Dustin Downey: Everybody is Moving to Downtown Philly
On February 12, Southern Land Company’s Senior Vice President of Multifamily Development Dustin Downey spoke on a panel called, “Live, Work, Play: The Areas Teeming with Activity” at the RealShare Conference in Philadelphia, Pennsylvania. The conversation touched on key factors that are driving the mixed-use real estate sector, both nationally and in the Philadelphia market.
According to Downey, Philadelphia is one of the most stable real estate markets in the country. And that stability is actually driven by vitality in the urban core. During the panel, Downey said, “…Everyone is moving downtown.” He added:
“You may have a situation where 20-something millennial kids will be living next door to their 60-something [empty-nester] parents, either in the same building or two blocks away.”
In other words, the market appeals to all age groups. This dynamic means that there’s still substantial future growth in the cards for multifamily projects in Philadelphia, Downey said.
Other panelists highlighted trends that apply to Philadelphia and other booming markets. For example, nation-wide, developers are now prioritizing amenities that used to be considered icing on the cake, such as luxury gyms. Additionally, panelists discussed how more and more companies are moving headquarters to thriving urban centers because their best employees tend to want to live there.
For more insight about new trends in hot cities, check out the full story on the panel, written by GlobeSt.com reporter Steve Lubetkin, which is available here.