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Reasons to Keep Business in Philadelphia

Posted by Peggy Gallagher on September 15, 2015

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.

Scarecrow Festival in Peddler’s Village in Bucks County
Kennett Square Mushroom Festival in Chester County
The Franklin Institute in Philadelphia County – Catch the Lego Exhibit before October!
Made in America Festival in Philadelphia
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

Posted by Peggy Gallagher on July 1, 2015

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

3,341,039

299,048

308,775

9.2%

109,771

$31.54

Ft Washington
Spring House

1,894,472

558,205

563,740

29.8%

(69,745)

$22.93

Horsham/
Willow Grove

3,881,400

207,580

5.3%

(4,966)

$23.99

King of Prussia
Wayne

8,873,293

1,249,845

1,346,631

15.2%

2,926

$27.53

Plymouth Mtg
Blue Bell

3,883,293

504,259

521,105

13.4%

123,163

$24.38

Philadelphia County

Market Street East

4,124,862

342,798

355,673

8.6%

(31,950)

$24.12

Market Street West

27,120,333

2,786,299

2,868,131

10.6%

7,412

2,166,682

$30.64

Southern NJ

South Burlington County

3,304,682

165,419

5.0%

18,882

$15.39

South Camden County

1,240,156

182,759

14.7%

$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

860,945

33,541

52,613

6.1%

6,926

$24.08

Ft Wash/
Spring House

106

2,080,214

252,657

309,111

14.9%

4,362

$19.98

Horsham/
Willow Grove

206

5,483,373

657,377

735,330

13.4%

131,310

$23.16

King of Prussia Wayne

156

4,179,278

595,496

596,896

14.3%

55,328

$20.75

Plymouth Mtg Blue Bell

126

3,781,320

879,882

921,971

24.4%

(53,939)

$20.17

Philadelphia County

Market Street East

6,092,514

550,274

551,274

9.0%

(20,558)

$26.62

Market Street West

136

8,956,108

551,150

563,947

6.3%

(87,371)

$22.12

Southern NJ

South Burlington Couty

214

3,987,651

403,011

410,294

10.3%

1,159

$15.17

South Camden County

199

3,084,993

459,093

14.9%

(1,389)

17,800

$16.75

Source: CoStar Property

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Renegotiating a Commercial Lease

Posted by Peggy Gallagher on June 15, 2015

When renegotiating your lease it can be very helpful to have an objective, conflict free, tenant representative on your side. The tenant rep will have the appropriate knowledge and experience to balance the scales in your favor during the renegotiation with your landlord. They will also disclose who they represent in the potential lease renewal. And after reviewing your current lease and also current market conditions they can estimate, whether or not the prices in the market indicate the current lease rate is above market or in line with the market.

The upper hands that most landlords have when coming into a renegotiation of a lease are an astute knowledge of the office market and the understanding of the real cost of changing/moving offices. By bringing a tenant rep into the equation to represent you, you can be educated on the right assumptions to use, realistic assumptions concerning the cost of an alternative location, and have someone in your corner who knows the market as well as the landlord, if not better. Through their help you are more likely to get the landlord to sharpen their pencil to the greatest degree on the rent and any needed improvements. Negotiating a lease renewal is a process and an experienced professional can guide you through and assist in managing the transaction. A key ingredient to success is identifying and obtaining written lease terms from substitute locations. As we said it is a process and it takes an investment of your time and the Tenant Broker’s time. But can result in saving a company a lot of $$$ in annual fixed operating costs.

Tags: lease negotiation

Posted in: Commercial Real Estate

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Office Market Trends Philadelphia Region By County

Posted by Peggy Gallagher on May 31, 2015

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 Class A

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

Posted by Peggy Gallagher on May 15, 2015

Is 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…)

Tags: CREW

Posted in: Philadelphia

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Hiring a Commercial Real Estate Agent

Posted by Peggy Gallagher on April 15, 2015

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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Advantages Working with a Tenant Representative

Posted by Peggy Gallagher on March 17, 2015

When looking at an office space a realtor can provide you with a very strong advantage as opposed to looking on your own. A licensed realtor will know what information needs to be provided and what the selling agent could possibly do to make the property or office space seem like a better choice.

A talented realtor will also know how to ensure you get the best price through negotiation and other things they have picked up through their experience. They will help you get what you want not only short term but long term as well. They will know about the materials the space is built from which will inform them of any problems you could have with the space or any problems that may already be present.

Posted in: Commercial Real Estate

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Philadelphia Welcomes Century 21 Department Stores

Posted by Peggy Gallagher on October 22, 2014

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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Commercial Real Estate 2014 Mid Year Office Market Trends

Posted by Peggy Gallagher on October 22, 2014

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 over year is a key indicator for the economy and a measure of inflation. 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%.

Posted in: Commercial Real Estate

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Are we there yet? 2014 Mid Year Office Market Trends

Posted by Peggy Gallagher on September 4, 2014

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.

cre 2014 trends (more…)

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

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