MRP Putting Faith in Philly's Rock Solid Fundamentals
The Philadelphia market's got staying power, especially considering its recent demographic and employment histories, according to MRP Realty managing director Charley McGrath. That's why we're excited to host our Bisnow Philadelphia State of the Market tomorrow (Oct. 8) starting at 7:30am at the Philadelphia Convention Center.
Charley, who will be a speaker at the event, notes that there were 630,000 payroll jobs in pre-recession Philadelphia in 2007, which dropped to 620,000 in 2009. But as of December 2014, the total number of payroll jobs was 680,000. "That points to Philadelphia’s ability to weather downturns, since the region is bolstered by education, healthcare, pharmaceutical and technology service industries," he explains.
The fundamentals are especially strong for Center City apartments, Charley adds. Since 2000, the population there grew by 16% to 183,240 residents, and 71% of them don't use a car to get to work. "The apartment market will continue to strengthen as people are attracted by an improving job market," he says. Pictured: 400 Walnut St, a 67-unit property that MRP plans to renovate.
Though demand is high for Center City apartments, properties still need to be competitive to attract and retain tenants. Another MRP renovation, at 1930 Chestnut St, will include upgrading all 144 units and bringing amenities to the building that are commensurate with the project's location, Charley says. Among other things, the existing basement, completely renovated into amenity spaces for residents (as pictured here), features a fitness studio, a yoga studio, a lounge and a clubroom. Come hear more at the Philadelphia State of the Market tomorrow (Oct. 8) beginning at 7:30am at the Philadelphia Convention Center. Sign up here.