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3 Reasons You Should Move Your Company To Philadelphia

3 Reasons You Should Move Your Company To Philadelphia

The city of Philadelphia is on the rise as its business sector booms with growth. With lower rents then its neighboring big cities of New York and D.C. yet still close by proximity, Philadelphia is quickly becoming a powerhouse player for businesses to call home. Call a Philadelphia Commercial Realtor or Tenant Rep to help you move your business to this bustling city.

3 Reasons why you should move your company to Philadelphia

Rent costs are cheaper

Sylvie Gallier Howard, the First Deputy Commerce Director for the Philadelphia Commerce Department, told NBC 10 Philadelphia News in August of 2018 that the same amount of space in New York City would likely cost three times what it would cost in Philadelphia. And with rent being one of the key fixed costs for a business, this is an extremely important factor to consider, especially for small businesses. Hiring a tenant rep can help you find the right location and negotiate the best commercial lease for your business.

The city is growing

Philadelphia has already begun to boom with the arrival of the tech industry and more and more college graduates deciding to stay, as Joshua Davidson explained in an article for StartupGrind. With less competition than other major cities, Philadelphia is attracting recent grads. Davidson wrote that in 2015, Philly Magazine reported a 41.2% growth in millennials during 2006-2014, many of whom are searching and ready for work. The city itself offers incentives for startups and entrepreneurs, as well. One such program is Jump Start Philly, exempting new businesses from certain taxes and fees. A licensed Philadelphia real estate agent who works with Corporate Tenants and Buyers of commercial real estate can help streamline this process and make your move to Philadelphia as smooth as possible.

Philadelphia is central to other locations

In addition to being home of Philly cheesesteaks and lots of U.S. history, this rich and diverse city is central to other major East Coast cities, allowing its denizens to arrive in New York City, Washington D.C. or Baltimore in less than two hours. With lower rents, Philadelphia in spite of its U&O tax, and its suburbs can be the perfect location for your business outside those major cities yet still within easy driving distance to each. A Philadelphia Commercial Realtor or Tenant Rep can help you pick a location within the city that is best for your company’s needs.

With lower rents, a business-friendly environment, entrepreneur/startup incentives and a central location, Philadelphia is the perfect city to move your business to.  There are also areas designated as Federal Opportunity Zones in the city and suburbs. Call a qualified commercial real estate professional today to begin to discuss the possibilities!

 

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Philadelphia’s Changing Skyline

A city is defined by it’s skyline.

The image of a city’s skyline goes on everything from t-shirts to coffee cups to paintings.  It helps establish the identity of a city and it’s people.  But skylines are always changing, especially here in Philadelphia.

I’m sure when you think of the Philly skyline a few major images come to mind, the distinct silhouette of William Penn on the top of City Hall, the massive boxy outline of the Comcast Center, the matching points of One and Two Liberty Place.

Later this year the Comcast Technology Center will open and the skyline will once again change forever.  It will be the tallest building in the city at 1,121 feet tall, the other Comcast Center was previously the tallest since 2008.

City Hall was actually the tallest building all the way up until 1987 when Liberty Place was built.  And so the Curse of Billy Penn began and no Philadelphia sports team was able to win a championship for decades.  The curse only ended in 2008 when a small figurine of William Penn was placed at the top of the new Comcast Center.  I wonder if Comcast has any plans to put a new figurine on top of the upcoming Technology Center upon completion.

Skylines just like cities are always changing and I’m interested to see how the Philadelphia skyline develops and grows in the coming decades.

www.phillybydrone.com  takes incredible photos of the Philly skyscrapers through the use of a drone.  The drone allows them to capture a variety of angles that most people wouldn’t have the chance to see otherwise.  Below are a few of my favorite shots he has gotten so far.

 

 

 

This post was created in honor of June being National Skyscraper Month and the inspiring history of the Philadelphia skyline.

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Reasons to Keep Business in Philadelphia

Reasons to Keep Business in Philadelphia

Choosing a location for your business is a big decision. Not only do you have to have a successful business model but also the staff to support your endeavors. Often times when working with clients looking to lease or purchase office space we discuss more than just the building requirements. Access to transportation, vibrant communities and many other factors that impact employee happiness.

As a Philadelphia Commercial Real Estate Broker & Tenant Rep. we LOVE Philadelphia. The History, People, Culture, Charm and the character of each of the towns that make up the vast Philadelphia Suburbs.

Here are a few Fall Events that happen in September that are a few reasons our clients and their employees love to live and work in the Greater Philadelphia area.

  1. Scarecrow Festival in Peddler’s Village in Bucks County
  2. Kennett Square Mushroom Festival in Chester County
  3. The Franklin Institute in Philadelphia County – Catch the Lego Exhibit before October!
  4. Made in America Festival in Philadelphia
  5. Garden Railway, & Stickworks and other Fall Events and Activities at the Morris Arboretum (University of Pennsylvania & the Commonwealth of PA’s official arboretum)

 

 

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CLASS A and B Submarkets in Philadelphia – 1st Q 2015

PG Commercial Real Estate Logo Header for Peggy Gallagher Commercial Realtor in Montgomery County, PA

 

 

 

CLICK HERE to Download a Printable PDF Version

CLASS A Office
SUBMARKET STATISITICS
1st Quarter 2015
Existing Inventory Vacancy YTD Net YTD Under Quoted
Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates
Montgomery County
Conshohocken 24 3,341,039 299,048 308,775 9.2% 109,771 0 0 $31.54
Ft Washington
Spring House
20 1,894,472 558,205 563,740 29.8% (69,745) 0 0 $22.93
Horsham/
Willow Grove
38 3,881,400 207,580 207,580 5.3% (4,966) 0 0 $23.99
King of Prussia
Wayne
90 8,873,293 1,249,845 1,346,631 15.2% 2,926 0 0 $27.53
Plymouth Mtg
Blue Bell
46 3,883,293 504,259 521,105 13.4% 123,163 0 0 $24.38
Philadelphia County
Market Street East 7 4,124,862 342,798 355,673 8.6% (31,950) 0 0 $24.12
Market Street West 43 27,120,333 2,786,299 2,868,131 10.6% 7,412 0 2,166,682 $30.64
Southern NJ
South Burlington County 36 3,304,682 165,419 165,419 5.0% 18,882 0 0 $15.39
South Camden County 10 1,240,156 182,759 182,759 14.7% 0 0 0 $17.75
                   
CLASS B  Office
SUBMARKET STATISTICS
    1st Quarter 2015
Existing Inventory Vacancy YTD Net YTD Under Quoted
Market # Blds Total RBA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates
Montgomery County
Conshohocken 68 860,945 33,541 52,613 6.1% 6,926 0 0 $24.08
Ft Wash/
Spring House
106 2,080,214 252,657 309,111 14.9% 4,362 0 0 $19.98
Horsham/
Willow Grove
206 5,483,373 657,377 735,330 13.4% 131,310 0 0 $23.16
King of Prussia Wayne 156 4,179,278 595,496 596,896 14.3% 55,328 0 0 $20.75
Plymouth Mtg Blue Bell 126 3,781,320 879,882 921,971 24.4% (53,939) 0 0 $20.17
Philadelphia County
Market Street East 71 6,092,514 550,274 551,274 9.0% (20,558) 0 0 $26.62
Market Street West 136 8,956,108 551,150 563,947 6.3% (87,371) 0 0 $22.12
Southern NJ
South Burlington Couty 214 3,987,651 403,011 410,294 10.3% 1,159 0 0 $15.17
South Camden County 199 3,084,993 459,093 459,093 14.9% (1,389) 0 17,800 $16.75
Source: CoStar Property

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Office Market Trends Philadelphia Region By County

May 2015 – Montgomery County, Pennsylvania

We’ve come a long way from 2010 with high vacancies and low rents. Today in Montgomery County Pennsylvania the trend line shows more demand for Class A Office Buildings than for the category of all office building types. Comparing Trend lines in the graphs below you can see a clear difference between the trend line for the average Vacancy Rate 11.8% and the Rental Rate of $26.10 per square foot per year plus electric, versus the trend lines for the averages for all Office, A,B,C.  When all types of Office Buildings are added to the survey the trend line of the averages changes to a Vacancy rate of 12.1% and a Rental Rate of $23.32 per square foot per year plus electric.  Of course there are ten times as many buildings in this survey of all different sizes and qualities.  The survey of the Class A Office buildings consisted of 216 buildings. Over all it is easy to see that demand for Office space has continued to improve and rental rates are definitely on the rise. Put our expertise to work for you when faced with a search for an office location or a lease renewal.

 

PG May 2015

PG May 2015 Class A

 

 

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Suez & Panama Canals, Philadelphia Region, and demand for Commercial Real Estate?

atnightmarinesilkrdWilliam & Mary - FINALIs there a relationship between Suez & Panama Canals, Philadelphia Region, and demand for Commercial Real Estate?

At C.R.E.W. Philadelphia’s Past Presidents’ Series Tuesday, May 12, 2015 held at the Philadelphia Sheraton Downtown a panel of amazing experts shared ideas and opinions to help the audience better understanding the linkages. CREW Philadelphia and its organization partner, Liberty Property Trust (LPT), and all the panel participants did a fantastic job. Here is a recap of my notes from the event: (more…)

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Hiring a Commercial Real Estate Agent

When looking for the right space for your company it is very important to consider all of the factors. You may be thinking what are the factors and how can I be sure that I don’t forget any. The great thing is that you don’t have to worry about that yourself. This is the job of your realtor.

Your realtor will listen to all of your worries and parameters and use them to find the office space you want for your company. When working with a realtor your job is to know what you want so you can convey that clearly to them. Once your realtor understands what you want they will be able to find it for you and then get you the best price for it.

Posted in: Commercial Real Estate, Philadelphia

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Philadelphia Welcomes Century 21 Department Stores

During the Philadelphia Business Journal Breakfast at the Hard Rock Cafe Natalie Kostelni interviewed Eddie Gindi of Century 21 Department Store.  If you are from northern NJ or NYC chances are you have heard of or shopped at a Century 21. Philadelphia will now have its first location as the company expands outside the Metro NYC area as of October 28th 2014 at The Gallery on 821 Market Street, Philadelphia, PA.

During the interview by Natalie we heard Eddie say how, ‘Century 21 listens, watches and pays attention to what the consumer wants and likes.’ It sounds like they deliver especially with discounts of 40-65% off. Understanding his customers, or as they call them ‘guests’, it is about the fashion and value. Their model offers fashion at a discount. Their stores are always evolving, the focus is on giving the customer what they want in the product and the store layout and design.

Eddie, like his father, is focused on giving back to the community. It sounds like they are here to stay as Eddie revealed their space is about 100,000 square feet and its is not a ‘short term’ lease.

PREIT reached out to Century 21 regarding anchoring The Gallery.  Eddie said they saw the location in Philadelphia as a chance to service the customers and it was close enough yet far enough to be a whole new market for the Department Store. He enjoys the historic value of Philadelphia and the increase trending for local tourism.
http://www.c21stores.com/

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Are we there yet? 2014 Mid Year Office Market Trends

Commercial Real Estate 2014 Mid Year Office Market Trends

By there I mean where the real estate values are increasing at a point above the measurement of the annual rate of inflation. The Consumer Price Index (CPI-U) has increased 2% for the past 12 months through July 2014. This percentage change year or year is a key indicator for the economy. By analyzing the national data – YES, we are there!  Keeping in mind the real estate trends vary regionally and with the quality of the product. Looking at the global market and the Vacancy Rate – the CRE industry uses this to track trends and an indicator of the balance of supply and demand for office space. Here are a few of the findings in the national vs local office markets for Vacancy Rates and rent trends.

Based on the Costar’s mid year review the national vacancy rates for leased and owner occupied buildings up to the first half of 2014 is at 11.8% as compared to 2013 which was 12.2% vacancy rates. This is a reduction of almost a half a percent in available office space. The national rent increase year to date in 2014 increased 3.7% as compared to 2013 with only a 1.9%.

 

cre 2014 trends (more…)

Posted in: Commercial Real Estate, Corporate Office Space, Philadelphia

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Golf4Some Hit the Greens in 2014 – CREW

It was a joint CREW member effort in Fall 2013, and four gals reaped the rewards this summer, 2014. Debbie Keen, Director, Business Relationships for ADVANCED OFFICE ENVIRONMENTS, supported CREW’s charity last year by purchasing the golf package that Peggy Gallagher, PG Commercial, had donated to the CREW Charitable Luncheon in fall of 2013.

crew golf outing 2014

Awesome foursome made up of Debbie Keen, Advanced Office Environments, Rebecca Udell, KSS Architects, Amanda Ryland, Remington Group Inc., and Peggy Gallagher, PG Commercial Real Estate. Had fun playing 9 plus 9 at WVCC this summer.

The beneficiaries for the CREW Philadelphia Fall 2013 luncheon were Women’s Community Revitalization Project (“WCRP”) and CREW Network Foundation.

Beneficiaries from 2013 Fall Luncheon:

“Proceeds from the silent auction will be donated to this year’s (2013) luncheon beneficiaries: Women’s Community Revitalization Project (“WCRP”), which builds low income housing for women and families led by women; and CREW Network Foundation, which supports CREW Network in advancing the success of women in commercial real estate through charitable, philanthropic and educational programs.”

Posted in: Peggy's Travels, Philadelphia

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