What can the City of Brotherly Love teach us about commercial real estate?

Our travels took us to Philadelphia, Pennsylvania last week. No. Not for the pivotal Dodger vs Phillies series but for a stop on my book tour and bit of work. Yes! We were able to sample a Philly cheesesteak - alas a vegan one - and ascend the Rocky steps to city hall. We even attended a musical in the same theatre Thomas Jefferson graced in 1807.
 
You may be wondering what a trip east can teach us about commercial real estate? Indulge me while I review a few reasons.
 
Legacy matters. Walking the cobblestone streets of Old City, you are reminded that history leaves an imprint on everything. The architecture tells a story of adaptation and endurance. Buildings that once housed print shops or tanneries now host tech startups, art galleries, and coffee roasters. The lesson? A well-built structure can live many lives. In commercial real estate, we often focus on the next deal, but Philadelphia reminds us that long-term vision and sound fundamentals outlast the trends of the moment.
 
Density breeds creativity. Every block in the downtown core bursts with energy. Office towers sit shoulder to shoulder with residential conversions and vibrant street-level retail. It is a living example of how proximity drives collaboration. In Southern California, where sprawl is our default, we can learn from Philadelphia’s mixed-use fabric. The best projects today are those that layer uses - industrial with office, retail with residential, community with commerce. When people and ideas collide, opportunity follows.
 
Transit changes everything. Unlike most West Coast cities, Philadelphia was built for pedestrians and trains, not cars. That simple difference shapes land use, property value, and even tenant demand. Industrial users there still rely on rail access. Office tenants value walkability. Neighborhood retailers thrive because foot traffic never stops. The takeaway for us is clear: accessibility sells. Whether through freeways, ports, or planned transit corridors, the ease of connection defines the worth of location.
 
Pride of place builds value.
Philadelphians are proud of their city. You can feel it in every mural and every conversation at the corner market. That civic pride translates into investment, maintenance, and long-term ownership. As brokers and owners, we know that when people believe in their community, properties stay leased and values rise. A clean street, a cared-for façade, or a supportive business district can elevate an area faster than any zoning change.
 
Reinvention is not a phase - it is a way of life. From its colonial roots to its modern skyline, Philadelphia has reinvented itself countless times. Industry shifted. Populations moved. Yet the city continues to evolve, not resist. That spirit of adaptation is exactly what today’s commercial real estate world demands. Office conversions, e-commerce distribution, re-shored manufacturing - all of it requires the same willingness to look at existing assets and ask, “What could this become?”
 
So, what can the City of Brotherly Love teach us about commercial real estate? That legacy, density, access, pride, and reinvention are not just urban characteristics. They are timeless business principles. The best deals, like the best cities, are those that continue to create value long after the ink dries.
 
Allen C. Buchanan, SIOR, is a principal with Lee & Associates Commercial Real Estate Services in Orange. He can be reached at abuchanan@lee-associates.com or 714.564.7104. His website is allencbuchanan.blogspot.com.