A spike in development in 2019 is clear by merely counting the quantity of permits issued by the town of Philadelphia. The Department of Licenses and Inspections issued 1,745 new construction building permits in 2019. as long as construction cannot start until a permit is issued, and it takes time to erect a building, most job sites must are active into and throughout 2020. Then there was a halt in March and April, when Licenses and Inspections stopped permit issuance and construction sites were placed on hold until public health guidelines were defined and implemented.

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As of December 2020, Licenses and Inspections issued about 760 new construction building permits. this is often not the maximum amount as in 2019, but 760 unique new construction isn't alittle number, either. By combining the quantity of proposed work from late 2019 and early 2020, it is sensible to ascertain many new buildings in Philadelphia.

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Active development in Philadelphia suggests that there's a surplus of vacant land. consistent with the general public record from the Office of Property Assessment (OPA), there are 13.11 square miles in vacant properties, which is adequate to 12.43% of all properties.

However, not all vacant land is suitable for residential and commercial development. Over 33% of vacant land is within the industrial district. the foremost common development for industrial use are offices, warehouses, transit stations, and parking lots. As for residential districts, RSA-5, RSD-1, RM-1, and CMX-3 are in abundance. RSA-5 properties, the zoning district that shaped Philadelphia's single-family row homes, sums up 1.44 square miles in vacant area. Although not the maximum amount as RSA-5, RM-1 and CMX-3 shouldn't be overlooked. These multi-family and mixed-use districts are distributed in and around Center City for moderate density development.

Other than availability, residential vacant properties are inexpensive. consistent with OPA, the median assessed value (not listing or sold price) of vacant RSA-5 properties is simply $9,300. Such low acquisition cost allows developers to specialize in construction funding, which isn't a hurdle for the financially savvy. With interest rates hitting historical lows in 2020, funding a project would require little capital.

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