Philadelphia: Philadelphia, where office properties last year attracted about half the investment of Washington and less than a 10th of Manhattan s total, is seeing a boom in demand that has sent the average price per square foot to a record. Office sales in the first half of this year more than doubled to $1.4 billion, the highest since close to the markets peak in 2006, according to New York-based research firm Real Capital Analytics Inc, according to Bloomberg. We view Philadelphia as really on the upswing, said Gerard Sweeney, chief executive officer of Brandywine Realty Trust BDN , which owns 13 properties in the citys main business district, including one under development. Theres certainly an expectation that rents will continue to move up and The City of Brotherly Love is finally getting some affection from commercial real estate investors. Real estate values approaching or surpassing peak levels in New York , Boston and Washington have buyers turning to Philadelphia for its higher yields, rising rents and falling vacancies. Thats bolstering office deals in the fifth-largest U.S. city at a time when Manhattan-like towers have opened with luxury condominiums and cable operator Comcast Corp. is developing a skyscraper that will be the areas tallest.
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