Philadelphia 2035 (York, Washington, Girard: renter, intersections, real estate)

[cpomp]

Written by Sandy.

The Last Piece of the East Market Puzzle (for Now) Falls Into Place

https://www.phillymag.com/property/2...t-topping-off/

[cpomp]

A whole lot of action along North Broad Street, great to see!

Apartments Rising Near Rail Park, Could Mural Lofts Tower Be Next?

https://www.ocfrealty.com/naked-phil...-tower-be-next

[cpomp]

Some good new...

After some pandemic setbacks, Center City apartment market regains momentum

https://www.bizjournals.com/philadel...Pos=0#cxrecs_s

"After suffering setbacks in 2020, Philadelphia’s residential market, particularly apartment rents, occupancy and development, made a comeback last year and, in some cases, exceeded pre-pandemic levels, according to Center City District’s annual housing report."

"At the end of of 2021, 17,279 residential units were either proposed or under construction in an area defined as Greater Center City, which is bound by Girard Avenue, Tasker Street, and the Delaware and Schuylkill rivers.
“This was triple the number of units pending (5,352) at the end of 2020 and quadruple the number (3,982) at the end of 2019,” the report said."

"In five neighborhoods adjacent to Greater Center City, an additional 7,191 units are either proposed or under construction, bringing the total up to 24,470 units. The figure represents the bulk of the 34,612 units citywide. By comparison, at the end of 2020, 14,415 units were under development or proposed citywide, according to the report."

"Other takeaways:
• Apartment rents more than recovered. Between the end of 2019 and 2020, effective rents fell by 8.6% in Greater Center City. Between the end of 2020 and the end of last year, rent on a per square foot basis rose by 13.6% and is now $2.76 a square foot;
• The population living in Center City is young and educated. Those ages 20 to 34 make up 44% of the core Center City population, compared to 38% in Greater Center City and 26% citywide. Those ages 35 to 54 comprise 21% of Center City and 26% of Greater Center City;
• As of 2019, 67% of Greater Center City’s residents held a college degree, which is an increase from 48% in 2000. Those with bachelor’s degrees in Center City rose from 67% in 2000 to 78% in 2019;
• Net outmigration of households, those leaving the city, spiked during 2020 but has since reversed and nears pre-pandemic levels."

"The figures highlight a concerted effort by developers to secure permits before the expiration of the 10-year tax abatement so their projects can receive the full benefit of the break. Permits are valid for a year after being issued, and even though they have them in hand, it doesn't mean all of those projects will get built. Several variables will influence the number that actually do come to market."

[MPK21]

Originally Posted by Tweb66

In regards to the Center City office market, and nothing being built on spec, I think its much ado about nothing. Yeah, there was a dearth of a construction for a while, thats because of millions of square feet of office space opening within 5 years. Then yeah, not on Spec but all Philly has done is build its tallest building, followed by an even taller one. I'd throw in FMC as well even though its across the river. Compare that to Boston, whose we are frequently compared to, they haven't had that kind of construction in their Financial District.

More importantly, though there isn't CC office built on spec, that does happy in University City and the Naval Yard. CC is fine but, but given its Comcast and a bunch of law firms, I wouldn't expect it to be dynamic any time soon. But University City and The Naval Yard? You bet

Pretty sure everyone knows about the Navy Yard, UC, and the Comcast non-spec buildings, which is the reason no one else brought them into in a discussion related to spec commercial buildings east of the Schuykill.

No one else also didn't bring spec building/s west of the Schuykill in a discussion about spec buildings east of the Schuykill with the need, for some reason, to include FMC and exclude the Cira Centre.

Everyone knows about the circa 1987-1992 commercial building boom here in Philly and across the U.S. actually. The early '90s being the ''baseline'' of no spec commercial buildings east of the Schuykill in 30 years (1992+30=2022). Everyone understood the ''baseline'' point going forward 30 years concept.

[Tweb66]

Yes, CC doesn't have spec office space, who cares?

[cpomp]

Update: Residences At Park Avenue Break Ground Near Divine Lorraine

https://www.ocfrealty.com/naked-phil...ivine-lorraine

Homes look nice, but definitely underwhelming for that site. I assume a variance be needed for a more substantial project?

But who woulda thought $1M+ homes at this location.

[cpomp]

Dbt Labs raises $222M Series D, catapulting valuation to $4.2B

https://www.bizjournals.com/philadel...tion-4-4b.html

"Dbt Labs raised a $222 million Series D round, raising the Philadelphia data analytics startup’s valuation to $4.2 billion."

"The latest raise comes less than a year after dbt Labs raised a $150 million Series C, which lifted its valuation to $1.5 billion. The firm, founded as Fishtown Analytics, has raised a total of $414.4 million since launching in 2016. Dbt Labs is now Greater Philadelphia's second-highest valued startup, behind Gopuff. The digital delivery startup last raised a $1.5 billion convertible note that could lift its valuation to up to $40 billion. Gopuff was last valued at $15 billion."

[Duderino]

Originally Posted by cpomp

Dbt Labs raises $222M Series D, catapulting valuation to $4.2B

https://www.bizjournals.com/philadel...tion-4-4b.html

"Dbt Labs raised a $222 million Series D round, raising the Philadelphia data analytics startup’s valuation to $4.2 billion."

"The latest raise comes less than a year after dbt Labs raised a $150 million Series C, which lifted its valuation to $1.5 billion. The firm, founded as Fishtown Analytics, has raised a total of $414.4 million since launching in 2016. Dbt Labs is now Greater Philadelphia's second-highest valued startup, behind Gopuff. The digital delivery startup last raised a $1.5 billion convertible note that could lift its valuation to up to $40 billion. Gopuff was last valued at $15 billion."

Great news--another "unicorn" based in Philadelphia! Hopefully the start of a longer-term trend.

[MPK21]

Originally Posted by Tweb66

Yes, CC doesn't have spec office space, who cares?

Right? Finding it to be, at least initially, an unbelievable stat, and not being crazy over the final look of 2222 Market, and having the temerity to mention some old SEPTA station plans, sure can cause a ruckus here.

[thedirtypirate]

Originally Posted by cpomp

Homes look nice, but definitely underwhelming for that site. I assume a variance be needed for a more substantial project?

I disagree. That area is absolutely saturated with apartments now. It's time for the neighborhood to take the next step and increase home ownership.