PHILADELPHIA (CBS)–One of Philadelphia’s up-and-coming neighborhoods is getting national attention.
The Market East neighborhood has topped the list as one of the most desirable retail locations in the nation.
“There is a lot of growth happening and I think it’s the time of change for this section of the Philly,” said Charles Croce, the Executive Director and CEO of the Philadelphia History Museum.
The real estate research firm JLL did the number crunching, factoring in rental rates, new construction and growth potential. The report found Market East rental rates averaged $50 per square foot. New York City’s 5th Avenue district averaged more than $2000 per square foot.
“If you look at NY, San Francisco and Boston, we are still economically viable and I believe that’s part of why the growth is here,” said Croce.
In recent years, the Market East corridor has seen its share of new ideas and projects come and go, but Croce says it appears now is the time for new revitalization to work. On just three city blocks along the corridor, construction is underway on a new residential tower and outlet shopping mall.
“It’s great to see all the construction, even though it can be a bit of a hassle. It’s an exciting time for the city,” said one woman who works in the area.