Quote:
Originally Posted by summersm343
I agree with you. Certain companies prefer being located in the burbs, for sure.
However, you can't disagree that with a better business tax climate in the city, that 2-3 more of these Fortune 500s/1000s would be located in the city.
That's why I said only 2-3 more would be in the city, and not ALL of them. I'm being realistic. And reality is, a couple/few of these companies probably would move into the city if it wasn't for higher taxes.
Case in point - AmerisourceBergen is anchoring a new highrise in Conshy. Not Philly - Conshy. And while at this point, they probably preferred that for commuting reasons based on where their employees and execs live, at one point in time, they may have moved to Center City or Schuylkill Yards near 30th Street station if the tax climate in the city was better.
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There are numerous KOZs available, including SY so that doesn't fly. If they wanted to be here they would have been. Between the tax abatement and KOZ they probably could have operated out of Philly for LESS- at least until the KOZ expires. Rest assured the property taxes on that new building will be reflected in the rent charged. I believe KOZ exempts you from everything but the wage tax. In spite of all the stories we've seen about companies coming into the city (including Entercom) it seems like anything short of a fortune 500 HQ is dismissed. This region has few as it is- we aren't talking about a big pie here.