Thought these two recent articles had some very positive tidbits.
For anyone skeptical of the progress in the Market/Chestnut East area, the cumulative level of recent/announced investment is pretty staggering. Of course, this involves a lot of moving parts, but if anything, it definitely demonstrates how the city/developers are really putting their money where their mouth is:
Revitalizing Philadelphia’s Market Street
Real estate analyst Jones Lang LaSalle predicts that $1.5 billion will be spent to build out 5.5 million square feet (511,000 sq m) of leasable space over the next two years along Market Street and nearby Chestnut Street, a similarly faded retail strip a block away.
“Market Street had been the center of all commerce in Philadelphia, but you saw a long, slow decline starting in the 1970s,” says Bob Fahey Jr. of CBRE, an investment services firm that tracks local real estate. “Only in the last five years has that changed, but it’s changed dramatically.”
Additionally, 2015 was apparently a strong year for Philly's high-end real estate, indicating that it's attracting more top-dollar buyers (25% y-o-y increase in average sales price at the top of the market).
Redfin Report: Luxury Home Prices Rebounded at the End of 2015
The luxury home market rallied at the end of 2015, ending a nine-month slump. Sale prices for the most expensive 5 percent of homes gained 3.1 percent in the fourth quarter compared to a year earlier, led by big gains in Philadelphia, Austin and Sacramento.