DELAWARE: The Comeback Kid
I-495 may be closed for the summer, but the doors to Delaware multifamily are wide open (soon you'll be hearing radio ads in your hometown), we heard from panelists at Bisnow's Delaware State of the Market. Delaware Economic Development Office director Alan Levin says location, quality of life, and accessibility to decision makers are the differentiators for DE businesses (and a job influx is always followed by an apartment influx). While vacancies from job cuts by companies like AstraZeneca have hurt, JPMorgan Chase has stepped in to fill much of the void, says CBRE SVP John Kaczowka. (Does this mean JPMorgan is making drugs for cholesterol? They'd probably know what to do with fatty deposits. Or how to combat withdrawal.)
Buccini/Pollin CIO Karl Wagner says multifamily is bringing more live and play to a work-oriented downtown, and there's a noticeable distinction between the CBD, which attracts price-conscious renters, and riverfront apartments filled by those who like suburban-style living and are willing to pay extra. Karl says a multi-use project planned at the site of the Midtown Parking Garage on 9th Street will bring over 200 multifamily units and BPG hopes it can enliven the Market Street spine connecting the two neighborhoods.
