What We're Reading: Week of November 5, 2023

Here's what we're reading this week about the projects, people and policies driving local development:

The Business Journal has reported on the final sale price for 1701 Market Street, the office building Morgan Lewis is vacating which is being purchased for conversion to residential usage, it probably presents the easiest conversion profile in Center City and, thus probably represents the highest current price per square foot for an office building to residential conversion:

🔗 What 1701 Market's cut-rate sale price means for Center City office buildings - Philadelphia Business Journal (bizjournals.com)

by Paul Schwedelson for the Philadelphia Business Journal, Oct 27, 2023

Bisnow conducted a deep explanation of how DEI enabled major, mixed income residential development at the Navy Yard to keep on track, despite challenges in commercial financing, once the Navy lifted its restrictions on private residential development at the Navy Yard:

🔗 How A DEI Focus Made The Philly Navy Yard's First Residential Groundbreaking A Reality (bisnow.com)

by Matthew Rothstein, Oct 24, 2023

The levels of pollution and noise from gas-powered lawn equipment are being measured and increasingly rising alarm at the level of pollution from these inefficient engines, which produce multiples of the level emitted from gas-powered automobiles, leading to moves for local bans:

🔗 Gas leaf blowers and lawn mowers are polluting the air (inquirer.com)

by Frank Kummer for The Philadelphia Inquirer, Oct 30, 2023

The Inquirer reports that Marisa Waxman, former Philadelphia Budget Director, has been appointed to head up PICA, which has oversight authority for Philadelphia’s finances, principally its projected five-year budget:

🔗 Former Philly budget director Marisa Waxman will lead a state agency that oversees the city’s finances (inquirer.com)

by Sean Collins Walsh, Oct 30, 2023

The Business Journal outlines measures the White House has taken to make revisions to various existing federal sources of funding to expand support for conversion of commercial buildings to create new residential units:

🔗 White House unveils office-to-residential conversion guidance - The Business Journals (bizjournals.com)

by Ashley Fahey – Editor, The National Observer: Real Estate Edition, The Business Journals, Updated Oct 30, 2023

Brandywine and Drexel University recently topped out the latest Schuylkill Yards building, and mixed-used 435,000 square foot nine-story building designed to LEED Platinum standards, with a majority of projected use planned for life sciences tenants:

🔗 Brandywine, Drexel Top Out Philadelphia Life Science Tower - Commercial Property Executive (commercialsearch.com)

by Gail Kalinoski, Oct 26, 2023

Bisnow explains how building preservation companies are taking advantage of commercial building vacancies to expand their scope of business beyond the traditional residential vacancy market:

🔗 Property Preservation: The Dark Horse Of Downturns You've Probably Never Heard Of (bisnow.com)

by Olivia Lueckemeyer, Oct 26, 2023

Bisnow reports a major study that shows the benefits to companies that have flexible back-to-the-office policies versus ones with fixed mandated return policies:

🔗 Companies That Don't Mandate Office Attendance Grow Revenue Faster, Study Finds (bisnow.com)

by Miriam Hall, Nov 14, 2023

CoStar explains how cities are providing financing to hotel deals that are underway to keep the projects on track, especially when associated with existing convention centers:

🔗 CoStar News - Cities Opt To Finance Hotel Development Due to Debt Market Challenges

by Daryl Cronk, CoStar Analytics, Nov 9, 2023