It is obvious that dorms and other rental buildings in nearby university campus are intended to attract students. But this new rental building near Drexel University rather attracts young professionals than the students.
The New York Times reports that Drexel University in Philadelphia has "a glassy new rental building offers residents a roof deck with a heated saltwater pool, a fire pit and outdoor televisions." It obviously has amenities that every college student wants plus it would be a good venue for their rowdy parties.
This new rental building has 28 floors. It is located at 3601 Market Street. However, it is not constructed to "to house any of Drexel's 16,900 undergraduates," nor for "the 10,400 undergraduates studying at nearby University of Pennsylvania."
The market niche of this new rental building is the young professionals particularly the "junior faculty, office workers and young doctors," who want to live in this college town. These are the West Philadelphia's demographics, since Children's Hospital of Philadelphia and the Penn Presbyterian Medical Center are within the area.
On different news, the real estate market in Philadelphia has been going strong for the last 2 years. Law 360 reports that the city has drawn "national interest from investors and developers that experts say should continue unabated in 2016."
It is also noted that Philadelphia is not all the time being commended as a good location for hot investment. According to Bart Mellits (Ballard Spahr LLP real estate chair), "People didn't think there was enough juice in the market, but now I think people are seeing the value here. This is a walkable city with a lot to offer."
Based on report, Philadelphia has truly recovered from the 2008's financial crisis. In fact, the fundamental shift can be seen in the real estate industry of the city. In fact, "a particularly hot market has been University City, a neighborhood in West Philadelphia that's home to the University of Pennsylvania, Drexel University, and the University of the Sciences."
