Wouldn't it be a good place because of the proximity? Lower salaries, lower real estate costs, and access to both markets within a 2-3 hour drive if making sales presentations etc.
In theory yes. It's just a bit too far to commute. and there are lot of industries that think "to be a real player in this industry we HAVE to be located in NYC (or DC)". But there is no industry that thinks that of Philly. So it ends up with just small regional versions of most industries. Very unfortunate given that the housing prices are far lower than NY or DC area.