Who Is Going to Live in All These New Apartments?
Center City is in an apartments-building frenzy. Every time you turn around, someone is planning to develop yet more rental residences. According to data from Jones Lang LaSalle published in today’s Business Journal, there are 20 apartment projects in various evolutionary stages–that’s 3,840 units in Center City, fully 2,064 of which are still in the planning phase.
Do developers really believe there’s a downtown rental demand to sustain so much supply?