Tag Archives: downtown Philadelphia

Rearranging in Q4: “Reverse Migrations” in the CBD and Tenant Shuffling in the Suburbs

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JLL Q4 2016 Stats for CBD and Suburbs

With a new year and a changing skyline, JLL has released Q4 2016 stats that are indicative of some interesting trends in the central business district and suburbs of Philadelphia.

CBD insights show that:   

  • Businesses’ “reverse migrations” eastward, such as Five Below’s relocation to 701 Market Street,
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Philly’s hotel boom: too much room at the inn?

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The recent hotel story in Center City Philadelphia is strong with average Saturday night occupancy at 88.2 percent and leisure room nights are up 273 percent since 1996. In June 2015 we saw a record-breaking occupancy across CBD. The seven hotel projects under construction will expand the CBD inventory by 1,800 rooms (about 16 percent) within the next 24 to 30 months. The performance of these deliveries will influence 1,500 additional… Read More

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Over 18 million square feet under construction or proposed in CBD development pipeline

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 CBD Development Pipeline COW

  • Multifamily projects continue to dominate the CBD construction boom: nearly 6,000 units are scheduled to deliver within the next three years along with an estimated 1,500 units possible as developers refine plans
  • Strong growth in Center City’s Philadelphia’s population continues to fuel demand for other
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Office market on Market (east and west) doing well: Philadelphia Business Journal

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The 1.1 million square feet of downtown leasing activity JLL had been tracking between January and May showed 25 percent was driven by new demand from suburban firms and out of market tenants. About the same time last year, it was just 12 percent.

“Rent growth continues and the low vacancy story continues,” said Lauren Gilchrist, researcher at JLL. “The fact that we are seeing ground up construction and speculative development at… Read More