January 14, 2015

Suburban Office Courts Millennials

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Suburban office can be competitive with the city, provided landlords are attuned to what tenants want, Keystone Property Group SVP Rich Gottlieb tells us. Come hear more about the best of suburban office at the Future of the Suburbs on Jan. 22 at the Radisson Valley Forge Casino Resort at 7:30am. Register here.

Rich, who will be a speaker at our event, says the flight to quality office space isn't confined to urban areas. Major landlords such as Keystone are receiving exactly the same kind of feedback from suburban tenants as their city counterparts: they want open floor plans and natural light and the kinds of common amenities that help create a place in which people interact, and not necessarily just with members of their own company. Rich is snapped with Keystone CEO Bill Glazier.

There's always going to be demand for suburban office space, Rich adds. One reason is that larger companies often have space in both the city and the suburbs, to give employees the opportunity to office in either place. Even Millennials, known for their urge to work in the city, will change their tune over time as they (eventually) get married and have children. By the next decade, Rich says, a lot of city dwellers will become suburbanites, just as previous generations did. Pictured: Keystone's planned 119k SF Westlakes Three in Berwyn, which will include a café and lounge in the lobby, as well as an expansive outdoor space overlooking a lake. The Future of the Suburbs will be at the Radisson Valley Forge Casino Resort at 7:30am. Sign up here.

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NJ Plays to Win in Site Selection

WCRE managing principal Jason Wolf tells us Southern New Jersey will continue to be competitive in site selection in 2015. One reason is the incentives the state offers--GROW NJ is a hit, and a factor in the recent relocation announcements of Subaru, Holtec, Lockheed Martin and Cooper Health to Camden. But incentives aren't everything. The entire region offers an attractive labor pool, lower rental rates and convenient access to the wider PA/NJ/NY region, Jason says.

“Burlington and Camden counties have been in a horse race, and on the strength of GROW NJ, Camden clearly won this round,” Jason notes. Office fundamentals in Southern New Jersey are steadily improving, he adds. In Q4, about 222k SF was absorbed in the region, out of 481k SF in new leases and renewals. The investment sales market also was quite active during Q4, with eight significant sales transactions, totaling $95M in value and more than 1.25M SF.

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Lehigh Valley Industrial
Get-Up-and-Go

Industrial's also got momentum in the Lehigh Valley, CBRE's Joe McDermott tells us, because tenants like the region as a primary hub of East Coast distribution—including  overseas ventures coming to this country for the first time. Joe recently repped UK retailer Primark in its lease of the entire 677k SF 2485 Commerce Center Blvd in Lehigh Valley Industrial Park VII, a JV between Trammell Crow and Clarion. Primark's looking to break into the US market, and believes Lehigh Valley's ideal for the task, Joe says. CBRE's Vincent Ranalli and Jake Terkanian repped the landlords.

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Healy Joins Ace Mentor Board

The National ACE Mentor Program Eastern PA chapter has named Wallace Roberts & Todd managing principal Joe Healy to its board of directors. The ACE Mentor Program helps guide high school students in their pursuit of careers in design and construction, reaching over 8,000 students annually. Joe's part of WRT's national housing practice's core leadership, with a focus on affordable and senior housing; recently he won AIA's highest Honor Award for his design of the historic and adaptive reuse Blue Ball Dairy Barn project in New Castle, DE.

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