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April 20, 2016

“Go to key secondary markets.”

That’s advice from the Urban Land Institute’s 2016 Emerging Trends in Real Estate Outlook and many seem to be following the tip, including investors, developers/redevelopers and millennials. Consider the following:

  • Philadelphia notched $ 1.9 billion in office transaction volumes around the region in 2015, up 44 percent year-over-year
  • Nearly 30 million square feet is currently under development across all asset classes
  • More than 100,000 millennials have moved to the city since 2006, representing a 6.3 percent increase in share of population as of 2014

“Philadelphia is seeing strong growth in its millennial workforce, most of whom want to live, work and play in a vibrant urban setting. This is leading to rapid re-urbanization and tempting even more employers back into Philadelphia’s downtown core,” says Mark Portner, managing director at Shorenstein Properties.

Construction or redevelopment and a growing millennial population are a few of the main drivers of Philadelphia’s commercial real estate environment. JLL’s Philadelphia: State of the Market explains how these dynamics are affecting each sector and how it compares to similar markets.

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