Tag Archives: Philadelphia

Office Highlights from the Philadelphia CBD and Suburbs

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Office Highlights for the Philadelphia CBD and Suburbs

If you’re examining Philadelphia’s Q1 office activity, published by JLL this April,  it seems that the CBD may be experiencing a calm before the storm:

  • Absorption remained sluggish due to the prevalence of small deals, modest tenant expansion, and key departures such as Dow from 100
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Developers focus on Philadelphia’s prime locations

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The U.S. Industrial Outlook offers an in-depth analysis of property fundamentals, indicators and market drivers in the major industrial markets in the United States. The following briefs the latest developments in the Philadelphia market:

Speculative development is on the rise: Construction activity continues to be one of the prime drivers of the Philadelphia industrial market. Availabilities and vacancies are at all-time lows, encouraging speculative construction to address the needs of 30,898,500 square… Read More

The State of Our Market

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Urban Land Institute’s 2016 Emerging Trends in Real Estate Outlook recommends, “Look to key secondary markets.” And many are following this advice.

Statistics to consider:

  • Philadelphia notched $9 billion in office transaction volumes around the region in 2015, up 44 percent year-over-year.
  • Nearly 30 million square feet is currently under development across all asset classes.
  • More than 100,000 millennials have moved to the city since 2006, representing a 6.3 percent increase in share of population
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An Update on JLL’s Construction Perspective

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Construction activity expected to grow in 2016, but the ascent will be slower.

2015 was a remarkable year for post-recession construction activity. The construction industry took one of the hardest-hits in 2009-2010, and has been slow to bounce back and rebuild their business activity – until 2015.

Highlights include:

  • Office space under construction peaked at 92.8 m.s.f.
    • Philadelphia was at 3.2 m.s.f. in Q4 2015
  • Construction costs increased in primary office markets, driven by skyrocketing labor
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JLL Lands Three Spots in the Mid Atlantic Real Estate Journal’s “Best of 2015”

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The Mid Atlantic Real Estate Journal’s “Best of” highlights the largest developments, major financial transactions, largest office, retail & industrial transactions, as well as the most unusual architectural and construction projects. In addition, the list features the owners, brokers, developers, architects who made it all happen.

JLL is proud to be recognized in the Mid Atlantic Real Estate Journal’s “Best of 2015” in three different categories:

 

TOP BROKERS

James Galbally and Douglas Rodio, Managing Directors,… Read More

A Valuable Real Estate Partner in Philadelphia’s Booming Economy

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It’s an exciting time for Philadelphia, and no firm knows that better than us. 

“There’s a real buzz here,” says Mike McCurdy, managing director of the Philadelphia market. “Cranes are everywhere, and new retailers are coming in. Millennials through Baby Boomers are moving downtown, while key suburban markets remain strong. It’s the best economy I’ve seen in my 30-year real estate career here.”

Why here? Why now?

Philadelphia has historically maintained a fairly stable economy—never… Read More

“Uber just opened a big ol’ corporate-looking office in Southwest Philly”… and we built it out

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“We were proud to build out your new Philly space #Uber!” – JLL PDS & Construction, Jim McGrath, Phil Tortorelli & Pat Wahl

Uber offices in S. Philadelphia

According to Technical.ly Philly, the ridesharing company has set down roots deep in Southwest Philly, just north of the airport, and… Read More

The Sale of 270 Silver Spring Road in Mechanicsburg

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270 Silver Spring Road

On behalf of DCT Industrial (NYSE: DCT), JLL has closed the sale of 270 Silver Spring Road in Mechanicsburg, Pennsylvania to Cabot Properties. The property, totaling 104,000 square feet, is located in the 27 million square foot Central Philadelphia industrial market, one of the top performing in the United States.

Senior Vice President for JLL Philadelphia, John Plower, told the Central Penn… Read More