|PREIT’s rendering of the new Gallery at Market East|
The Market East section of Philadelphia that is, not the regional transportation hub.
Maybe it’s just me, but almost everywhere I look in the local media these days, people are buzzing about Market East.
Some of those discussion topics, over the last year or so:
Everyone is talking, and for good reason. Out of all the original Center City neighborhoods (Logan Square/Circle, Rittenhouse Square, Washington Square, Society Hill, and Old City), Market East (or Center City East) is really the only one left with copious amounts of potential.
All of the others have already been redeveloped, or are in the process of.
The reason I found this story so blog-worthy, was because of that aforementioned potential. Center City has become so prominent/noticeable in Philadelphia’s comeback story, that it has literally spawned an entire army of coveted neighborhoods.
The #1 reason why these varying and unique neighborhoods have caught fire within the local real estate market, is because of Center City’s success (and University City’s too, if you want to get technical).
Original Center City has become expensive and is short on supply, which is why the spillover demand has landed in these neighborhoods. In reality, there was really no where else to go but to follow the concentric circles.
Now, it’s not just because of CC + UC that Philadelphia has changed so much over the last 20+ years.
As you can now see, the demand is spreading all over town, into historic neighborhoods, and for different reasons. Main Streets, universities, small businesses, networking groups, night markets, food trucks, and everything in between.
Market East may currently be the trendiest name in town, but it sure is not the last.