Avison Young in Philadelphia
Avison Young expanded to the Greater Philadelphia region in 2013 during the company’s continued expansion effort. The Philadelphia office services Eastern Pennsylvania with experts focusing in Center City Philadelphia and the immediate suburbs. The office offers a comprehensive suite of commercial real estate services including tenant representation, agency leasing, financial and advisory services, capital markets, project management and development services.
Whether you are an owner, investor, occupier or developer, we deliver results aligned with your strategic business objectives, supporting real estate initiatives that add value and build a competitive advantage for your organization.
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 as well as 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. Philadelphia’s CBD comprises the largest single market with 62 msf, while immediate 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 region’s 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 square feet of warehouse flex and industrial space. The region is anchored by the strong industrial corridors of I-81 and I-78 that stretch through the Lehigh Valley and Central Pennsylvania, and continues to be one of the strongest hubs in the country.
The Philadelphia region remains one of the most sought-after investment locations in the U.S. It tops many investors’ lists due to its overall stability, long-term performance and the presence of medical and educational institutions.