Local CRE Trends

Discover What’s New and Interesting in Our Backyard

Philadelphia is strategically located at the center of a thriving economic region, situated midway between New York and Washington, DC. It is the largest city in Pennsylvania and is the sixth most populous city in the United States, with a population of more than 1.5 million residents. Philadelphia serves as the economic and cultural hub for the Delaware Valley and the State of Pennsylvania, and is a major influence on government, big business and tourism, as well as arts, culture, cuisine, and entertainment.

Economic conditions in Philadelphia have been improving over the last several years due to accelerated job growth resulting from several major institutional and commercial projects. Service-providing sectors, such as education and health services, contributed to most of the expansion, according to the U.S. Department of Housing and Urban Development. Compared to other major metropolitan cities, Philadelphia boasts affordable office rental rates, low labor costs, and an inexpensive cost of living. The region is home to a regional labor pool of more than 3 million people and a highly educated workforce – there are 101 colleges and universities in the area, creating a steady stream of talent.

The city’s economy is bolstered by a diverse array of industries, including sciences and healthcare, professional services, manufacturing, and hospitality. Philadelphia is also home to a vast network of creative sector talent, with nearly 18,000 workers in fields such as public relations, architecture, fine arts and graphic design, according to the City of Philadelphia. It is also a premier destination for convention, leisure, and business travel. The Pennsylvania Convention Center has undergone a $786 million expansion and now offers the largest contiguous exhibit space in the Northeast, according to the City of Philadelphia.

For companies of all sizes, Philadelphia has over 40 million square feet of prime office space, including 96 LEED certified or registered buildings and 70 LEED commercial interiors, according to the Philadelphia Department of Commerce. The city works with companies of all sizes to offer incentives for business development in Philadelphia, such as low-cost financing, tax credits for job creation, site selection assistance, and workforce training.

About Fidelity National Financial

Fidelity National Financial, Inc. (FNF) is currently ranked #375 on the 2020 Fortune 500®*, and is among numerous defense, energy, media, hospitality and financial Fortune 500®* companies based in the region. Our Philadelphia-based team of CRE professionals works in all facets of the industry, including power and energy projects, office buildings, industrial parks, multifamily housing, retail properties, government contracts, corporate transactions and more.

Discover what’s new and interesting in our backyard in the latest real estate news, provided courtesy of the FNF Newsdesk.

*FORTUNE®” and “FORTUNE 500®” are registered trademarks of Time Inc. Time Inc. is not affiliated with, and does not endorse products or services of, Fidelity National Financial, its subsidiaries, or affiliates.


The Latest Articles From the FNF Newsdesk

Last call for refinancers? Mortgage rates will resume rising, bankers’ group forecasts
Mortgage rates have fallen for three weeks in a row, but the retreat is just a head fake, the Mortgage Bankers Association says. The group expects rates to rise to 3.7 percent by the end of the year,...

Hispanic homebuyers poised to become dominant force in U.S. housing market
Hispanics, already a prominent force in the U.S. housing market, are about take over as the nation’s dominant group of homebuyers.  A study by the Urban Institute forecasts that Latinos will become a...

2021 purchase volume forecasted to hit a record, despite rising rates
Even though mortgage rates have trended down the last few weeks, the 30-year fixed will reach 3.7% by year-end, the April forecast from the Mortgage Bankers Association said. But those higher...

Buyers Undeterred by Home Prices
The median existing-home sales price surged to a record high in March, climbing 17.2% annually, the National Association of REALTORS® reported Thursday. Median prices nationwide reached a historic...

Counties Experiencing Most, Least COVID-19 Economic Impact
The COVID-19 pandemic has taken a huge economic toll on states across the country to varying degrees. “Clearly, the housing market continues to surge, and things are looking up, more and more, for...

Million-Dollar Home Sales Outpace Those in Other Price Points
| Realtor Magazine Internet Explorer does not currently support REALTOR® Magazine search. IE users, please download Firefox , Chrome , or Edge . April 22,...

The Pros and Cons of a 'Kick-Out' Clause
In this red-hot housing market, some sellers may be tempted to add a kick-out clause when countering an offer on their home. This type of contingency in a purchase agreement would allow a seller to...

Housing Providers Struggle Under Eviction Moratorium
Housing providers are increasingly facing hardships after months of missed payments from tenants due to pandemic-related struggles. Mom-and-pop owners—who account for about half of the nation’s...

An Insider’s View on the Bay Area’s Housing Affordability Crisis
Randy Tsuda, President & CEO, Alta Housing. Image courtesy of Alta Housing The Bay Area’s affordability issue has long reached a crisis point. Due to high land and construction costs, the region is...

Housing market remained strong in March with highest prices ever
Home prices are setting new records as buyers scramble for an accepted offer amid a continuing inventory crunch. Is working from home the new normal? The median sale price was a record high...