Riding the Sububan Office Recovery
The major upswing in leasing activity and velocity in Philly's suburban office market--which began in late '11 and continued through '12--now has some legs. So says Virtus Realty Advisors co-founders Ken Kearns and Brendan Kelley, who recently launched the firm as an affiliate of the Buccini/Polin Group (where the duo brought its 1.2M SF portfolio to 90% occupancy). Virtus will be BPG's vehicle for further expansion in the Philadelphia market; Virtus has already managed to secure over 100k SF in tenant rep assignments and several listings on behalf of landlords. Ken expects various submarkets-- Philadelphia, Conshohocken, Plymouth Meeting, and southern Delaware County--to support further expansion this year.