by Ricahrd Lawson Costar News
Philadelphia bumped Phoenix out of the top spot on a monthly index that measures small business job growth.
A year ago, the City of Brotherly Love’s metropolitan area sat next to last on the index from payroll company Paychex and analytics company IHS Markit. Since then, the area has surged on the index by 2.76%, pushing Phoenix to third behind Tampa.
Though growth is strong, Philadelphia finished just shy of a 100 rating, which means small business job growth for all metropolitan areas is at a slower pace than the benchmark year in 2004.
Tennessee retained the top spot among the 20 most populous states, driven largely by growth in the Nashville area, which isn’t populous enough yet to put it in the top 20 for cities. Tennessee is followed by Florida, Virginia, Pennsylvania and Texas in the top 5 on the March index.
Paychex culls data from the payrolls of 350,000 of its clients that employ 50 or fewer people. Real estate investors look at job and wage data when deciding on the best places to put their money.
Overall, the index showed a slight uptick in hiring across the country as a whole for the third consecutive month. Martin Mucci, Paychex’s president and chief executive officer, said in a statement that the “results have yet to reflect any impact from cases" of the coronavirus, known as COVID-19, "which is expected to increase in the coming months.”
Small business hiring in the Philadelphia metropolitan area, which includes parts of New Jersey, has finally caught up to an area economy that has been doing well over the past few years, Jim Diffey, chief economist for Boston-based IHS, told CoStar News.
“For a while, I was shocked at how low they were performing,” Diffey said. “The readings a few years ago were too pessimistic.”
He said there are a lot of cranes in the Philadelphia area like a lot of cities around the country. Construction is a big with small business hiring.
Determining the breadth of businesses is more challenging. But the latest figures from the U.S. Bureau of Labor Statistics show that financial activities and professional and business services are the two sectors that have been growing the most between July and December of last year.
“Many outside investors aren’t aware that among the largest 15 metro areas in the U.S., Philly is near the very top of the list in terms of growth in college educated residents moving into its urban core,” said Adrian Ponsen, CoStar’s director of market analytics, based in Philadelphia.
He said that is “supporting a booming restaurant and entertainment scene in and around Center City Philadelphia, which has been one of the key contributors to small business growth.”
Plus, Philadelphia has a relatively low cost of living, he said. That is “increasingly attracting new residents, including entrepreneurs seeking relief from more cost prohibitive cities nearby such as New York and Washington, D.C., while fewer and fewer Philly residents are moving in the opposite direction every year.”
www.omegare.com
Thursday, March 5, 2020
Wednesday, March 4, 2020
Tuesday, March 3, 2020
Industrial Investments Acquires 21-Building South NJ Industrial Portfolio
by John Jordan Globest.com
An affiliate of Blue Bell, PA-based Industrial Investments, Inc. has purchased a 21-building industrial portfolio here for $16.05 million and plans further mixed-use development on available lots adjacent to its newly acquired properties.
The acquisition includes Bloomfield Business Park, which consists of 16 multi-tenant warehouse/flex buildings and five multi-tenant buildings along Commerce Lane in the Commerce Lane Business Park.
The portfolio was 98% occupied at the time of sale to 55 tenants. Michael T. Bown, Sr., partner, Industrial Investments, represented the buyer in the transaction.
Bloomfield Business Park was originally developed as a joint venture between The Bloom Organization and Tom Merryfield in the late 1980s/early 1990s in several phases. Each building is 10,500 square feet. The early stage buildings consisted of five units of 2,100 sf each with five front entrances, five electric services and five loading doors. The early stage buildings have drive-in loading only. In the later stages of construction, the buildings were built on larger lots that allowed for five tailgate loading doors in the back and drive-in doors on the end units.
Tenants in the portfolio include United Refrigeration, Cooper Electric, Bath Fitter, Terminix, ProSource and Ewing Irrigation.
Industrial Investments states in connection with its latest purchase: “We are delighted to expand our footprint in the South Jersey industrial market with the acquisition of the West Berlin portfolio of master-planned, well-manicured, multi-tenant industrial buildings with excellent accessibility to consumers, retail locations and major roadways.”
The firm added that it plans to further develop the property, utilizing available lots on Route 73 for build-to-suit opportunities for retail, office or industrial buildings up to 25,000 square feet each.
www.omegare.com
An affiliate of Blue Bell, PA-based Industrial Investments, Inc. has purchased a 21-building industrial portfolio here for $16.05 million and plans further mixed-use development on available lots adjacent to its newly acquired properties.
The acquisition includes Bloomfield Business Park, which consists of 16 multi-tenant warehouse/flex buildings and five multi-tenant buildings along Commerce Lane in the Commerce Lane Business Park.
The portfolio was 98% occupied at the time of sale to 55 tenants. Michael T. Bown, Sr., partner, Industrial Investments, represented the buyer in the transaction.
Bloomfield Business Park was originally developed as a joint venture between The Bloom Organization and Tom Merryfield in the late 1980s/early 1990s in several phases. Each building is 10,500 square feet. The early stage buildings consisted of five units of 2,100 sf each with five front entrances, five electric services and five loading doors. The early stage buildings have drive-in loading only. In the later stages of construction, the buildings were built on larger lots that allowed for five tailgate loading doors in the back and drive-in doors on the end units.
Tenants in the portfolio include United Refrigeration, Cooper Electric, Bath Fitter, Terminix, ProSource and Ewing Irrigation.
Industrial Investments states in connection with its latest purchase: “We are delighted to expand our footprint in the South Jersey industrial market with the acquisition of the West Berlin portfolio of master-planned, well-manicured, multi-tenant industrial buildings with excellent accessibility to consumers, retail locations and major roadways.”
The firm added that it plans to further develop the property, utilizing available lots on Route 73 for build-to-suit opportunities for retail, office or industrial buildings up to 25,000 square feet each.
www.omegare.com
Monday, March 2, 2020
Five Teams Make Short-List for Philadelphia Navy Yard Project
by John Jordan Globest.com
The PIDC announced on Friday that it had whittled down the more than 35 responses to an RFP issued last fall for a development partner on 109 acres at the Philadelphia Navy Yard to five development teams.
The five respondents now competing for the development solicitation are:
● Ensemble Real Estate Investments and Mosaic Partners;
● Gilbane Development Company and Jair Lynch Real Estate Partners;
● Hines;
● Hoffman and Associates, Gattuso Development Partners, and Synterra Partners and
● Trammell Crow Co.
The five teams on the shortlist have been invited to submit detailed proposals in a request for proposal stage, with final selection of a development partner scheduled to be made later this year.
“We are heartened by the many enthusiastic responses for the development opportunities at the Navy Yard,” says Kate McNamara, PIDC’s senior vice president, Navy Yard. “We believe that we have a strong pool of potential partners that will contribute to this next chapter of innovation and development at the Navy Yard and look forward to announcing a new development partner later this year.”
In September 2019, PIDC initiated a request for qualifications process that put a call out for prospective partners—real estate developers and end-users—capable of planning, delivering, and managing office, R&D, and mixed-use residential buildings on approximately 109 acres at the Navy Yard. The PIDC is Philadelphia’s public-private economic development corporation founded in 1958 by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce,
More than 35 responses to the RFQ were received in December 2019. The development opportunity marks the only time since 2004 that PIDC has offered exclusive development rights and the first time that mixed-use multifamily development will be allowed at the Navy Yard.
The Philadelphia Navy Yard currently hosts approximately 15,000 employees and 170 employers who occupy 7.5 million square feet across a mix of property types, including office, retail, industrial, R&D and institution space. Since acquiring the 1,200-acre site from the federal government in 2000, PIDC has been the master developer and site operator of the Navy Yard on behalf of the Philadelphia Authority for Industrial Development.
www.omegare.com
The PIDC announced on Friday that it had whittled down the more than 35 responses to an RFP issued last fall for a development partner on 109 acres at the Philadelphia Navy Yard to five development teams.
The five respondents now competing for the development solicitation are:
● Ensemble Real Estate Investments and Mosaic Partners;
● Gilbane Development Company and Jair Lynch Real Estate Partners;
● Hines;
● Hoffman and Associates, Gattuso Development Partners, and Synterra Partners and
● Trammell Crow Co.
The five teams on the shortlist have been invited to submit detailed proposals in a request for proposal stage, with final selection of a development partner scheduled to be made later this year.
“We are heartened by the many enthusiastic responses for the development opportunities at the Navy Yard,” says Kate McNamara, PIDC’s senior vice president, Navy Yard. “We believe that we have a strong pool of potential partners that will contribute to this next chapter of innovation and development at the Navy Yard and look forward to announcing a new development partner later this year.”
In September 2019, PIDC initiated a request for qualifications process that put a call out for prospective partners—real estate developers and end-users—capable of planning, delivering, and managing office, R&D, and mixed-use residential buildings on approximately 109 acres at the Navy Yard. The PIDC is Philadelphia’s public-private economic development corporation founded in 1958 by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce,
More than 35 responses to the RFQ were received in December 2019. The development opportunity marks the only time since 2004 that PIDC has offered exclusive development rights and the first time that mixed-use multifamily development will be allowed at the Navy Yard.
The Philadelphia Navy Yard currently hosts approximately 15,000 employees and 170 employers who occupy 7.5 million square feet across a mix of property types, including office, retail, industrial, R&D and institution space. Since acquiring the 1,200-acre site from the federal government in 2000, PIDC has been the master developer and site operator of the Navy Yard on behalf of the Philadelphia Authority for Industrial Development.
www.omegare.com
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