Ouch!! That is the collective assessment of commercial developers and property owners in these still-rough post-recession times.
With city and suburban vacancy rates lingering in the double digits, the focus now is keeping tenants and luring new ones. For property owners, that means keeping up with what’s in demand – from more energy-efficient building infrastructure to work spaces that are less cubicle and confining and more free-flowing and interactive. For developers, the search for financing is still a frustrating one, meaning that new projects will require partnering.
Here’s a look at readjustment efforts of the region’s commercial real estate market.
A green park above the old Reading Viaduct train trestle north of Chinatown might be beautiful if it happens, but some neighbors fear it would be built "on the backs" of working-class people.
Changing Skyline: Revising strategies on Dela. waterfront
Philadelphia’s waterfront has shifted identity many times since William Penn first stuck his toe in the Delaware. And now it's being prepped to take on a new role - as a 21st-century lifestyle city.
Every town seems to have one: The shell of an old gas station, sometimes recognizable as a former Exxon, Sunoco, Mobil, or Texaco. From Glen Mills to Mullica Hill, they often sit empty for years, patches of gravel showing where aging underground tanks came out, a succession of “available” or “for sale” signs on display.
The two Center City office buildings are not likely to turn many heads. One and Three Franklin Plaza simply have been upstaged by the Comcast Center and the Cira Centre. But in recent weeks the Franklin Plaza duo, have become the focus of much attention after pharma titan GlaxoSmithKline P.L.C. announced plans to move to the Navy Yard.
Nine years after the Philadelphia Regional Produce Market began looking for a new home, it's finally about to get one. The 686,000-square-foot building is nearly complete - a bright and airy indoor mall that will cater to the public, commercial chain stores, small mom-and-pop groceries, restaurants, schools, and government buyers.
Twenty years ago, Kramer + Marks Architects landed a contract to renovate the Germantown YMCA. That job has led to 23 more YMCA projects in Pennsylvania, New Jersey, Delaware and New York - and a business niche that has enabled the 33-year-old firm to do more than just survive the current construction doldrums.
Developer-Citizens case: To be continued
Developer's lawsuit against bank grows more acerbic
Developer, bank in court over stymied project
A dream deal dies
The sketch for a possible Girard Square transformation on Market Street between 11th and 12th looks as if it were designed by Apple: a glass box filled with white light. So, why hasn't it been done yet?
"Market East needs help," said Alan Greenberger, the city's deputy mayor for economic development. "We need to get something going."