Southern Land Company Community in the New York Times
The reporter, Ronda Kaysen explained that increasingly, developers are building residential buildings near college campuses for people who are well in the workforce:
“Near college campuses around the country, developers have begun building luxury housing for the staff, not the students. Tapping into a desire among some younger workers to live in walkable, urban communities, these developers have discovered that a college neighborhood can fit that bill, as students are no longer the only ones who want to live near campus.”
The story highlights a trend that we have incorporated into our strategy for some time – young professionals with high-paying jobs tend to prioritize great access to public transportation, bars and restaurants, and other high-quality-of life amenities when deciding where they want to live.
Our 3601 Market property, for example, is near an area in Philadelphia called University City. Kaysen lists interesting statistics about the area and the demographics there:
“About half of University City’s 50,600 residents are between the ages of 20 and 34 and of the 75,000 jobs in the area, three-quarters of them are in health care and education, according to a report by the University City District.
The jobs tend to command high salaries. From 2008 to 2013, the number of mid-to-high wage jobs increased by 80 percent, according to the report. So for employers looking to recruit young workers, an influx of luxury housing built a few steps from the office could win over a prospective employee who might have balked at a long commute.”
If you want to learn more about Kaysen’s high-level take on this trend, we encourage you to read the full story here. Ultimately, we’re thrilled to see a Southern Land Company community featured in a smart piece published by an internationally renowned paper.