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Philadelphia’s Apartment Construction Pipeline Drops to 2020 Levels

Excess Supply, Decelerating Rents and Prevailing Interest Rates Serve as a Drag on New Development

Post Brothers and Tower Investments have completed work on the first 630 units of One Thousand One, the largest active multifamily construction project in the Philadelphia region and one of the largest apartment developments in the U.S. In total, 1,486 units will be added as part of the three-phase project.(CoStar)
Post Brothers and Tower Investments have completed work on the first 630 units of One Thousand One, the largest active multifamily construction project in the Philadelphia region and one of the largest apartment developments in the U.S. In total, 1,486 units will be added as part of the three-phase project.(CoStar)

By Brenda Nguyen
CoStar Analytics

August 21, 2024 | 6:34 P.M.

Following the highest surge in apartment development since the 1970s, Philadelphia’s multifamily construction pipeline has receded significantly in the past year. The pipeline of active construction projects has contracted from a peak of 25,763 units in late 2022 to 12,635 units in the third quarter of 2024, a 50% decline.

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