Reporter Jon Geeting writes:
There’s been a lot of multi-family residential construction, mostly concentrated around greater Center City, over the past few years, and there is a lot of interest in the question of how fast all that new supply is being swallowed up.
JLL’s Lauren Gilchrist provides context on the low vacancies in Philadelphia.
“In terms of why the rate may be so low, see below. A lot of our newest, most high end product is upwards of 90% leased, with extraordinarily fast lease up rates.” Read more here.