Quote:
Originally Posted by PHLtoNYC
I think Vangaurd is firm with Malvern for the foreseeable future.
Hypothetical: If Block Rock announced a move to SY in 2023, then I think Vanguard would double down on their CC presence (research center or whatever they called it), but as long as the execs live on the Main Line, that is where most operations will stay.
But I am generally fine with that. The suburbs are still the Philadelphia region, and thankfully our burbs are an economic powerhouse. Yes, I would love to see more of those large companies actually in the city, but playing musical chairs doesn't provide many benefits for the region, besides closer proximity to the University City and 30th Street Station.
Luring Black Rock or other similar firms into the city is a different story, and would solidify Philadelphia as a financial hub. Increasing venture capital and catering to our life sciences and incubator hubs will benefit the region too.
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I did a quick back-of-the-envelope calculation, and if either vanguard or black rock (or anyone else, for that matter) were to move 12,500 employees into the city, they would need about 3 million sf of office space, assuming average workspace and common space areas. even at dense workspace areas and minimal common spaces, they'd need 1.5 million sf for 12,500 people. and that's using pre-covid office space layout guidelines. that probably means a major skyscraper, and hopefully not an "urban office campus".