Market Stat: Mixed-Use Amenities and Proximity to Suburban Office Parks Are Helping King of Prussia Apartment Developments Stand Out
Almost 2,000 new, luxury apartment units have delivered in King of Prussia, Pennsylvania, just in the past two and a half years. While this rapid growth in high-end apartment options would cause apartment fundamentals to buckle in plenty of Philadelphia suburbs, tenant demand has been sufficient to match the new supply in King of Prussia, where new apartment deliveries are leasing up at the fastest rates of any projects throughout the Philadelphia metro area.
Three developments with more than 250 units delivered in King of Prussia last summer, including Hanover King of Prussia, Park Square and AVE King of Prussia.One year later, all three of these properties are more than 70% leased.
While large apartment properties that delivered in the Philadelphia metro area during the past two years have averaged 15 move-ins per month over the course of lease-up, within King of Prussia, it has been 30% faster, averaging just over 19 units per month.
Most of King of Prussia’s recent multifamily projects have delivered within the Village at Valley Forge masterplan development. The mixed-use and pedestrian friendly layout of Village at Valley Forge allows local residents to walk to the grocery store, as well as to local bars and restaurants.
These selling points are likely helping boost interest in King of Prussia’s new apartment stock, as there are very few pedestrian friendly enclaves in Philadelphia’s far western suburbs, which are dominated by major highways and sprawling office parks and shopping malls.
Wolf Commercial Real Estate specializes in representing King of Prussia office space for buyers, sellers, owners and tenants. Contact the team at 215-799-6900.
We are the unparalleled experts in King of Prussia commercial real estate listings and services. The team at our King of Prussia commercial real estate brokerage firm provides ongoing detailed information about office space in King of Prussia to our clients and prospects to help them achieve their real estate goals. At Wolf Commercial Real Estate, a leading King of Prussia commercial real estate brokerage firm, our King of Prussia commercial real estate services encompass the highest quality of service and proven expertise.
For companies and individuals seeking new office space in King of Prussia, the team at our King of Prussia commercial real estate brokerage firm helps you find the King of Prussia office space that best suits your needs. Our King of Prussia commercial real estate experts ensure that the sale or lease terms for your new office space in King of Prussia are the best fit with your commercial real estate goals.
*Article courtesy of CoStar News, JULY 11, 2019ADRIAN PONSEN