7,000 apartments under construction in Greater Philadelphia’s most active zip codes, more proposed
A survey of active multifamily development projects across the Philadelphia region reveals that there are more than 8,700 currently under construction.
May 08, 2019
- A survey of active multifamily development projects across the Philadelphia region reveals that there are more than 8,700 currently under construction. 80 percent of those – nearly 7,000 units – are concentrated across just 15 zip codes. While the surge in South Kensington has made headlines recently (984 units in development), the most active zip code for multifamily development is in Exton (19341). Four different developers are progressing on projects containing a combined 1,235 units: Keva Flats Phase II, Ashbridge at Main, Hanover Exton Square, and Parkview at Oaklands. These combined investments are part of Exton’s evolution into a more mixed use hub.
- Looking beyond active projects, the picture changes dramatically, with some zip codes slowing to a halt and others that could see second and third waves if market conditions can sustain more growth. By this metric, Northern Liberties is the regional standout: the massive Piazza Terminal project and other nearby proposals would create 3,800 more housing units in the neighborhood if they move forward. University City, Bala Cynwyd and Old City/Society Hill also have larger prospective pipelines than their current development totals. Whether these proposals become reality will hinge on job growth, Opportunity Zone financing, and interest rates.
Source: JLL Research, CoStar