[Nova08]

Some of the recent proposals are for Q4 '22 or Q1 '23 starts which gives Brandywine time to start something that is already "in motion" like the 2nd JFK building. Either way, Brandywine's inaction continues to be surprising given all of the other action around them and the continued reports (e.g. CBRE) that demand outweighs supply in the Philadelphia area.

Based on the general in-office work environment and the maturity of the biotech industry in Philadelphia I think it is going to be hard for them to find an anchor tenant that will take 250k+ sq feet. Unless there is another Philadelphia biotech ready to make a move into the Spark category. It sounds like many of the new/proposed buildings are comprised of tenants with less than 100k sq ft. Someone correct me if I wrong.