CREW Greater Philadelphia Tours American Reading Company’s New Headquarters
This past October, I had the opportunity to tour American Reading Company’s (ARC) newly redeveloped headquarters with CREW Greater Philadelphia. The tour highlighted not just the building’s impressive transformation but also the thoughtful design choices that support ARC’s mission and operations. A Building with History Originally constructed in 1966 as the headquarters for Yarway Corporation, a manufacturer, and later bought by BET Investments in 2003 to be redeveloped into a multi-tenant office building, the 160,000-square-foot space has seen multiple different lives. ARC acquired it just before the pandemic in 2020 and worked with Re:Vision Architecture and Total Construction Inc. to reimagine it for a post-pandemic workforce. Sustainable Innovation: LEED Gold Certification The redesign focuses on sustainability, earning the building LEED Gold certification. Highlights include high-efficiency systems that reduce energy use by 20%, solar panels, and restored landscaping to capture carbon. The open, naturally lit warehouse and office areas foster productivity [...]
Safe And Sanitized Workspace
In just a few weeks, the emergence of COVID-19 managed to change the way we live and work. Even though the virus continues to spread across the US and many organizations are moving to remote work, some companies still need their employees to be on-premise to do their job. This largely refers to the companies that work with sensitive materials or proprietary systems, where employees or shift workers have to be in the workplace. In this case, it is extremely important to adopt some safety practices that will keep the workplace healthy and sanitary. In this post, you will learn how to maintain a clean office during times when the world is going through this critical public health issue. Schedule Regular Cleaning and Disinfection Routines The spread of the novel coronavirus may seem unavoidable at present. However, a dependable cleaning and sanitizing routine at the workplace that is in sync [...]
Tenant Representation During & After COVID-19
The COVID-19 pandemic has resulted in widespread economic disruptions, with many companies facing financial challenges and working hard to reset their businesses. If you are a corporate tenant or potential buyer of commercial office space, you should have a competent and experienced commercial real estate agent to represent your interests during and after COVID-19. Reviewing Contracts & Special Language Whether you have an existing contract in place with your landlord or you are planning to sign renewal documents, make sure you understand the language of the contract and the likely changes of any clauses in the backdrop of COVID-19. For instance, the “Force Majeure” clause is now going to be more critical than ever because it can temporarily protect you against non-performance when an extreme event occurs. This is also a reason to have a real estate attorney on your team in addition to a tenant broker. How the applicable [...]
Benefits of Working with a Tenant Representative During COVID-19
When looking for an office location, or negotiating a lease renewal, a real estate broker or sales associate can provide you with a very strong advantage as opposed to looking on your own. A licensed broker, or sales associate, will know what type of information a landlord will look for from a potential tenant and what incentives may be available at a particular time from a landlord/landlord’s agent in order to compete for a company’s occupancy. A new twist - having market experience to assist you in negotiating the best possible price, a talented broker, or sales associate, working as a tenant representative can help you ask the right questions about changes to the janitorial services and operations of the building due to the COVID-19 pandemic to protect your employees and visitors. They will help you sift through the market information on available locations and obtain the location you choose [...]
COVID-19 Impact on Commercial Real Estate Market
While the economic disruption caused by the COVID-19 pandemic is indiscriminate, the commercial real estate industry is one of the hardest hit. Hotels, bars and restaurants, entertainment complexes, sports venues, retail and the commercial office market are severely impacted as people and workers stay home following shelter-in-place orders and business shutdowns. Challenges for Corporate Landlords, Tenants, and Buyers At one end of the spectrum, commercial tenants are sending requests for rent relief to their landlords as they are unable to operate at full capacity from their premises or generate business cash flows. On the other end, the landlords themselves are facing challenges because they have bills to pay, and they cannot sustain too long without generating rental revenues. From the perspective of commercial real estate buyers, sellers and investors, the market is in a state of disarray as it is hard to foresee whether the current economic decline will worsen [...]
Insights on COVID-19’s Impact on the Economy
“At work, on the go, at home. Work happens everywhere.” Thank you to Stacey Boston from Hayworth for inviting me to Hayworth Connect which allowed me to listen to the March 26, 2020 webinar with Dr. Marci Rossell. Dr. Rossell shared her insights and opinion of the impact of the COVID-19 pandemic on our economy. There is so much uncertainty with the current situation, however some of Dr. Rossell’s insights seemed reassuring. Below are a few of her insights that resonated with me. COVID-19 is a shock to our economy that came from the outside. She talked about how it impacts our economy in three ways: loss of income, effect on the stock market, and change in uncertainty. Loss of Income In most recessions, the loss of jobs is a lagging indicator. In other words, in most recessions there are liquidity or solvency problems resulting in loss of jobs. Due [...]
Benefits of Supporting Non-Profits
Give Employees a Cause to Get Behind By Supporting a non-profit, you build a culture of caring, showing your employees that you care about more than your bottom line in your business. Support a Good Cause and Get Tax Breaks An obvious side effect of non-profit giving is the tax breaks that it provides. Help the community, help the cause - help yourself! To Give Back to the Community If your organization is active within the local community, being involved in non-profits is a great way to show your community support. Consider seeking board positions for high ranking officials within your organization. Provides Positive Public Relations Who doesn't love good press? Being involved with non-profits in your business provides a positive outlook for your company's charitable and philanthropic ventures. Sponsoring their events also provides advertising opportunities while building community trust. Making the Most of your Charitable Dollars A dollar within a [...]
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 [...]
3 Tips for Negotiating A Commercial Lease
Prior to deciding on a business location, an entrepreneur and/or business owner should know there are many steps in the location decision process. Negotiations for the commercial lease location will eventually follow. No matter what stage you are in concerning the location for your business - staying grounded, realistic and professional with a customized market survey of available office space will help you make better decisions. Hiring a commercial realtor, ideally one specializing as a tenant rep, will help ensure the process is streamlined and the result is beneficial to you and your business. 3 Tips for Negotiating A Commercial Lease Know length of lease How long will that office location and size work? Is it too much space or too little space for a three, five, or seven + year period? Who will pay for the tenant improvements? Length of lease term can have benefits for both the tenant and [...]
Leasing vs Purchasing Office Space in the Philadelphia Region
Your business has to operate out of somewhere, and when it's time to look for dedicated commercial space for your company, you'll have a lot of decisions to make. And one of these decisions is whether to lease or purchase your office space. Both options come with their own set of advantages and disadvantages, so you'd be well advised to do your due diligence and conduct a little research before deciding which option works best for your company. So, the question remains: is it better to lease or purchase office space in Philadelphia? Understanding the Pros and Cons of Leasing Commercial Office Space Commercial real estate investors might assume that purchasing office space is the better way to go, but leasing office space comes with its own set of pros and cons, including the following. Pros of Leasing Office Space No down payment required. As with any other types of [...]