2020 was a challenging year for commercial real estate, but the multifamily sector, particularly in the Philadelphia region, proved resilient.
At the close of H1 2021, over 800,000 Philadelphians have been fully vaccinated, and the city continues to lift Covid restrictions.
A return to normalcy has brought with it an exceptionally strong leasing season, diminishing concessions, and rising rents.
The suburban market is even hotter than downtown, with transaction activity approaching pre-pandemic levels.
The Philadelphia MSA remains within the top-10 in the nation in terms of gross metropolitan product (GMP) and Philadelphia County has one of the top 25 largest economies in the U.S.