GMCS Editorial: Here is another excellent industry report from
Paul Levy and the Center City District.
All developers, builders and speculators are urged to download the report
as it contains comprehensive data on pricing and units in place and coming to
market.
Residential construction in Greater Center City maintained
a very strong pace in 2014 as 1,983 new units were brought to market, down
nominally from the record level of 2,168 in 2013. This new supply included
1,358 apartments, 183 condominiums, and 442 single-family homes, with the share
of for-sale units increasing from 18% in 2013 to 32% in 2014. Nearly all
indicators suggest that demand has kept pace with supply and can support the
additional units now under construction.
Regional demographic trends favor downtown for at least
the next five years. Philadelphia’s ability to absorb all the projects
announced, but not yet underway, is largely contingent on
the ability of local political, business and civic leadership
to create a path to more robust job growth and reliable funding for schools.
Read the entire Center City District's Annual Housing Report
in PDF format by going here…
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