3 Keys to Philly Multifamily
|We asked Pearl Properties prez Jim Pearlstein about the possibility of multifamily overbuilding in greater Philly (pictured: Pearl’s revived The Granary, a 227-unit apartment project in Center City). He doesn’t think it’s too likely, for the following reasons.1) There is no (zero) vacancy in the core neighborhoods of Philadelphia. (Apartments are like Eagles season tickets: you've got to get them from someone's will.)|
2) There are hundreds, if not thousands, of people outside the city who are moving in each year to live the urban lifestyle.3) Apartment development does not happen overnight. Even if all of the projects on the boards in the city are completed over the next few years, that’s 5,000 units, give or take. At worst, this hits the vacancy rate a few ticks. At best, the new development is inconsequential.