Real estate remains strong in the Philadelphia area; and construction is leading the way with 10.1 million square feet of active construction happening in the city, according to Jones Lang and LaSalle real estate firm.
The booming construction in Philadelphia has left little space for large Class A space. Class A space is of the highest quality and contains top-of-the-line systems and fixtures as well as the most modern amenities. These spaces are usually found in well-trafficked areas and business districts, and they are well-managed and strictly maintained. There are only five Class A areas that have more than 500,000 square feet available in the area.
With food and beverage and retail also thriving, the desire for Class locations are preferable for most companies. Construction is projected as the leading market in the area. Due to the high demand of Class A space and little availability, rental rates are due to rise in the remaining spaces of Class A and Class B spaces.
Other areas that had significant employment gains this year are professional and business services and leisure and hospitality. According to the Bureau of Labor Statistics, 7,400 jobs were added in the professional and business service field in the past year. The leisure and hospitality industry employed 3,000 in the past year. Opportunities within these fields are still plentiful and good prospects for a money-making career.
Christina Thompson is a freelance writer living in Philadelphia. Her work can be found at Examiner.com.