Construction on New Pattison Place Office Project Expected to Begin After Reaching Certain Level of Leasing Commitments Rendering of the planned 200,000-square-foot Pattison Place office tower in Philadelphia. Image: The Cordish Cos. Comcast Spectacor and The Cordish Companies revealed details for Pattison Place, an $80 million office tower planned for a site adjacent to the firms’ Xfinity Live!project… Read more »
Posts Tagged: Philadelphia commercial real estate
Philly Office Space
Wolf Commercial Real Estate (WCRE), a full-service Philadelphia commercial real estate brokerage firm, specializes in representing Philly office space for buyers, tenants, investors and sellers throughout the Greater Philadelphia region. Strategically located between New York City and Washington, D.C., and easily accessible via a major international airport, Amtrak’s north-south corridor and several major highways, Philadelphia… Read more »
Aramark Inks Deal at Downtown Philadelphia Office Tower
Food Service, Facilities and Uniform Services Provider Signs 16,000-SF Lease Aramark, a food service, facilities and uniform services provider, signed a 15,857-square-foot lease at Nightingale Properties’ and Carlton Associates’ Class A office tower in Philadelphia, according to CoStar Research. The 686,503-square-foot, 29-story structure at 1835 Market Street was built in 1986 and renovated in 1997…. Read more »
Philadelphia’s Proposed One Percent Tax on New Construction
Is Philadelphia’s proposed one percent tax on new construction a good compromise or a fools bargain? The Philadelphia City Council announced new legislation on April 11, 2018, that includes a new one percent tax on new construction that would raise revenue for the Housing Trust Fund, the city’s dedicated source for developing new affordable housing, preserving existing… Read more »
Philadelphia Independence Hall Office Space Market Heating Up
Early signs may be surfacing of a resurgence in Independence Hall’s office market in Philadelphia. Throughout 2015 and 2017 Independence Hall was an outlier with noticeably higher vacancies than other submarkets in and around the Philadelphia office space central business district (CBD) such as Market Street West and University City. These higher vacancies were caused… Read more »
Market Knowledge Creates Higher Returns
Over the past several years, the investment market within the Philadelphia and Southern New Jersey region has grown extremely competitive. Market trends show a majority of investors are looking within the Philadelphia region seeking higher upside values and returns. These investors are typically searching for 8% + returns on investments. This has become increasingly challenging… Read more »
A Closer Look at Center City Philadelphia’s Tightest Office Micro Markets
Most Philadelphia office space brokers and investors consider Market Street West – the portion of Market Street running from City Hall to 21st Street – as Center City’s premier office district, and with good reason. Public transit access is exceptional along that corridor, which is home to more than 12 million square feet of Philly… Read more »
U.S., Philly Office Markets Expected to Grow Throughout 2018
The U.S. office market, including Philly office space property, continued to benefit from strong fundamentals going into 2018, despite continued deceleration in net absorption, occupancy, and rental rate growth. With robust corporate profits and continued office-using job growth, that trend is expected to hold through the year as the recently approved tax cuts and expected… Read more »
Centre Square – Philly’s “Clothespin” Building – Sold for $328 Million
Centre Square, the 1500 Market Street Philly office space complex best known for Claes Oldenburg’s giant “Clothespin” art sculpture in its front plaza, was sold for $328 million this month to New York-based Nightingale Properties, according to Philly.com. The website called the deal the largest office transaction based on square footage in Philadelphia office space… Read more »
Philly Office Space Vacancy Rate Drops Below 9 Percent
The Philadelphia office space market ended the first quarter 2017 with a vacancy rate of 8.7%. The vacancy rate across all Philly office space properties was down over the previous quarter, with net absorption totaling positive 173,096 square feet in the first quarter. That compares to positive 1,080,044 square feet in the fourth quarter 2016…. Read more »
