Pitfalls, Opportunities Abound Within Pittsburgh’s Property Tax Code

By Brendan Kelly, associate, Siegel Jennings Over the past decade, Mr. Rogers’ adopted hometown of Pittsburgh has been named the most livable city in the continental United States — a hipster haven, tech hub and other trendy titles. Affordable housing stock in a stable real estate market, access to the arts in an established cultural community and world-class healthcare and higher education place the Steel City at the forefront of medicine and robotics. This attention has drawn real …

November 13, 2020Market Reports, Northeast, Northeast Market Reports, Pennsylvania

Philly Retail Market Responds to COVID-19

By Taylor Williams What a difference a year makes. Around this time in 2019, the Philadelphia retail market was experiencing something of a Renaissance. Driven by forward-thinking projects in chic neighborhoods, such as Fashion District Philadelphia, as well as the delivery of new phases of retail at destinations like Schuylkill Yards and the Philadelphia Navy Yard, the market was embracing new users, customers and spaces alike. The evolution of Philly’s retail market at this time …

October 9, 2020Market Reports, Northeast, Northeast Market Reports, Pennsylvania, Retail

Three Key Trends to Monitor in Philadelphia’s Multifamily Market

By Christine Beechan, area vice president, Morgan Properties If there’s one certainty about the unusual year that is 2020, it’s that COVID-19 has significantly impacted every industry across the globe. For apartment owners and operators, we’ve entered uncharted territory in terms of changing renter demands, unconventional leasing methods and new operational procedures. Consequently, it’s especially important right now for apartment professionals to understand the complexities of the …

September 11, 2020Market Reports, Multifamily, Northeast, Northeast Market Reports, Pennsylvania

Philadelphia Office Market Enters ‘Wait-and-See’ Mode

By Tom Weitzel, managing director, JLL The Philadelphia office market at the moment is running in place, which is to say that there is certainly energy being expended, but it is going nowhere fast. Tenants and landlords alike are partnering with real estate experts to navigate this challenging time. However, while office users evaluate businesses and study workforces, the benefit of making a decision has not yet outweighed the downside of making a wrong decision, so most users are adopting a …

September 1, 2020Market Reports, Northeast, Northeast Market Reports, Office, Pennsylvania

Philadelphia, Southern New Jersey Industrial Market: Everything Investors Need to Know

By Marc Isdaner, senior managing director, principal, Colliers International; and Ian Richman, senior managing director, Colliers International Strong job and population growth in recent years have caused the Philadelphia/Southern New Jersey industrial market to continually rise on the radars of both investors and developers. As the nation battles COVID-19, we see demand for industrial space growing as more users look to service last-mile customers in densely populated areas. This market is …

August 28, 2020Industrial, Market Reports, New Jersey, Northeast, Northeast Market Reports, Pennsylvania

Healthcare Developers Adapt to Changing Landscape

Anyone who has kept an eye on the healthcare real estate sector over the past several years is aware of the property type’s reliability amidst increasing economic uncertainty, which has resulted in growing interest among investors. However, for what has become one of the hottest investment sectors in recent years, transformations underway within the healthcare industry will bring changes to the asset class over the next decade.Bob Atkins, Managing Partner, Atkins Cos.The …

March 3, 2020Healthcare, Market Reports, Northeast, Northeast Market Reports, Pennsylvania

Philadelphia’s New Brand Identity in Commercial Real Estate

Interest in Philadelphia among commercial real estate investors has been on the rise for years. But the Eastern Pennsylvania market managed to maintain a relatively low profile in the public consciousness, overshadowed by its larger East Coast primary market rivals, each with its own clear brand identity.But this is largely a thing of the past. Philadelphia has emerged lately as a leader in cutting-edge biotech and life science innovation. The city is a magnet for gene and cell-level …

February 26, 2020Content Partner, Features, Market Reports, Multifamily, Northeast, Northeast Market Reports, Pennsylvania, RED Capital Group

Developers Adapt to Tight Office Market in Northeast

Office vacancies are falling across the big metros of the Northeast as robust user demand outpaces the supply of new construction. Deliveries in the last year have primarily been limited to Class A, build-to-suit properties and mixed-use developments. Meanwhile, office tenants are seeking high-end amenities at favorable prices. Nationally, the office vacancy rate stood at 16.8 percent in the second quarter, up slightly from 16.6 percent a year ago, according to real estate research firm Reis. …

December 4, 2019Market Reports, Massachusetts, New York, Northeast, Northeast Market Reports, Office, Pennsylvania

Experiential Retail Takes Philly by Storm

The evolution and transformation of Philadelphia’s retail real estate market is in full swing, as evidenced by the arrival of several long-awaited shopping and dining concepts, the growth of retail in mixed-use settings and the balanced levels of demand between urban and suburban submarkets. According to the latest data from CoStar Group, over the last three years the Philadelphia metro area’s retail inventory has grown by about 1.3 million square feet per year. The development pipeline is …

September 25, 2019Market Reports, Northeast, Northeast Market Reports, Pennsylvania, Retail

Strong Demand, Record Rents Drive Office Investment, Development in Philadelphia

Robust employment and population growth are fueling Philadelphia’s renaissance and propelling the region’s office sector to new heights. The lack of new office construction over the past decade has driven rents to record levels and is creating value-add acquisition opportunities throughout the region. With a tight labor market and talent acquisition at a premium, companies want to lease state-of-the-art workspaces that attract future employees. Key features of these spaces include access …

September 11, 2019Market Reports, Northeast, Northeast Market Reports, Office, Pennsylvania