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New construction starts suggest multifamily market momentum spreading out from the core of Center City

  • ​With more than 5,000 new rental units delivered in Center City since 2012, it’s no secret that the Center City multifamily housing market has been booming. Spanning office-to-residential conversions and, for the first-time, ground-up development, new high-end projects are achieving record-setting rents of over $3 per square foot and attracting institutional capital to the market for the first time.
  • While Logan Square, Rittenhouse Square, and University City have contributed over 4,000 units to the total delivered over the past five years, this year’s construction starts demonstrate new momentum on the fringes of Center City, suggesting that the market is expanding. Before year’s end, nearly 1,400 new apartment units (in projects of 50 units or more) will break ground in Old City and Brewerytown, as well as along North and South Broad and Washington Avenue.  If successful in lease-up, the volume of new residents on Broad Street is likely to have a catalytic impact on future development along this corridor. ​

Source: JLL Research

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