Downtown Philadelphia

Paper Summary:

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""

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