Our Philadelphia office offers a comprehensive suite of commercial real estate services, including transaction, project management, financial and advisory services. Whether you are a user/occupier or an owner/investor, we are organized to deliver truly integrated solutions to meet your unique needs.
Philadelphia is the fifth-largest city in the United States. The Philadelphia region, which comprises 13 counties – five in each of Pennsylvania and New Jersey and three in Delaware – is the seventh-largest metropolitan area in the country.
The region houses 13 headquarters for Fortune 500 companies, more than 320 of which have a presence here. There are 3.16 million workers in the region which is the fifth-largest labor force in the U.S. Of those workers, 1.5 million are in knowledge-based occupations. Philadelphia is known as the “meds & eds” region due to the number of life sciences companies and colleges and universities present.
More than 700 foreign-owned companies from approximately 40 countries have an office or facility in the region. Of these, the top five countries with a presence are the United Kingdom, Germany, Canada, Japan and France. Additionally, the region has more than 100 colleges and universities, with approximately 150 campuses.
The Philadelphia region encompasses approximately 398 million square feet (msf) of class A, B and C office space. Downtown Philadelphia comprises the largest single market with 64 msf, while suburban Philadelphia communities combined, account for more than 124 msf. Another 31 msf exists in Philadelphia outside the CBD. Southern New Jersey (45.4 msf) and Delaware (32.7 msf) account for approximately 78 msf. Making up the balance of the office market is 35.8 msf in Lehigh Valley,48.6 msf in Central PA and 16.2 msf along the I-81 corridor.
The Philadelphia regions retail business is anchored by the King of Prussia Mall which is the second largest mall in the U.S. The region supports a vibrant retail market as the median household income on average over the last seven years is 16% greater than the average for Pennsylvania and 14% greater than the average for the U.S.
The Philadelphia industrial market, which includes the Lehigh Valley, Central Pennsylvania, Southern New Jersey and Delaware, encompasses more than 1 billion sf of warehouse flex and industrial space. Suburban Philadelphia represents the largest single market (221 msf) while Philadelphia proper, accounts for 116 msf. Central Pennsylvania areas, including the Lehigh Valley and I-81 highway corridor comprises 486 msf, while Southern New Jersey (142 msf) and Delaware (50 msf) have a combined total of 192 msf.