Categorized | Commercial

Commercial Real Estate News for Philadelphia

Commercial Real Estate News for Philadelphia
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Philadelphia is a well known city of the state Pennsylvania which is also famous as a Brotherly love city of America. The city has an estimated growth rate of 1.2% and a population over 1.4 million people as recorded at the end of 2009. Although the growth and population rates both are very low but the city is now considered as the center of migrants from the nearby areas of Pennsylvania thus increasing the chances of investments in office space market.

In spite of the great downturn which has been observing from the past few years the city recorded the office vacancy rates at 10.2 percent. As this huge financial crisis was observed throughout the country the commercial office rentals are also facing trouble in selling and purchasing real estate to run their smooth business. Not only the office space but almost every area of real estate is going to be affected by this financial disaster like service units, temporary space of offices as well as conference rooms that are rented just for an hour.

The tenancy agreements which were designed previously by different home and land owners have now introduced with an affordable package so that borrowers can get an attractive deal to do investments. The central business area of Philadelphia is showing a very low rent per square foot which is from $21.65 to 24.75. Therefore, the companies who had been arrived there for investment purpose are now afraid of the financial situation and avoiding to make a proper investment.  The result is going to be expected till the end of 2011 and nobody even knows what will happen after that!

 

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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