Philadelphia is the birthplace of the United States of America, which is home to several historic landmarks and iconic pop culture sites. It’s famous for its delicious, mouthwatering cheesesteaks. If you haven’t got yourself a sandwich with beefsteak and melted cheese already, you’re missing out on great food experience.
But more importantly, if you don’t consider the lucrative commercial real estate opportunities available in the city, you’re really missing out on opportunities to create long-term wealth generation. Over the past few years, the city has cultivated a knowledge economy and become Pennsylvania’s business hub.
The City of Brotherly Love hosts the corporate headquarters or regional offices of many Fortune 500 companies, including the likes of Comcast, Pep Boys, Crown Holdings, GlaxoSmithKline, and Lincoln Financial Group, among others. Let’s have a look at Philadelphia’s commercial real estate market in more detail:
The Commercial Real Estate Market in Philadelphia
Philadelphia is an excellent place for commercial real estate investors to buy an investment property and earn lucrative profits. Philadelphia’s 20.2% GDP growth since 2012 ranks 6th among large metros. Continuing with the trend, The City of Brotherly Love saw an expansion in economic growth last year as well.
Though the COVID-19 situation has a temporary setback, the economy of the entire nation, the value of the commercial real estate is expected to remain stable than most investment options available in the market. Furthermore, investors have a possible entry point due to the affordable prices of commercial real estate.
The change in demographics and popular growth also provides an excellent incentive for investors to hedge their bets in Philly’s CRE market. In recent years, the economy of Philadelphia has shifted to knowledge-based jobs. The city is attracting high-skill millennials to pursue higher education and career, hence greater demand for commercial spaces.
Therefore, it’s safe to say that the demand for commercial spaces is expected to remain high in the upcoming years.
Multi-Family Commercial Properties
Moreover, investors can also buy multi-family commercial properties in Philadelphia to diversify the CRE portfolio. Millennials prefer to live in shared spaces and find multi-family properties a more affordable choice than single-family homes. The median home prices of residential properties continue to rise, which offers a great incentive for investors to dive into this market.
The commercial real estate industry is preparing for the next normal, and experts have hung up their boots due to uncertainties. Many CRE investors who own hotels, restaurants, and other properties are selling their property at a lower price to mitigate losses and to avoid getting pulled in the fold.
It has created an excellent opportunity for investors who believe in the high-risk-high-reward mantra to capitalize on lucrative CRE deals available in the Philadelphia market to earn big bucks. Using the right business model and funding—and a bit of fortune—CRE investors have a chance to generate long-term wealth.
About Global Capital Partners Fund
Global Capital Partners Fund is a leading asset-based lender in the United States that offer flexible hard money loans in Philadelphia PA to help investors take advantage of lucrative CRE opportunities available in the market. For more details about their services, call at +1-800-514-7350, or visit their website.