Regions Midatlantic | Philadephia
Jan 1, 2008
By: Paul Rosta, Senior Associate Editor
Philadelphia real estate executives have a number of items on their wish lists for 2008: tax reform, a lower crime rate and a good start for Michael Nutter, the city’s well-regarded Mayor-elect. And those steps are necessary if Philadelphia is to reach its potential as a center of life sciences—a trend that would also be a welcome catalyst for the local real estate market perennially tied to businesses like law, finance and education.
“If there is a biotech revolution, there’s no reason why Philadelphia shouldn’t lead it,” asserted David Binswanger, president & CEO of Binswanger. Pharmaceutical giants like GlaxoSmithKline, Novartis and Merck already have facilities in the city, but given Philadelphia’s resources, Binswanger believes that life sciences could be far more prominent in the economy and in commercial real estate. “We have a major opportunity that could be unbelievably explosive, based on the fact that we have the resources and expertise,” Binswanger added.
For example, the city boasts more teaching hospitals than any other U.S. city, including Thomas Jefferson University Hospital, Albert Einstein Medical Center, Hahnemann University Hospital and multiple hospitals affiliated with the University of Pennsylvania.
Attracting more life-sciences companies to Philadelphia would give a shot in the arm to a real estate market better known for stability than robust growth, in large part because existing tenants, rather than new entrants into the market, tend to drive expansion. For example, availability of all office space classes declined to 10.8 percent in the third quarter last year, a modest if respectable decline from 13.1 percent a year ago, according to Studley.
To what extent the city will reach its potential as a life-sciences center—and a major city—also depends in large part on how effectively Philadelphia can address some daunting challenges, said David Grasso, president & CEO of Grasso Holdings, a local developer. “If Philadelphia gets its act together in terms of crime, schools and (taxes), it will be a major, major, major player,” he predicted.
By: Paul Rosta, Senior Associate Editor
Philadelphia real estate executives have a number of items on their wish lists for 2008: tax reform, a lower crime rate and a good start for Michael Nutter, the city’s well-regarded Mayor-elect. And those steps are necessary if Philadelphia is to reach its potential as a center of life sciences—a trend that would also be a welcome catalyst for the local real estate market perennially tied to businesses like law, finance and education.
“If there is a biotech revolution, there’s no reason why Philadelphia shouldn’t lead it,” asserted David Binswanger, president & CEO of Binswanger. Pharmaceutical giants like GlaxoSmithKline, Novartis and Merck already have facilities in the city, but given Philadelphia’s resources, Binswanger believes that life sciences could be far more prominent in the economy and in commercial real estate. “We have a major opportunity that could be unbelievably explosive, based on the fact that we have the resources and expertise,” Binswanger added.
For example, the city boasts more teaching hospitals than any other U.S. city, including Thomas Jefferson University Hospital, Albert Einstein Medical Center, Hahnemann University Hospital and multiple hospitals affiliated with the University of Pennsylvania.
Attracting more life-sciences companies to Philadelphia would give a shot in the arm to a real estate market better known for stability than robust growth, in large part because existing tenants, rather than new entrants into the market, tend to drive expansion. For example, availability of all office space classes declined to 10.8 percent in the third quarter last year, a modest if respectable decline from 13.1 percent a year ago, according to Studley.
To what extent the city will reach its potential as a life-sciences center—and a major city—also depends in large part on how effectively Philadelphia can address some daunting challenges, said David Grasso, president & CEO of Grasso Holdings, a local developer. “If Philadelphia gets its act together in terms of crime, schools and (taxes), it will be a major, major, major player,” he predicted.
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