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TheStreet Open House

Brandywine Realty Trust's CEO Hosts Analyst Meeting Conference (Transcript)

And it’s due to a lot of factors, one we’re holding on to more and more of the young people to come to Philadelphia, the Philadelphia region to get great education, 101 colleges and universities in the tri-state area. And we’ve seen population growth in that 25 to 34 year old sector.

Second, we are experiencing growth because many empty nesters in the suburbs, house is gotten too big kids are away, it’s not easier to be here in the city and many of those folks wanted to do spend a lot of time in Philadelphia anyway. Constantly, going through a restaurant, renaissance we, Philadelphia was rated one of the top 10 shopping destinations in the world by CNBC. And of course hospitality, tourism, art and culture, Travel and Leisure Magazine recently rated Philadelphia, the number one city for culture.

In the United States of America and that was before the barn is open, just a couple of weeks ago, which will be an international phenomenon for us. Hospitality is a great growth industry for us. We continue to pursue hotel development and we still need nearly 1000 new rooms from the hotel sector, because we doubled, virtually doubled the size of our convention center over on with the new North Broad Street entrance.

North Broad Street is a great area of growth for the City of Philadelphia, as well as our Waterfront, which we expect to have one of the best Waterfronts anywhere in the United States of America. We are also seeing population growth from immigrant communities we had a 50% growth in the Hispanic, Latino population here in Philadelphia going from a little over 8%, to now over 12% of the population as well as from African countries, Caribbean community as well as the Asian population growing in Philadelphia as well.

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