Philadelphia real estate experts see better future as newcomers move in

Philadelphia sees a bright future, despite violence near Center City, as newcomers move in.

CENTER CITY - Philadelphia’s gun violence is finding its way into the heart of Center City, as a man was shot and killed just a few blocks from City Hall.

But, real estate experts say the city is bouncing back.

"I want to cry, I love my city," Cassandra Adams remarked.

Adams is as loyal as it comes to Philadelphia, which is why a changing Center City makes her upset.

"I went to West Catholic. I went to Temple. I’m a Philly girl and I’ve never been afraid, but it’s scary," Adams explained.

Early Tuesday morning, Philadelphia Police say someone fired more than 20 shots on Juniper and Chancellor Streets. They found a man shot multiple times on the sidewalk near 13th and Walnut. He was rushed to the hospital and died shortly after.

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A law source tells Fox 29 investigators believe the 26-year-old victim was selling drugs and was targeted.

"I’m having serious second thoughts. This isn’t good," resident Sharon Schaible said. "There are a lot of empty storefronts and I just see it going downhill. It’s very unsettling, to put it mildly."

Schaible moved back to Philly from the suburbs eight years ago, a decision she’s now questioning.

Walgreen’s massive flagship store at Broad and Chestnut among the next to close. But, a recent report from global commercial real estate services company JLL shows a much more hopeful outlook, saying the city is amidst a reinvention.

"I think you’re going to see more of an effort on things like home furnishings, interior design. So, certain segments that, maybe, weren’t as well represented before, we’re going to see a larger presence," Clint Randall, Reasearch Director for JLL, commented.

JLL says while people have opted to move out of cities to the suburbs, in Philly’s case, newcomers are moving in.

Council-Member-At-Large Allan Domb says it’s a younger crowd and points to December pedestrian traffic on Walnut Street, close to 90 percent of what it was in 2019. Market Street lagged far behind.

"We need to get the office workers back, but we’re seeing more demand from retail stores," Domb explained. "Cities always come back. We might come back a little younger, but we’ll come back."