August 5, 1987 |
The Center City office glut - anticipated by some, discounted by others - apparently has arrived, and people in the habit of forecasting such things say it appears to have taken a long-term lease in Philadelphia. Charlie F. Seymour, chairman of the board of Jackson-Cross Co., said the Philadelphia real estate firm's surveys showed the office-occupancy rate for the first half of the year slipped to 87.2 percent from 89 percent in 1986. But more important, he said at a news conference yesterday, the rate at which office space is being absorbed declined, too, bucking an upward trend and leading Seymour to conclude that Philadelphia is among the ranks of overbuilt cities, although the situation here is mild compared with other regions.
April 14, 1986 |
You shouldn't have to look far for an office to rent in Philadelphia. According to a just-released survey, the Philadelphia area has 49.7 million square feet of office space in existing buildings and buildings under construction, of which 11.3 million square feet is available for rent. The area ranks 13th in available space among 32 metropolitan markets in the United States, Canada and Europe surveyed by the Office Network, an international association of large real estate firms.
February 11, 1988 |
The planned opening next month of the Wallace Building, a factory renovated as offices at 642 N. Broad St., provides further evidence of the creep of office development north from Center City. This 237,000-square-foot building, between Wallace and North Streets, is on the edge of the redeveloping Spring Garden area, where renovated and new townhouses selling at $230,000 and more are replacing empty shells, vacant lots and low-rent apartment buildings. P&A Associates, a Philadelphia firm started in 1984 by Peter Shaw and Alan Casnoff, two lawyers turned developers, decided to renovate the factory, once owned by N. Snellenburg & Co., as an office building for two reasons: reinvestment in Spring Garden and a need for offices with access to Center City but lower rents.
December 11, 1986 |
Faced with an office building boom and a government funding bust, a City Council committee yesterday began looking at a way to spread the wealth by siphoning some money from big Center City developers into neighborhood development. Community groups representing neighborhood interests called for the city to charge developers several dollars for each square foot of office space they build and to put the money into a fund for job-training, housing and building up neighborhood shopping centers and small industry.
December 6, 1989 |
Pemberton Borough's municipal offices are in an old bank, built in 1907, with five rooms - including the bathroom - on Hanover Street, the town's main street. Although the borough is small, with fewer than 1,200 people, the municipal building does not have enough space for many of the employees to store their files, much less to sit down and work. And there are problems other than space. According to Mayor F. Lyman Simpkins, the state is requiring that all court systems be on a state computer system by 1992.
August 5, 1987 |
A study to determine whether more federal office space is needed in Philadelphia was authorized yesterday by the U.S. House Public Works and Transportation Committee, a spokesman for Rep. Robert A. Borski said. The measure directs the General Services Administration, which manages government buildings and property, to "investigate the feasibility and need for the construction or acquisition of federal buildings" in Philadelphia. Although the resolution gives no deadline for completing the study, a GSA official in Philadelphia said he expected the agency to complete the study within 60 days.
December 8, 2013 |
ONE OF THE city's savviest money men says the city could save millions by trimming the fat from the more than 10 million square feet of office space the city owns and leases. Tom Knox, chairman of the Mayor's Task Force on City-owned Facilities, and Mayor Nutter yesterday presented the task force's report finding the city could save as much as $121 million over five years by better managing its unused office space. "This is real, serious money," Nutter said. "This report joins a growing body of work . . . that urges the city to become more data-driven and begin tracking all the costs of maintenance and operations facilities, citywide.
September 14, 2015 |
PMC Property Group has a novel idea for part of the Center City office building it just bought: Offices. The company's practice of buying up tired old office properties and refurbishing them into sleek, high-end apartments has helped make it one of Philadelphia's biggest residential landlords. It hasn't been working alone: Up to seven million square feet of office space - the equivalent of almost six Comcast Center towers - has left the market over the last 25 years, most of it converted to residential use, according to real estate services firm JLL. But as a flood of proposed rental properties in central Philadelphia coincides with a shrinking supply of office space, PMC is tweaking its formula at a former U.S. headquarters of drugmaker GlaxoSmithKline, which it purchased last month.
October 28, 2015 |
RJMetrics is adding in excess of a third more space to its offices at Center City's Widener Building, according to PernaFrederick Commercial Real Estate, which represented the software startup in the expansion. The company will now occupy more than 21,500 square feet on the fourth and 15th floors of the 18-story building at One South Penn Square, PernaFrederick said in a release Tuesday. RJMetrics, which specializes in data infrastructure and analytics software, has operated out of the building since early 2014, PernaFrederick said.
October 2, 1988 |
Commercial office space is more difficult to find in Jenkintown than in any other area in the Philadelphia suburbs, according to a survey by an area real estate firm. As of June, Jenkintown had a vacancy rate of 7.6 percent, the lowest in a survey conducted by Helmsley-Greenfield in King of Prussia. The rate is 2.8 percent less than in December 1987. The borough overtook Bala Cynwyd as the area with the lowest vacancy rate in the suburbs because a 400,000-square-foot office building is under construction in Bala Cynwyd.