Ha, all the New Yorkers I know are so hung up on what neighborhood they live in in Manhattan, I can't imagine any of those people moving to Philly... Just the thought of working downtown makes them shudder.

Of course, I'm sure there are a lot of mid and back office types that could move down here - if they didn't already prefer life in North Jersey...

Realistically, I think the industries that are going to be hit the worst from this economic down-cycle are financial firms, and therefore it's more likely RE will be affected more in the financial centers, (don't forget Wilmington and Charlotte), as the economy slows.