CPDC Meeting September 28: Development Momentum & Challenges

This morning a panel of experts convened both at the UL and IRL to talk about the future of Center City, and this City over all as we forge ahead through COVID and other crises facing the region.

The big question facing the CRE industry today is “Does office space have a future?”

This was quickly answered by Brandywine Realty Trust’s Jeff DeVuono who pointed to Google, an exemplary remote work organization spending a record $2.1 Billion on a new HQ building in Manhattan. If tech giant Google is returning to the office, you can believe so is the rest of the world.

In the Life Sciences sector, Jefferson is cornering the Center City Market and committing to redeveloping some of their parking garages into new R+D Centers to accommodate the anticipated growth they are predicting in bio life science innovation for the region. The University and Hospital System has already committed $1 Billion in real estate investment including the construction of new facilities and refocusing satellite offices into the research corridor.

Leo Addimando, Managing Partner of Alterra Property Group and President of BIA Philadelphia spoke about the shift in supply and demand in apartment and housing stock within the City. Though micro apartments and studios were popular in the past, people are now looking to larger spaces and additional bedrooms to use as home offices. Developers are looking to build “Live-work-play” within single buildings accommodating residents working from home.

You can download the CCD Report on Future Development HERE