HFF's Cruz: Strong Demand for Philadelphia Multifamily

HFF’s Jose Cruz

PHILADELPHIA, PA— Retail and multifamily properties are highly active and continue to see strong demand, José Cruz , a senior managing director at HFF, tells GlobeSt.com exclusively. Cruz, who is participating in the “Live Work Play” panel at ALM’s RealShare Philadelphia Conference February 9 at the historic Union League Club, tells GlobeSt.com exclusively that pricing is at record levels for both property types. “We continue to see great market activity and high investor demand from the institutional and private buyer community for well-located multifamily in the city,” says Cruz .  “Cap rates on class A multifamily and class B value add multifamily continue to remain low and per unit pricing is at record levels.  Also, retail continues to be highly sought after as both urban units and suburban centers trade at record pricing.” The ” Live, Work, Play: The Areas Teeming with Activity” panel, also will include panelists Dustin Downey , senior vice president of multifamily development, Southern Land Company ; Paul Garvey , senior director, Cushman & Wakefield; and Bradley J. Korman , co-chief executive officer, Korman Communities . Moderating the panel is Timothy J. Touhey, senior vice president, Investors Bank. With rents on the rise in trophy-class and class-A properties along with dropping vacancies, Philadelphia seems to be a landlord’s market. In addition to out-of-town investors making their mark in the city, panelists will discuss factors that continue to drive the mixed use sectors and what particular areas are teeming with activity. Among the trends expected to be discussed are coworking, incubator spaces, and crowd-funding—and how they play into the most bustling areas. The panel is scheduled to start at 10:15 a.m. The conference kicks off Tuesday, February 9 at 7:30 am at the Union League Club, 140 South Broad Street, Philadelphia. More information on the RealShare Philadelphia 2016 Conference is available at http://www.globest.com/events/realshare_event/philadelphia/RealShare-Philadelphia-2016-363734-1.html .