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Top Philly real estate trends to expect in 2018

experts in Philly’s development and real estate world have their eyes set far ahead into ... for all of the waterfront development that’s happening in Camden on the Delaware River, where there is 1 million square feet of mixed-use development under ...

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menu more-arrow no yes Philadelphia Log In or Sign Up Log In Sign Up Cities Topics Neighborhoods More Cities Atlanta Austin Boston Chicago Detroit Hamptons Los Angeles Miami New Orleans New York Philadelphia San Francisco Seattle Washington DC Topics For Sale? in Philadelphia For Rent? in Philadelphia Development? News Architecture? Maps? Neighborhoods ? Philadelphia Real Estate Market Reports Top Philly real estate trends to expect in 2018 New, 1 comment From new kinds of renters to a coworking boom By Melissa Romero Dec 4, 2017, 10:00am EST tweet share pin Experts don’t expect Philly to slow down in 2018. Courtesy of mandritoiu/ With the end of 2017 in clear view (seriously, how did that happen?), experts in Philly’s development and real estate world have their eyes set far ahead into the next yearAnd while they’ve cast their prediction nets far and wide, it seems like they can agree on one thing: Philly won’t slow down in 2018 “We are very bullish on Philadelphia,” said Jerry Sweeney, CEO of Brandywine Realty Trust, at the Urban Land Institute’s Real Estate Forecast last week Sweeney was one of a few top developers and experts who spoke to some of the trends to watch in 2018 here in Philadelphia, from a new kind of workplace to a new kind of renter Here are five of the top real estate trends to keep an eye out for come 2018 1More apartment concessions to sweeten the deal Philly is expected to see a lot of new construction deliver in 2018, with multifamily residential builds making up a good portion of itSo as all of those apartments come online, expect to see a lot of these buildings offering concessions—think one month’s free rent—to entice renters to fill up their vacancies, says Gilchrist The luxury rental market is most likely to push this, since, simply put, they’re just too expensive for the average Philly renter to affordThis high-end market averages about $3 per square foot—not many people can afford paying $3,000 a month for a 1,000-square-foot apartment As Gilchrist points out, when there are hundreds of older Philly rowhomes available for rent at a much lower price point, luxury apartments are going to have to really woo renters with deals to convince them to live in their building Canvas Valley Forge is a new development in King of Prussia catered to renters ages 55 and up Courtesy of Bozzuto 2The tale of two renters: Millennials and baby boomers Talk of millennials in Philly isn’t going to go away anytime soonAs long this group keeps moving into Philly in droves (and puts down more permanent roots here), apartments will still keep coming online But there’s another type of renter that developers have started to cater to: baby boomersThere’s been a lot of talk of empty nesters downsizing from their suburban mansions and moving into condos and homes in Center CityBut research shows that a lot of adults in this age group are actually transitioning from buyers to renters at a faster rate than millennials Bradley JKorman, co-CEO of Korman Communities, says this means that developers now have to market their communities in two very different ways to attract these different types of renters Courtesy of WeWork 3A boom in coworking and shared work spaces At last count, coworking spaces like WeWork, Benjamin’s Desk, and the Yard made up 527,000 square feet of total office space in the Central Business District (CBD)While that’s a small percentage of the city’s total office space, the numbers show this type of workspace could account for as much as 30 percent of office space in the country years down the road“Coworking will be a huge driver,” said Lauren Gilchrist, vice president of research at JLL Philadelphia Philly is already home to a plethora of coworking spaces, and there are a bunch more in the pipeline, including Bond Collective at Suburban Station and Spaces in the old Hale BuildingBoth are set to deliver next year Why are these type of offices so attractive? The flexibility these spaces allow is a big factor, but they also come with amenities like outdoor space, kitchens, and host special eventsGilchrist says to “expect vanilla, un-amenitized Class A trophy office space to struggle.” Rendering courtesy of PREIT/Macerich 4A different kind of shopping experience Whoever predicted the end of malls was wrong: They’re not dead, just differentWhile e-commerce has no doubt caused a major shift in the typical shopping experience, brick and mortar shopping is still the most popular way for folks to consume, and it doesn’t look like people are going to stop shopping in malls anytime soon. What will change is what malls offer, says GilchristHer research shows that food and beverage is the most popular renovation strategy for malls, making up an astonishing 40 percent, followed by tenant upgrades, entertainment, and multifamily residential features PREIT’s redevelopment of the Gallery Mall is a prime example of what Philly should expect with the new shopping experienceAfter originally promoting itself as the Fashion Outlets, months later it reemerged as the Fashion District of Philadelphia, with an eye toward restaurants and entertainmentAlong with flagship stores like H&M, the Fashion District will offer things like Market Eats, a food hall of sorts, as well as a fancy movie theater with reclining chairs with the option to order food and drinks. PREIT is banking on its redevelopment being one of the most successful mall redevelopments“We see it as a project that’ll be the premiere urban retail centers in the country,” said CEO Joseph FCoradino King of Prussia is on the move. Photo by Philly by Drone 5Philly will have some stiff nearby competition The desire to live and build in Center City and Philadelphia in general isn’t going to become any less popular next yearBut Gilchrist says that by the looks of it, the ‘burbs are making a comeback, too “Expect mixed-use suburban office, multifamily, and retail to peak up steam,” Gilchrist said in her presentation There are some suburbs in particular to keep an eye on, starting with King of PrussiaThe town has seen $1 billion in development in recent years, including a revamp of the famous King of Prussia Mall and the nearby KOP Town Center that is now home to tons of retail, townhomes, and apartment developmentsAnd although it’s many years down the road, the goal to extend the SEPTA Regional line here has gained recent traction On the Main Line in Bala Cynwyd, a developer has undertaken a $100 million master plan to redevelop the town’s historic corridor with new retail, restaurants, and apartments And while Camden isn’t a suburb, it is much smaller compared to Philly, but also its closest competitionLiberty Property Trust is responsible for all of the waterfront development that’s happening in Camden on the Delaware River, where there is 1 million square feet of mixed-use development under construction “That town finally has momentum that’s gaining traction,” said CEO and president William Hankowsky“I would watch Camden.” Related The 10 top emerging trends that will shape real estate in 2018 Next Up In Philadelphia Real Estate Market Reports Report: Philly’s suburban housing market remains sluggish Report: Philly will see 8M square feet of construction deliver in 2018 Report: Philly’s condo market continues recovery slowly but surely 53 percent of Philly renters are cost-burdened, says new report Baby boomers are the Philly region’s next wave of renters, report says Report: New homes in Philly metro cost 188 percent more than old houses Trending Here’s what $1,900 rents in Philly right now Welcome back to Curbed Comparisons, a dive into the options available for a certain price point in various Philly neighborhoodsIs one person’s townhouse another’s studio? Let’s find out! Today’s price point: $1,900 a month. Bill to halt demolitions along Ridge Avenue moves forward A bill to place a one-year demolition moratorium on properties lining a five-mile stretch of Ridge Avenue through Manayunk and Roxborough has cleared its latest hurdle A real Christmas tree in your Philly apartment? Not so fast. Philly is one of the few cities that bans natural Christmas trees from high-rises and multi-unit dwellingsHere’s why. Pennsylvania’s first LGBTQ housing for young adults breaks ground in North Philly After getting off to a complicated, rocky start, construction has officially begun on the first LGBTQ housing project of its kind in Pennsylvania, the Gloria Casarez Residence in North Philly. Federal Society Hill home from 1797 asks $2.6M Another grand home in Society Hill has come to the market, wowing with its Federal architecture and long history—it was built in 1797 and looks just as stately as ever. 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