had to package their tenancy agreements with a lot of concessions to make it attractive for businesses. The average office rentals in Philadelphia ran from $21.65 to $24.75 per square foot in the central business areas. This trend is expected to continue right through to 2010 and even further as most experts think office spaces in Philadelphia will take a few years to recover as most companies are afraid to commit to a lease or long term office rental. For more news on the local area and other major cities check out our commercial real estate articles.
Philadelphia Crime Rates and Current News:
The crime rate here is at 54 crimes per one thousand residents. This figure is considerably low if compared to the other cities in the US of the same size and population. Philadelphia is made up of large divisions, namely North, Northeast, Northwest, West, South and Southwest Philadelphia. These areas surround the Center City. Many people like to go to the old part of the city in Downtown Philadelphia rather than the mid town as the traffic is much bearable and you can take a pleasant walk to the ‘Welcome Park’. It is the place where the government of Pennsylvania first started its administration at the Slate Roof House way back in 1701. You will also come across the City Tavern Restaurant where you will find the waiters dressed in old colonial costumes to give it an authentic quaint feeling.
Source by Pat Vedder