This paper discuses that the proposed investment in Class A office space in the Philadelphia downtown core (CBD) is strongly not recommended at this time.
Abstract This paper explains that, while vacancy rates at rental rates in the Philadelphia downtown core (CBD) have remained relatively stable in the last two years, there is little solid evidence of economic growth in the future. The author points out that the creation of any new downtown office building must take into account the potential impact of the current plans for the addition of the Cira Centre and One Pennsylvania Place Philadelphia downtown core (CBD), slated to be built in the city's Keystone Opportunity Improvement Zones (KOIZ), site-specific designations that offer the owners and occupants significant relief from a number of state and local taxes. The paper relates that the proposed building has one large advantage over many other current Class A buildings because it offers Class A rental rates at a relatively low rate compared to the average rental rate for the CBD.
From the Paper "The office market in the Philadelphia central business district (CBD) is currently experiencing a downturn. Since 1990, nearly 2,100 people per year have left the downtown. There is little evidence to suggest that this downturn will be reversed in the near future. Overall, Philadelphia enjoys a healthy economy, with a March 2004 unemployment rate of 5.5%, and a civilian labor force of 2,488,500 individuals. The average rental rate for the CBD from the first quarter of 2002 to the first quarter of 2004 has remained steady, hovering close to $24 per square foot. The vacancy rate for the CBD has also remained relatively steady at close to 14 percent.
Abstract The Central Business District(CBD) of any city represents the functional heart of the city. It looks at how, as the focus of intra-urban connectivity, this zone has been deserted, undergone extensive makeovers and been seriously challenged by young up-starts in the form of Out-of-Town Shopping Centres and Hypermarkets at the rural-urban fringe. This paper attempts to examine the hopes, prospects and possible re-birth of the city's most recognized zone. Examples from Singapore, the U.K., the U.S.A. and Japan help put together the pieces of this complicated jig-saw together producing a picture of the fascinating reveal of the new CBD.
From the Paper "The biggest competitor to the CBD in the 1980s onwards was the Out-of-Town Shopping Centre. Now, ironically, the situation seems to be reversed based on the problems of these peripheral centres and the advances made within the central area. Out-of-Town Centres are not ideal for shoppers interests as the drive to them can be quite time
consuming and interestingly small access roads may be jammed with traffic! In addition, older age groups, the young and poor may not use these centres due to their inability to drive or to purchase in bulk. For these groups the CBD may be a better option. Out-of-Town developments will initially eliminate the local competition in the form of small neighbourhood shops selling low order goods."
Abstract This six-page undergraduate paper presents an over view of the history of Galveston along with the commercial developments at "The Strand." The paper encompasses on the development of The Strand. 6 pgs. Bibliography lists 4 sources.
Abstract This paper explains that Philadelphia's role as the dominant force in the regional economy has slipped because, not only is the market likely to be flooded with open office space, thus driving down rents, but also business offices are spreading out into the region. The author points out that a decline in demand combined with a flood in supply does not bode well for the purchase of the proposed real estate property. The paper recommends not to purchase office space in the CBD of Philadelphia, but rather to purchase or invest in hotel property because tourism in this district is showing a steady growth.
Table of Contents
Local Economy
Competitive Supply
Competitive Demand
Conclusion
From the Paper "A Philadelphian resurgence in the Central City Business District has been predicted since the early 1990?s. But, from an office owner's real estate oriented perspective and vantage 2004, is Philadelphia a "good bet"? What about specifically regarding office space targeted to that of the horary perspective of the legal profession? Would the purchase of a small, Class A office property that would hold a law office and/or some other prospective office tenants be a wise real estate investment? Does the market data back up the status of rhetoric in the popular media regarding the city's central business district, or "CBD"? ?Philadelphia has always been an underrated market,? said Arthur Fefferman, president of New York-based AFC Realty Capital, predicting the city's resurgence. Does this analysis of the previous decade prove true?"
Abstract The ever changing nature of urban morphology of cities throughout the world are often the result of the complex inter-relationships that have evolved in both a temporal and spatial format. This paper examines how diversification, agglomeration, specialization, concentration and urbanization all complement and contradict each other in relation to the urban mosaic. It also attempts to evaluate the role of the multitude of deterministic factors that give rise to distinctive areas of specialization within the city. In particular, reference is made to the CBD, inner cities and zones of industrial development.
From the Paper "The development of twilight zones are synonomous with the transitional zone and the inner city. Twilight zones have high levels of crime, are popular with foreign migrants and offer low-cost housing in the older parts of the city. Accessibility again is also one factor influencing their development. Many of the residents in twilight zones are working class and need to live in close proximity to their place of work. Transport costs take up a large proportion of their very low incomes and to minimize this they live close to their employment. However land values are still high and specialization in cities will be linked to bid rents."
Abstract The paper investigates what impact a new sports stadium has on the economy of a major city. It particularly focuses on sport stadiums in the city of Pittsburgh. The paper begins by analyzing the pre-construction process of building a stadium. It then discusses its impact on the job market and overall local economy. The paper concludes that a stadium can have a larger impact if it is designed to be a multipurpose building.
From the Paper "For the past decade, the United States has seen a boom in the building and renovation of sports facilities. This is especially apparent in the city of Pittsburgh. Pittsburgh has seen two new stadiums erected in the past five years, and is planning to replace the Mellon Arena in the near future. These stadiums are believed to generate economic growth in the central business district, and revive the city's stagnant economy. This is often the motivation stated by other major metropolitan areas that have gone through the process of either wooing or attempting to keep sports franchises in the area. But do sports facilities really deliver on the promises made pre-construction? Is there any evidence that these stadiums produce the jobs and revenue promised to the neighborhoods they are located in? This has been debated heavily recently and the answers are not always apparent, because in the pre-construction planning many of the income and job projections are inflated by the franchise involved. To analyze the impact that stadiums have on the regional economy you first must understand the pre-construction process."
