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Real Estate Glance – University City District

University City District released it’s State of University City 2016 which focuses on news from the past year and a glance at whats ahead in 2016. University City, Philadelphia is comprised of world-class universities and medical facilities and is considered the regions leader in education, science and innovation. University City is made up of the 2.4 square mile of real estate west of the Schuylkill River.

At a glance from a real estate and construction standpoint three key figures that stand out are:

  • 2.6% office vacancy rate which is the lowest level since 2008 real estate bubble. This rate is the lowest among 27 regional sub markets; even as inventory has grown by 26% in the last several years. The FMC Tower, which is currently under construction will add 635,000 square feet of space once completed in 2016.
  • 88% ground floor commercial occupancy rate. 
  • 29 new real estate and development projects advanced or were completed in the last 12 months, representing nearly 6 million square feet of new office, research, academic and medical space, for a project value of over 2.2 billion dollars.

 

 

 

Philadelphia Real Estate University City

The State of University City 2016 Real Estate

 

Related: FMC – Cira Tower Pictures 

Related: Philadelphia Construction & Real Estate Outlook

 

[pdf-embedder url=”http://watchdogpm.com/wp-content/uploads/2015/11/The-State-of-University-City-2016_0.pdf”]

 

State of University City 2016 

Stephen Fean

Stephen Fean is the Vice President of Business Development at Watchdog Real Estate Project Managers, a real-estate consulting firm that provides owner’s representation and project management services. More about Watchdog Real Estate Project Managers as well as additional blog posts can be found here.

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