PHILADELPHIA | Highrise Development Thread IX

[jsbrook]

Originally Posted by br323206

This. Our competition is DC, NYC, Boston, Chicago, etc.--not Montco and Chesco. Those places should be our partners, because a healthy city means a healthy region.

The burbs shouldn't be but are our competitors because of bad governance. It would be one thing if companies made decisions to locate in Philly or the burbs based on their culture, services/products, image, and employee demographics. But we have a uniquely disadvantageous tax structure and other bad laws that push companies to the suburbs that might otherwise locate in the city. I know numerous small and midsize businesses that locate in the burbs almost exclusively for tax/financial reasons. My own business partners, based in our DC office, are pushing me to locate in the burbs. So far I have resisted. But it is a big hit to your bottom line.

[br323206]

Originally Posted by jsbrook

The burbs shouldn't be but are our competitors because of bad governance. It would be one thing if companies made decisions to locate in Philly or the burbs based on their culture, services/products, image, and employee demographics. But we have a uniquely disadvantageous tax structure and other bad laws that push companies to the suburbs that might otherwise locate in the city. I know numerous small and midsize businesses that locate in the burbs almost exclusively for tax/financial reasons. My own business partners, based in our DC office, are pushing me to locate in the burbs. So far I have resisted. But it is a big hit to your bottom line.

No disagreement here. We have to find ways to improve that relationship and level the playing field for sure. Then companies can locate within the region based on their locational needs instead of tax structure, etc.

[Philly-Drew]

Very interesting read here. It mentions Camden development and the gallery. You may need a login for the full article, but I'd imagine most of you already have one.

http://www.bizjournals.com/philadelphia/...ference-2016-real-estate-executives.html

[Urbanthusiat]

Originally Posted by Philly-Drew

Very interesting read here. It mentions Camden development and the gallery. You may need a login for the full article, but I'd imagine most of you already have one.

http://www.bizjournals.com/philadelphia/...ference-2016-real-estate-executives.html

This particular quote caught my eye:

Sweeney predicted that if a major, highly influential financial institution relocated to Philadelphia, that it would be a " huge game changer," he said. "It would ratchet us up to a Class A city in the international landscape," he said.

Perhaps I'm reading to much into it, but this sounds like an allusion to Vangaurd. It has been brought up in the Cira II thread that Brandywine was touring two companies from elsewhere in the Delaware Valley around Philadelphia, and that they're working on a "secret" project. I love speculation

[Knight Hospitaller]

Originally Posted by Urbanthusiat

This particular quote caught my eye:



Perhaps I'm reading to much into it, but this sounds like an allusion to Vangaurd. It has been brought up in the Cira II thread that Brandywine was touring two companies from elsewhere in the Delaware Valley around Philadelphia, and that they're working on a "secret" project. I love speculation

Vanguard would be great, but still a move within the region. Getting an entity entirely from beyond the "Delaware Valley" would have a much greater impact, I would think.

[Human Scale]

Originally Posted by Knight Hospitaller

Vanguard would be great, but still a move within the region. Getting an entity entirely from beyond the "Delaware Valley" would have a much greater impact, I would think.

Could be Lincoln Financial, which shares the majority of an office park building with Brandywine Realty Trust in Radnor.

[Sgalla04]

I know this isn't a financial company, but... Any thoughts that it could be Teva? Teva Pharmaceuticals will be closing their merger with Allergan Generics (Actavis) by the end of March 2016. After Teva (Generics USA HQ in North Wales, PA) bought Cephalon (Frazer, PA) in 2011 there have been talks about moving everyone into a newer nicer building. Actavis is mainly located in Parsippany, NJ. Do you think they could relocated all of their NJ offices and PA offices into a single building in downtown Philly? Teva also has a large presence in KC, which they could benefit to relocate to America's more Pharma central region in the Northeast. I work in the Frazer building and can only hope one day this happens.

[dab]

Temple board to vote on funds for stadium architect
http://mobile.philly.com/beta?wss=/philly/sports/colleges/temple&id=365547961

[wanderer34]

Originally Posted by allovertown

Septa is the 6th largest transit agency in America in terms of ridership and operates on a budget that is significantly smaller than every agency above them. Could it be better? Sure. But common consensus is that it is well run and does a lot considering their resources.

Your posts are not based in reality.

In that case, I guess reality as a Philadelphia commuter SUCKS!!!!!

You know, if you take a good look at some of my past posts regarding SEPTA, I never slammed everything about the transit agency. I believe that we have the best fare collection electronic system in the country (the Transpass is way better than the MetroCard in NYC) and we have the biggest trolley system in the country. It's also an improvement that SEPTA operates 24 hours every weekend, finally. But the subway and commuter rail system still leaves a lot to be desired, IMO!!!

[jakel]

ACE Insurance just closed their merger with Chubb. Could potentially see Chubb moving into Philadelphia and the need for additional office space. However, looks like ACE has a 20 year TIF at their current location that started in 2004, so not sure if they'd be interested in moving because of this.

[Knight Hospitaller]

Originally Posted by Human Scale

Could be Lincoln Financial, which shares the majority of an office park building with Brandywine Realty Trust in Radnor.

They used to be at Commerce Square, so returning to the city wouldn't be a big corporate culture leap. Still, robbing Peter (suburbs) to pay Paul (city) increases the letters prestige (and is a more sensible arrangement), but otherwise just rearranges the furniture. We need to bring in outside entities to demonstrate real progress.

[Knight Hospitaller]

Originally Posted by Sgalla04

I know this isn't a financial company, but... Any thoughts that it could be Teva? Teva Pharmaceuticals will be closing their merger with Allergan Generics (Actavis) by the end of March 2016. After Teva (Generics USA HQ in North Wales, PA) bought Cephalon (Frazer, PA) in 2011 there have been talks about moving everyone into a newer nicer building. Actavis is mainly located in Parsippany, NJ. Do you think they could relocated all of their NJ offices and PA offices into a single building in downtown Philly? Teva also has a large presence in KC, which they could benefit to relocate to America's more Pharma central region in the Northeast. I work in the Frazer building and can only hope one day this happens.

It would be nice to stabilize "big pharma's" presence here. There was an article on Philly.com yesterday about a declining presence in the region.

[1487]

Originally Posted by Knight Hospitaller

They used to be at Commerce Square, so returning to the city wouldn't be a big corporate culture leap. Still, robbing Peter (suburbs) to pay Paul (city) increases the letters prestige (and is a more sensible arrangement), but otherwise just rearranges the furniture. We need to bring in outside entities to demonstrate real progress.

Thats true in some ways but the reality is that for people concerned about CBD occupancy and new buildings being built in Philly a move from a local company into the city is still a good thing. Philly could use the jobs more than most of its surrounding counties and the reality is that there are national trends at play that will benefit Philly. So even if people arent thrilled about jobs shifting within the region it's going to happen just because this is what many companies are doing due to interest in urban working environments. I just heard something on NPR last week about rising vacancies at exurban corporate campuses that are falling out of favor.

[cafeguy]

Originally Posted by Knight Hospitaller

It would be nice to stabilize "big pharma's" presence here. There was an article on Philly.com yesterday about a declining presence in the region.

to a certain extent, big pharma is on its way out entirely. I predict that in 15-20 years, the majority of them will simply be in the business of buying up small discoveries and financing the large phase 3 development to outside clinical labs and working on bringing the drugs to market. All of these functions are easily done out of an office in the lowest tax country/state they can find. Philly's small tech/biomedical stuff is growing though and that is where its at. Big pharma no more.

[Knight Hospitaller]

Originally Posted by 1487

Thats true in some ways but the reality is that for people concerned about CBD occupancy and new buildings being built in Philly a move from a local company into the city is still a good thing. Philly could use the jobs more than most of its surrounding counties and the reality is that there are national trends at play that will benefit Philly. So even if people arent thrilled about jobs shifting within the region it's going to happen just because this is what many companies are doing due to interest in urban working environments. I just heard something on NPR last week about rising vacancies at exurban corporate campuses that are falling out of favor.

I'm not diminishing that "corporate empty nest syndrome" is a good thing (especially for us tower geeks). It's definitely a sign that the city is improving and regionally competitive. I also agree that it bears witness to encouraging "re-urbanization" trends, undoing some of the damaging post-war mindset (I also love countryside and open space that's been destroyed by misguided development philosophies). I'd just like to see a big "win" from beyond the region to demonstrate how broadly competitive we can be. That would be real "news" to me.

[Philly-Drew]

Originally Posted by Knight Hospitaller

They used to be at Commerce Square, so returning to the city wouldn't be a big corporate culture leap. Still, robbing Peter (suburbs) to pay Paul (city) increases the letters prestige (and is a more sensible arrangement), but otherwise just rearranges the furniture.

Well, that would actually be paying Peter back now wouldn't it? Peter was robbed to pay Paul back when they left the city in the first place.

[Larry King]

Originally Posted by Knight Hospitaller

I'm not diminishing that "corporate empty nest syndrome" is a good thing (especially for us tower geeks). It's definitely a sign that the city is improving and regionally competitive. I also agree that it bears witness to encouraging "re-urbanization" trends, undoing some of the damaging post-war mindset (I also love countryside and open space that's been destroyed by misguided development philosophies). I'd just like to see a big "win" from beyond the region to demonstrate how broadly competitive we can be. That would be real "news" to me.

If you're waiting for a major blue chip company to pack up and leave ny for philly, you'll be waiting a long time.

This region has no shortage of jobs and entrepreneurs, just not evenly distributed. We continue to be more competitive with burbs in lifestyle and taxes, the problem takes care of itself. That's how philly has always been

[3rd&Brown]

Originally Posted by Knight Hospitaller

It would be nice to stabilize "big pharma's" presence here. There was an article on Philly.com yesterday about a declining presence in the region.

I have a few friends who are cancer scientists and they had previously told me that Glaxo had started moving some of their staff scientists to the Research Triangle from Philadelphia who shared their (my friends') specialty, and that their feeling was that it would continue.

In an interesting turn of events, though...I saw some of them recently and they said that Glaxo was moving the very same scientists back. The feeling is there is a lot of related work happening at Penn and related institutions nearby and the pipeline (including my friend who is finishing up his PhD now) do not want to be in NC.

Hopefully others come to the same conclusion. Just the fact that this urban-suburban tug-of-war is even at the forefront of the decision makers in terms of attracting talent is nothing but positive for Philadelphia. Fact is...young educated people don't want to be in the middle of a suburban office park. It's nice that the C-Suite is finally listening...even if they are doing so reluctantly.

[1487]

Originally Posted by Knight Hospitaller

I'm not diminishing that "corporate empty nest syndrome" is a good thing (especially for us tower geeks). It's definitely a sign that the city is improving and regionally competitive. I also agree that it bears witness to encouraging "re-urbanization" trends, undoing some of the damaging post-war mindset (I also love countryside and open space that's been destroyed by misguided development philosophies). I'd just like to see a big "win" from beyond the region to demonstrate how broadly competitive we can be. That would be real "news" to me.

Now that states are employing huge tax breaks and perks to retain big name employers I think regional jumps by major companies are going to be increasingly rare. Even camden has primarily attracted NJ companies with the huge tax breaks being offered by Jersey. Philly tried to get Suburu but failed largely because of the generous offer from NJ. Today's state governments will do almost anything not to lose a corporate HQ and if any out of town chose Philly it would have to be because they already had a preference to be here- it won't be because our taxes are ever low enough of the offer made by the state/city was unbeatable. What happened with GE was pretty rare and they only moved up one state- it was hardly a major relocation in terms of actual distance.

[iheartphilly]

Sunoco LP left Philly and will leave Newtown Square for Dallas. Boo!
Bad for the overall region.

http://mobile.philly.com/beta?wss=/philly/business&id=365595931