2014 was a promising year for Philadelphia real estate. While Comcast Center for Innovation and Technology was certainly the biggest real estate update of the year, various other mergers and acquisitions also made headlines. National Realty Investment Advisors, LLC is here to share the biggest real estate stories of 2014.
Read on to learn about the most prominent property happenings of 2014:
Center City Boom
In the year 2014, Central Business District recorded 24 transactions that accounted for around 1 billion worth of commercial real estate. 1835 Market St, Curtis Center, and 3535 Market St. are some of the most prominent office properties that changed ownership. This demand of office spaces will further bolster Philadelphia’s economy in 2015.
University of Pennsylvania announced the development of Pennovation Center. The facility being developed to act as a business incubator and accelerator will promote innovation and give young entrepreneurs a place to nurture their ideas. National Realty Investment Advisors, LLC is confident that such developments will influence local residential real estate market.
Lubert-Adler & Safeway Inc.
Philadelphia’s Lubert-Adler is one of the real estate investment companies that have a stake in the $9 billion Safeway deal. The deal makes sense to Lubert-Adler as Safeway Inc. owns its real estate investment besides having various distribution centers and manufacturing plants.
FMC Tower is another exciting real estate development coming up in Philadelphia. And then there is the new skyscraper from Liberty Property Trust and Comcast Corp. that will pump in $1.2 billion in the Philadelphia economy.
National Realty Investment Advisors, LLC is confident about commercial real estate investment prospects of Philadelphia in 2015.
How do you think Philadelphia real estate will fare in 2015? Tell us in the comment section and let’s discuss the investment possibilities.