Philadelphia is strategically located at the center of a thriving economic region, situated midway between New York and Washington, DC. It is the largest city in Pennsylvania and is the sixth most populous city in the United States, with a population of more than 1.5 million residents. Philadelphia serves as the economic and cultural hub for the Delaware Valley and the State of Pennsylvania, and is a major influence on government, big business and tourism, as well as arts, culture, cuisine, and entertainment.
Economic conditions in Philadelphia have been improving over the last several years due to accelerated job growth resulting from several major institutional and commercial projects. Service-providing sectors, such as education and health services, contributed to most of the expansion, according to the U.S. Department of Housing and Urban Development. Compared to other major metropolitan cities, Philadelphia boasts affordable office rental rates, low labor costs, and an expensive cost of living. The region is home to a regional labor pool of more than 3 million people and a highly educated workforce – there are 101 colleges and universities in the area, creating a steady stream of talent.
The city’s economy is bolstered by a diverse array of industries, including sciences and healthcare, professional services, manufacturing, and hospitality. Philadelphia is also home to a vast network of talent in the creative arts sector, with nearly 18,000 workers in fields such as public relations, architecture, fine arts and graphic design, according to the City of Philadelphia. It is also a premier destination for convention, leisure, and business travel. The Pennsylvania Convention Center has undergone a $786 million expansion and now offers the largest contiguous exhibit space in the Northeast, according to the City of Philadelphia.
For companies of all sizes, Philadelphia has over 40 million square feet of prime office space, including 96 LEED certified or registered buildings and 70 LEED commercial interiors, according to the Philadelphia Department of Commerce. The city works with companies of all sizes to offer incentives for business development in Philadelphia, such as low-cost financing, tax credits for job creation, site selection assistance, and workforce training.
Fidelity National Financial, Inc. (FNF) is currently ranked #302 on the 2018 Fortune 500®*, and is among numerous defense, energy, media, hospitality and financial Fortune 500®* companies based in the region. Our Philadelphia-based team of CRE professionals works in all facets of the industry, including power and energy projects, office buildings, industrial parks, multifamily housing, retail properties, government contracts, corporate transactions and more.
Discover what’s new and interesting in our backyard in the latest real estate news, provided courtesy of the FNF Newsdesk.
Throughout my many years in the title business, I have learned that it takes a lot of people to successfully close a transaction – not just the settlement coordinator. Trusting and learning to work with your colleagues as a team is the most important first step in any business but especially in the title insurance industry and I can say that I have been fortunate to have worked with the most dedicated and talented people and I’m lucky even today.
Karen C. Morrissey
AVP, Settlement Officer