Mayor Proposes Improving L & I. It Can't Get Any Worse
With a shortage of inspectors and massive case loads for those few inspectors they do have, Philadelphia Mayor Cherelle Parker proposes splitting L & I into two divisions.
One would target inspections, safety, and compliance. The second would focus on “quality-of-life” issues and business code enforcement.
Creating more bureaucracy isn’t necessarily a good thing, but Hapco Philadelphia feels in this case, it can’t hurt.
Philly Ranks 14th In Nation In New Office-to-Apartment Conversions
Hapco Philadelphia predicted that those emptying office spaces in Center City would be prime real estate for apartment conversions.
Well, it’s happening according to a survey from our partners at RentCafe.
Your former workspace could become your newest rental. The Philadelphia metro is experiencing a surge in office-to-apartment conversions, with nearly 1,000 units in the pipeline. The Philly metro is 14th on the list of areas with the most office conversions underway in 2024.
Nationwide, 2024 is a record year for repurposed office spaces, with 55,339 units currently under conversion and expected to enter the market in the coming years. That said, office conversions account for 38% of the 147,000 apartments anticipated to result from adaptive reuse projects in the U.S.
Here are more key highlights for Philly:
- The Philadelphia metro is converting 975 units from office spaces, representing 19% of the area‘s total future conversions (5,092).
- Compared to last year, the number of office-to-apartment transformations has more than doubled, increasing by 136%.
- The 1701 Market Street project is at the forefront of adaptive reuse in Philly, aiming to repurpose an office building into 325 new apartments.
- The bigger picture: From 2021 to 2024, the number of apartments scheduled for conversion from old office spaces increased from 12,100 to 55,300 nationwide. This trend is most prominent in Washington, D.C. (5,820 units), followed by New York (5,215 units), and Dallas (3,163 units).
Hapco Philadelphia Weighs In With Media On City Landlord Tenant Office Reforms
Hapco Philadelphia continues to try to minimize negative impacts on rental property owners from reforms proposed for the City’s Landlord Tenant Office.
The news media sought out HP President Greg Wertman and General Counsel, Paul Cohen, to gauge how our members are reacting to a proposal at City Council to mandate City licensing and training for Landlord Tenant Officers.