By Carlo Batts, MAI of Rittenhouse Appraisals
Measuring up Philadelphia and the growth to come
Cap rates are at historic lows, major out-of-town REITS are investing, and development continues at a feverish pace in Philadelphia. The forces in play are creating significant shifts in the city’s commercial real estate makeup and geography. Unprecedented development activity in the University City neighborhood means the area is a driving force in Philadelphia’s economy and recovery. The University City District reports over 1.4 million s/f of new development or significant renovations with a value of approximately $400 million was in process in 2021, with an additional 11 million s/f on the development launch pad. READ MORE