Aging Main Line township faces office 'decline': Update
Main Line township "outdated" as growth shifts back to Philly
Aging Main Line township faces office 'decline': Update
Joseph N. DiStefano
(UPDATE with comment by report co-author at bottom) The 4 million sq ft of office space along US 202 and other main roads in Tredyffrin, the most populous township in Pennsylvania's wealthiest county (home to Paoli, Chesterbrook, south Valley Forge, and the parts of Wayne, Strafford, Devon and Berwyn north of the Main Line tracks), was mostly built in the 1980s or earlier and is "in danger of becoming outdated," warns Monday's report by the Chester County township's Business Development Advisory Council.
"As this office stock has aged" and corporate tenants departed, "vacancy rates will likely climb and building values will likely decline," the committee warned in its report, which you can read here.
The council's members have long real estate and business credentials: Daniel Fishbein (BNY Mellon/Urdang, Rubenstein Co.; he helped put Vanguard Group in its current offices), Eric Kleppe (Turner Investments), Standford Nishikawa (a Wall Street trader who retired young), James Sanborn (maritime consultant), John Susanin (SSH Real Estate-Radnor), William Thomsen (Urban Engineers).
Tredyffrin rents are declining, from an average of over $27 a square foot five years ago, to around $24, the report said, citing SSH data. Vacancies have bounced up and down in the 10-17% range since the mid-2000s; few buildings have been constructed since 2002. Part of the problem is outdated suburban zoning, the panel says. Current building-height limits promote sprawl and make it difficult for big companies to win coveted energy certifications that "higher quality corporations" seek.
Easing restrictions on mixing apartments and stores in office districts would attract "young, educated workers" to Tredyffrin town centers like the old Paoli business district and "the largely vacant Chesterbrook retail center."
But as things stand, the US 202 corridor is lined with "proliferations of dated, single story buildings in locations not adjacent to residential areas."
In sum, the council concluded, Tredyffrin needs "a virtuous cycle of, and balance between, large corporations, small businesses and residents." UPDATE: "Tredyffrin's unique in that there's no earned-income tax, no gross-receipts tax," Susanin told me. "It's an employer's tax haven compared to Radnor or Upper Merion."
But that also means it's extra important "for the township to maintain a strong, viable office mix to keep those revenues coming," he added. If Tredyffrin used to be the kind of place that waited for builders and tenants to come to it, the township needs to learn to copy "proactive" communities like Lower Providence "in really encouraging develpoment and developers. "Tredyffrin's a wonderful township, a model community. But we're fully developed. We need to talk about redevelopment. And there's no simple, quick fix. We need to encourage companies to come to the township and grow in the township."
Comment removed.
Zackly. And it's right by the Main Line of the old PA RR now Septa-Amtrak. So what could be easier, right? Except this is the Main Line, and everyone's got a detailed opinion, and many of em have access to lawyers...— Joe D- Comment removed.
- This is where the City of Philadelphia really could shine, with access to beautiful office towers and vibrant lifestyles. If only Council and Mayor Nutter would get their acts together on taxes...— Tartan69
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Easing restrictions on mixing apartments and stores in office districts would attract "young, educated workers" to Tredyffrin town centers like the old Paoli business district and "the largely vacant Chesterbrook retail center." Does anyone believe this? Ridiculous. Young people love warehouses so much that they'll move to a township that offers nothing to live in one. Vibrant downtown Tredyffrin will be a magnate. Sure.— MikeP - To MikeP...Tredyffrin is Chester County's eastern most township. Its rolling hills, trails, streams, schools, low taxes & parks including VF National are desireable. Tredyffrin & Chester County have led PA in growth & academic excellence (TE/Conestoga schools) for 2 decades. Good article. Its time to end outdated & antigrowth height restrictions in commercial areas by the train stations & along 202 centers. Philly fought developing above Billy Penn til 1986, Blue Route, etc. Why do so few get to block no brainer progress under the convenient guise of environmentalism or whatever serves their purpose?— phillies6pack
