Philadelphia, the City of Brotherly Love, is one of the nation’s most popular locations for New Commercial Real Estate Development. Philadelphia is Pennsylvania’s largest metropolitan area and serves as one of the oldest cities in the United States. Recently, the city has experienced amazing growth in commercial real estate developments attracting investors and tenants from all over the country.

More about Philadelphia

Founded by William Penn in 1681, the city is home to many amazing historical landmarks, such as the Liberty Bell and Independence Hall. It is also home to a large number of museums, including the Philadelphia Museum of Art. Needless to say, Philadelphia has all the perks of a big city, and all the charm of a small town thanks to its long history.

Philly's Arts, Music, and Culture

Philadelphia’s museums and cultural institutions have impressive collections and are among the world’s finest. The Philadelphia Orchestra remains one of the premiere orchestras on the planet. The Philadelphia Museum of Art is itself a spectacular architectural work of art that houses an incredible collection of antiquities and pieces from all over the world.

The city has thousands of incredible artworks because of organizations like the Association for Public Art, and Mural Arts Philadelphia, the nation’s largest public art program. Stunning sculptures sit outside of museums and in parks, while captivating murals brighten the facades of skyscrapers in Center City and walls in the quieter neighborhoods.

Why Commercial Real Estate Developments?

Commercial real estate has always been a reliable investment regardless of market cycles. The amount of capital that continues to be invested in commercial real estate further demonstrates its proven worth as an asset. Despite the turmoil caused by COVID-19 in other sectors, commercial real estate has once again shown its resilience. There are many benefits to owning commercial real estate, here are a few:

Small business owners tend to take pride in their businesses and want to protect their livelihoods. Commercial property owners are usually not individuals, but LLCs, and operate the commercial property as a business. This helps the landlord and tenant have business-to-business customer relationships, which helps keep interactions professional and courteous.

Retail tenants have a vested interest in maintaining their stores and storefront because if they don't, it will affect their business. As a result, commercial tenants' and property owners' interests are perfectly aligned, which helps the owner maintain and improve the quality of the property, and ultimately, the value of their investment.

Businesses usually go home at night so it limits hours of operations. This means you only really work when they’re operating. Barring emergency calls at night for break-ins or fire alarms, you should be able to rest without having to worry about receiving a midnight call because a tenant wants repairs or has been locked out. When managing commercial properties, it's more likely you will have an alarm monitoring service. So, if anything does happen at night, your alarm company will notify the proper authorities.

How is Philadelphia’s Commercial Real Estate

Philadelphia is the largest city in Pennsylvania and the sixth-most populated city in the United States. Philadelphia is a major center for education and research, with many colleges and universities located within its boundaries. The city is also a major transportation hub, with an extensive network of highways, railroads, and airports.

There are a variety of reasons why commercial investors love Philly. The metropolitan area is great for commercial real estate investing because of the strong economy and the city’s location. The economy is driven by the healthcare, education, and technology industries.

Philly is also located in a convenient location for businesses that need to be close to both New York City and Washington, D.C. with a large population and diverse economy, which can provide a stable base of customers and tenants for businesses.

Why you should invest in commercial real estate in Philadelphia?

The city continues to be, a thriving destination for businesses. Philly is widely diverse in its demographics and has a suburban population that reaches well into eastern Pennsylvania and South Jersey. Public transportation serves the city well, especially from the suburbs, but it’s not too difficult to access by car either, with several bridges and major highways giving easy access.

Businesses come to Philadelphia because people love living and visiting the area. While there is plenty of excitement and energy in the city, the city can still offer a much slower, more relaxed pace than New York City, which isn't too far away either. Philadelphia offers many beautiful locations to live in both inside and outside of the city. In addition, the city and region are served by some of the most prestigious educational institutions in the country, including Villanova, Temple, Rutgers, St. Joseph’s, and many more.

Philadelphia Regional Breakdown

Philadelphia has seen over a 5% increase in population over the last decade, while suburban Montgomery and Chester counties have each experienced approximately 7% growth: Philly is the largest city in Pennsylvania and the 6th largest city in the United States. Philadelphia is currently growing at a 0.48% rate yearly and its population has increased by 1.46% since the most recent census was done; the population was 1,603,797 in 2020. With over 143 miles, Philadelphia has a population density of 12,118 people per square mile.

Philadelphia is home to over 1.6 million people in the city and more than 6.2 in the greater metropolitan area.
The population of Philadelphia has grown for more than 10 years in a row and has increased by 5% over the last decade.
The median age in Philadelphia is 38.9 years, a little less than the figure for the state.
About 39% of the population is between the ages of 20 and 49.
GDP for the Philadelphia-Camden-Wilmington MSA is more than $439 billion and has increased by over 27% since 2010.
Employment sectors with the fastest growth include manufacturing, trade and transportation, information services, professional and business services, and leisure and hospitality.
Major industry sectors in metropolitan Philadelphia include life sciences, logistics, information technology, and financial and professional services.
The largest employers in Philly include Comcast Corporation, Virtua Health, and the University of Pennsylvania and Health System.
Notable corporations headquartered in the metro area include Cigna, Colonial Penny, Pep Boys, GlaxoSmithKline, and the Philadelphia Stock Exchange.
University of Pennsylvania (Wharton) and Princeton University are two of the nearly 100 universities and colleges located in the greater Philadelphia area.
39% of the residents hold a bachelor’s degree or an advanced degree.

Philadelphia’s economy is currently on the rebound, with industries such as life sciences and the Center City District driving exceptional growth. According to the U.S. Bureau of Labor Statistics, the sectors showing the fastest signs of recovery include construction, information, professional and business services, and leisure and hospitality.

Call Jim Onesti Today

Whether you’re looking to invest in commercial real estate or searching for luxury homes for sale in Philadelphia, Jim Onesti is your real estate expert. Jim Onesti has been one of the most successful real estate sales professionals in Philadelphia; focusing largely on luxury homes and large-scale commercial real estate and high-end developments. For further information, contact Jim today to schedule your appointment.

Why Philadelphia is a Great Location for New Commercial Real Estate Development