The Philadelphia suburbs are trying to catch up to the city in development of multifamily housing units.
The trend that comes at a time when apartment development is on the wane in urban areas amid worries of oversupply, although suburban developers believe the market can absorb the new stock, writes Natalie Kostelni at bizjournals.com.
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There are multifamily projects underway in all corners of the region. A developer wants to build apartments in downtown Quakertown, plans are on the boards in Broomall and ground is being broken in Exton and Downingtown for hundreds of units.
To be certain, the vast majority of the overall number of units — 13,516 — are either in the planning stages or just being discussed, such as Cardinal Crossing in Broomall, 401 Washington St. in Conshohocken and Ambler Crossings in Ambler. Just a fraction of the overall number of rental units, about 1,530, are currently under construction, according to the Berkadia report. Another 1,018 are in the lease-up phase.
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