The area has seen a great deal of development, and changes to the city. With a lot more attention to the area with sports fans, people looking for higher education, and employment options, the area continues to grow in size of commercial and private real estate developments. Entrepreneurs looking to start or grow a business, the area offers a great deal of options. The office suite vacancy rate of the area hovers around, 13%, and has shown signs of improvement. In a recent survey of office spaces for rent, there were several results at around $350 for small spaces, and $2 - $3 a square foot for larger options. There were also some executive suites available with free high-speed Internet access, private entries, and so much more. Opportunities abound in the greater Philadelphia area for those looking to keep growing businesses. If you need to rent an office suite or executive suite in Pittsburgh, Chicago, NYC, or any other major city, then call us at 866-321-5542 or email us. To learn more about the local Philly market and the national commercial real estate sector, then check out our office suites articles section.
The city of Philadelphia is the largest city in the state of Pennsylvania and is ranked as the 6th most populous city in the United States. The estimated population of the city is roughly 1.5 million residents in the city center, and upwards of 5.3 million residents in the greater metropolitan area. The city lies roughly 46 miles southwest of New York City and is one of the major cities in the United States with a deep history that reaches back to the founding fathers of the nation.
The economic picture of Philadelphia includes a wide variety of industries including oil, food processing, health care, tourism, and financial services. There are also great deal of large companies in the area, and is famous for it’s high economic output. The city is ranked as fourth largest GDP with a total of $312 billion annually. The city is home to several Fortune 500 companies including, Comcast, Colonial Penn, CIGNA, Lincoln Financial Group, Sunoco, Aramark, Crown Holding Incorporated, and many more. Even with a large amount of job opportunities in the general area, the unemployment rate is at 11% and is higher than the national average. The economic outlook seems relatively good as the national economy starts to make a turn around. As the economy bounces back so will the commercial real estate market,which will bring prices back up for executive suites and private, professional suites.
Residents looking to gain a college education will have a great amount of options to take advantage of. Some of the colleges in the area include, University of Pennsylvania, Drexel University, Temple University, Girard College, Moore College of Art & Design, and many other opportunities to learn and grow.
The local airport in the area is Philadelphia International Airport and is the largest airport in what is known as the Delaware Valley. The airport helps 31 million passengers annually reach their destinations. It is currently ranked as the 11th largest in the world in terms of aircraft movements.
The crime rate in Philadelphia is relatively mid-range compared to cities of similar size and growth. The average is 54 crimes per one thousand residents and has many different areas of safe, comfortable living. Like with all major cities there are various options to explore in terms of housing and neighborhoods that offer various amenities.