How Did Thanksgiving Become Game Day for the NFL?

How Did Thanksgiving Become Game Day for the NFL?

By: Sara Warden

2 min read NOVEMBER 2019 — On Thanksgiving, there is only one thing that comes close to turkey in importance for Atlanta sports fans, and that’s the NFL’s game schedule. This year, the Atlanta Falcons will be one of three teams hosting the Thanksgiving Day games, facing off again the New Orleans Saints. 

This will be the Falcons’ fourth Thanksgiving Day game, and having lost against the Saints last year on their home turf, this one is sure to be a must-watch. Those fans going to watch the game live could also feel a little pain in their wallets: Last year’s Saints-Falcons game was the most expensive Thanksgiving Day game for fans, with an average ticket price of $518 on the secondary market.

No doubt, Thanksgiving football is big business for the NFL. In 2018, NBC’s primetime viewing of the Falcons-Saints game brought in an 11.4/24 rating, up 18% from 2017’s Washington-New York Giants primetime game on NBC and the network’s best Thanksgiving night NFL performance since 2015. For the rights to a selection of high-profile games that includes the Thanksgiving game, Super Bowl Broadcasts and Thursday Night Football, NBC is paying $1.1 billion a year to the NFL.

That explains why the tradition stuck, but why did it start? Although it doesn’t quite go back to The Mayflower, the Thanksgiving game is a long-standing tradition spanning back as far as 1920. Political upheaval during the time meant the games were sporadic, but eventually in 1934, George A. Richards bought the Portsmouth Spartans, renamed them the Detroit Lions and gave Thanksgiving another try. 

This was largely a solution to the problem of low attendance during the year, but the Thanksgiving game became a rousing success. First, people already had the day off work and second, it became an escape for those looking to perhaps spend less quality time with family. More than 26,000 people booked tickets weeks in advance and reportedly thousands more were turned away at the gate.

In 1966, the Dallas Cowboys saw the success of the “Detroit Lions vs…” games and decided to get in on the action. Since then, both teams have played each year, with one additional game added to the roster. This year’s Falcons-Saints game will be played in the new, state-of-the-art Mercedes-Benz stadium – “the finest sports and entertainment facility in the world,” according to Dan Corso, president of the Atlanta Sports Council.

The stadium was funded by a largely taxpayer-based system, in a $2.4 billion investment based on bonds and hotel taxes. And Mayor Keisha Lance Bottoms believes the stadium may allow Atlanta to host many more high-profile sporting events, including these popular Thanksgiving games. “I think it’s well worth the investment, and when you look at the long-lasting impact and our ability to showcase Atlanta, sometimes you have to spend a little money to make a little money,” she told USA Today.

To learn more, visit:

https://www.metroatlantachamber.com/councils/atlanta-sports-council

https://www.atlantaga.gov/government/mayor-s-office/meet-the-mayor

Spotlight On: Ruby Wake, Vice President, Tampa Bay Latin Chamber of Commerce

Spotlight On: Ruby Wake, Vice President, Tampa Bay Latin Chamber of Commerce

By: Max Crampton-Thomas

2 min read November 2019 — At first glance it may seem that there are more than enough chambers and business organizations in the Tampa Bay region to service the needs of the business community. The newest entry into the market, the Tampa Bay Latin Chamber of Commerce, would beg to differ. Created with the goal of promoting and aiding new and established Latino and Hispanic organizations in the region, the new chamber is looking to make a quick and significant impact within Tampa Bay. Chamber Vice President Ruby Wake spoke with Invest: about its mission, Tampa Bay as an emerging international hub of business activity and how the chamber will be addressing the greatest needs for this sector of businesses. 

 

How did the Latin Chamber of Commerce come to fruition? 

We noticed that there was a gap between the various Latino and Hispanic organizations. In this region, we have amazing organizations that cater to small businesses and startups by providing them with legal and accounting services, but there is no organization that caters to the professional services industry or the technology-driven industries. This was one of our main rationales for wanting to create this new chamber. We are in the process of developing a chamber that brings more than just monthly meetings and luncheons. We want to develop a chamber that is going to facilitate and assist in the development of new industries and companies within Tampa Bay. To accomplish this, we have created a board of directors that is very diverse, ranging from attorneys, to public administrators, to news anchors, with the purpose of figuring out what we can do for the Latino business community within Tampa Bay. 

How is Tampa Bay establishing itself as a hub for international business? 

Tampa Bay is going to continue to emerge as a hub for both national and international businesses due to our location and easy access to economic essentials. We have our ports and we are centrally located in Florida. We also have a booming economy, and we are slated to surpass New York City from a population density standpoint, which is amazing. Being in Florida also means that we are close to our Central and South American counterparts and having that access gives us the ability to introduce industries from different parts of the world.

What is the greatest need from the Latin business community to help grow their businesses? 

We have noticed a lack of education from a financial standpoint. Unfortunately, most Latinos are not instilled with financial literacy at a young age. Even for those individuals with a higher education, it is not something that is taught in most universities, colleges or even in graduate schools. Programs are starting to emerge for high-school students, which is great, but what about adults who are already working full time in an industry or starting a business? These professionals have questions related to things like obtaining additional funding, creating a succession plan for their businesses or expanding on an already amazing business structure. How can they create an adequate business plan and then pitch that business plan to a potential loan officer or an investor, when they lack the education and resources? While, we contribute $300 billion to our nation’s economy, our businesses remain stagnant for the most part because of a lack of funding and a lack of education related to obtaining this funding. It is a vicious cycle that we are hoping to break.

How will the chamber assist in promoting Latino businesses and residents in Tampa Bay? 

We hope to assist with the disparity by establishing two accelerator programs and a Latino leadership program. One accelerator will be a technology accelerator that will be hosted in conjunction with Tampa Bay Wave and the second accelerator will be a professional services accelerator. The Latino leadership program will assist Latinos who are interested in becoming involved in the political arena. We hope that by providing these additional resources, we will propel not only the Latin community within Tampa Bay, but Tampa Bay in general.

 

To learn more about our interviewee, visit: 

https://www.linkedin.com/company/tampa-bay-latin-chamber-of-commerce/

 

Spotlight On: Matt Crum, Executive Vice President, FrankCrum

Spotlight On: Matt Crum, Executive Vice President, FrankCrum

By: Max Crampton-Thomas

2 min read November 2019 — Achieving longevity in any marketplace is difficult. That level of difficulty increases significantly when an area is growing and competition is introduced on a frequent basis. The solution to continuing to remain a leader is the flexibility to evolve with a customer’s needs, as well as having the ability to quickly switch gears in terms of focus for the business. Matt Crum, the executive vice president for Clearwater-based FrankCrum, understands these concepts, an understanding that has contributed to 38 years of success for his family’s business. 

 

 To what do you attribute the company’s longevity in this market? 

 

Change is inevitable in any business and I believe part of the reason we have been successful over the years is our acceptance and embrace of change. The company started as a staffing firm in 1981, opened what is the professional employer organization (PEO) a few years later, and we now have an insurance carrier, insurance agency and a managing general agency all under the FrankCrum flag. We understand that to remain relevant, we must continue to evolve with our customer’s needs. Something that has remained the same since we’ve been in business is our value system. Our three brand pillars are integrity, prosperity and affinity and those ideals are extended to all of the stakeholders in our business.

What benefits have been afforded to FrankCrum remaining a privately held business all these years? 

Tampa Bay, and specifically Clearwater, is more of a regional business hub as compared to some of the other, large markets in the Southeast. While there is a national company presence in the region, there are not a lot of big companies headquartered here. Being a privately held business allows us the autonomy to make decisions on a different time horizon than publicly traded or private equity-owned businesses. We can make an evaluation without having to consider what our shareholders are going to say or how the quarterly results are going to be affected. It lends itself to longer term thinking, clearly focusing on what is important and executing.

How has the location of Clearwater been beneficial to the success of FrankCrum? 

Being in the Clearwater/Tampa Bay region has been a huge benefit to our business. It is a fantastic market as the cost of living is pretty low, there is easy access to the No. 1 beach in the country, there are major market sports teams and the region really has everything that any other major market in the country has. The friendly tax environment for individuals and companies makes it easier to compete on a national level, especially when we are competing against the companies based in more expensive, higher tax environments. This location also helps in recruiting people who live in those environments. The idea of paying less in taxes and living in a great area is attractive to them. 

What lessons did you learn from the last financial crisis and how do they apply now? 

As a professional employer organization (PEO), we offer payroll processing, HR services and consulting, tax and benefits administration, and workers’ compensation and risk management to our customers.  Prior to the financial crisis, we were more specialized, focusing on specific industry segments. This was good while it lasted but hit us pretty hard during the recession. It forced us to look closely at our processes and our service offering. We realized we needed to invest pretty heavily in technology and personnel to expand our potential customer base and prepare for growth as the economy turned around. It turned out to be a successful strategy because we’ve experienced very solid growth over the last eight to nine years.  Our business benefits from the strength in the labor market and rising wages. As competition increases for talent, businesses need to improve their benefit offering so they often turn to a PEO. As they grow, especially into other states, we help them stay in compliance with state and local laws. 

 

To learn more about our interviewee, visit: 

https://www.frankcrum.com/

 

Spotlight On: Frank Dame, EVP & COO , Clearwater Marine Aquarium

Spotlight On: Frank Dame, EVP & COO , Clearwater Marine Aquarium

By: Max Crampton-Thomas

2 min read November 2019 — The city of Clearwater has a lot of enticing offerings within its borders, ranging from the No. 1 beach in the United States to a multitude of arts and cultural options. One of the most widely recognizable features of the city is the Clearwater Marine Aquarium. As a staple of marine conservation and education as well as the filming location for both Dolphin Tale feature length films, the aquarium has adapted its business model to remain strong after all these years. Invest: spoke with Executive Vice President and COO for the aquarium Frank Dame, about adapting its business practices to stay competitive, the renovations being made to the aquarium, the challenges from last year’s red tide and maintaining Clearwater’s No. 1 beach status. 

 

 How have you adapted your business to stay competitive?

Before the movie Dolphin Tale came out, we implemented a new philosophy and strategy. Although we are a nonprofit, we decided we would run the aquarium like a for-profit company and develop a business model that could fund the operations of Clearwater Marine Aquarium with minimal donations. We would then use donations to expand the business and for our various initiatives. We set this business model in place, and then expanded the gift shop, improved the guest experience and enhanced our food service. This started to drive revenue, and between 2006 and 2010, we grew attendance from 75,000 a year to about 220,000 just before the movie was released. The year after the movie was released in 2012, our attendance went from 220,000 to over 740,000. 

What can be expected for Clearwater Marine Aquarium’s new facilities? 

We are under construction. This is an $80-million project that is being supported by the city, county and the state. We were awarded $26 million from Visit St. Petersburg/Clearwater, while the city of Clearwater gave us $5 million, plus the land where we are located. The state of Florida also donated another $3 million in a grant, and we have an ongoing capital campaign to raise another $15 million. Overall, we have had a tremendous amount of support from the community. When we open the doors to our new facility, sometime next year, we are going to have almost four times the guest space we have now. We are also building five new dolphin pools. Currently, between all our facilities we have about 985,000 gallons of water, and these five new dolphin pools will add another million and a half gallons. We are really ramping up our ability to rescue more animals and provide a better living environment for our dolphins, as well as drastically improve the guest experience.

How much of an adverse effect did last year’s red tide have on the region? 

A year or so ago when the red tide came through the region, it had an extremely adverse effect on the local economy. We should commend Pinellas County because they tried to get in front of this issue by hiring boats to collect the dead fish and debris offshore before it ever hit the beaches. Our city was out there at 4:30 in the morning raking the beaches to make sure that tourism was not too badly impacted by it. While we were impacted somewhat, it could have been a lot worse. That red tide probably resulted from the runoff from storm water and other waste that goes into our waterways. This is damaging not only to the water environment itself, but to the tourism sector and the local economy, so human impact should always be something that we are conscious of. 

How can Clearwater Beach maintain its title as No. 1 beach in the nation? 

We need to focus on maintaining our recognition as the No. 1 beach in the nation, and we can’t accomplish this by just promoting ourselves as No. 1. The mission now is to make us the No. 1 beach because we are ocean friendly. We can do this by eliminating trash and doing things like stopping the use of single-use plastics. At the aquarium, we have gotten rid of all plastic bottles. Our water bottles now are all biodegradable and our spoons are all made of bamboo as opposed to plastic. We are trying to be an example of an environmentally responsible organization, and teaching people the right way to live in a model of environmental sustainability. 

 

To learn more about our interviewee, visit: 

https://www.seewinter.com/

 

Spotlight On: Courtney Orr, Ybor Development Manager, Ybor City Development Corporation

Spotlight On: Courtney Orr, Ybor Development Manager, Ybor City Development Corporation

Writer: Max Crampton-Thomas

2 min read October 2019 — Founded in the late 1800s, Ybor City is not only a staple in the Tampa Bay region but in the entire state of Florida. While it is not geographically large, Tampa Bay’s National Historic Landmark District has quite a large economic impact on the region. Invest: Tampa Bay recently spoke with Courtney Orr, the Ybor development manager for Ybor City Development Corporation, who discussed the impact of changing demographics on the district, respecting Ybor City’s history in light of ongoing development and the vital role young professionals play in the future of Ybor. 

 

How have the changing demographics of the region impacted Ybor City? 

The dynamics of Ybor City are shifting as we see an increase in the residential population, office users and one-of-a-kind restaurants and retailers. What’s most notable though is the influx of residents wanting to call Tampa’s National Historic Landmark home. Ybor has long been known strictly as an entertainment district and that mindset is changing with the current progressive shift underway. 

How are you working to improve Ybor City for the future while still respecting its history? 

Safeguarding Ybor’s historic features and history, especially the cigar industry from which Ybor City was built, is fundamental to the neighborhood’s success. The city of Tampa’s Barrio Latino Commission provides oversight to historic preservation by reviewing all development projects to ensure Ybor’s charm stays intact. We participate by offering a commercial facade grant to inspire historic preservation. This grant, along with other separate ones we offer, has made a tremendous difference throughout the historic neighborhood. Altogether, it helps breed additional private investment that enhances the district and ultimately will forever maintain Ybor’s charm.

Fortunately, Ybor draws very unique restaurant concepts here. Copper Shaker is one example of a successful restaurant opening its second location on 7th Avenue by the end of the year. New establishments like it preserve Ybor’s distinct vibe and with all the new residential development online, retailers are sure to follow.

What role do young professionals play in the development of Ybor City? 

Young professionals play a big role in the overall Ybor scene. They love the area’s walkability and many are willing to forgo their cars. They tend to favor smaller living quarters, if it guarantees them a certain quality of life in a stimulating neighborhood. As more young professionals move in so will office users to gain access to that creative talent, not to mention to enjoy all that Ybor has to offer too.

 

To learn more about our interviewee, visit: 

https://yborcityonline.com/

 

Spotlight On: Daniels Ikajevs, Chairman, The Ring Workspaces

Spotlight On: Daniels Ikajevs, Chairman, The Ring Workspaces

Writer: Max Crampton-Thomas

2 min read October 2019 — As the need for office space continues unabated, innovative solutions like coworking spaces are rising to fill the gap. One such coworking space is The Ring, which is a state-of-the-art co-working space with an emphasis on health and wellness. It is based in Downtown Clearwater. The Ring held its grand opening on April 26 and is home to over 70 companies across the Tampa Bay area, with about 110 people coming to the space on a daily basis. Invest: spoke with Daniels Ikajevs, chairman of The Ring Workspaces, about his innovative approach to office space, its collaboration with Harvard University and why Clearwater is the perfect location for The Ring Workspaces. 

Why was it important to construct The Ring to WELL standards? 

WELL standards are still fairly new, but they are becoming more commonplace. There is some similarity with LEED building standards, but WELL is more human-centric, and it looks at what is important for people inside the physical space, such as quality of the air, nutrition inside the space, access to daylight, biophilia and other health and wellness-related aspects. It also focuses on everything that LEED emphasizes, like quality of the materials, energy efficiency, and so forth. There is only one WELL-certified co-working space in the world and that is in Boston. We are in the process of getting our certification, and unlike in Boston where they have silver-level certification, we are going for the platinum level. 

What are some ways The Ring is working to help promote and foster the startup and tech ecosystem in the region? 

One of the ways we are doing this is through a collaboration The Ring entered with Harvard University T.H. Chan School of Public Health to pilot their innovation and sustainable technology program in Tampa Bay. This will be the first U.S.-based location for this program. It will happen over the course of two years, and will consist of a first and second round in which the university professors will teach young startups how to bring their ideas into reality. They will provide a blueprint on what investors are looking for when they go out and try to raise money. At the end of the program, people who are successful in funding their ideas will receive a certificate of completion from Harvard University T.H Chan School of Public Health. 

How is Clearwater the perfect match for a coworking space like The Ring?

When we were looking at locations for The Ring, we looked at what makes Clearwater a more attractive market for startups. Clearwater offers lower real estate costs in comparison to similar Tampa and St. Petersburg markets. We are geared more toward the startup culture, and because the cost of doing business in Clearwater is less than anywhere else in Tampa Bay, we thought we could use this environment to attract more startups. As a startup you try to save money every step of the way until you reach the maturity stage of the business, so real estate is one of the biggest values that Clearwater can offer. The overall business environment in Clearwater is also in line with the four principles of The Ring, which are health, innovation, sustainability and productivity.

What does the future of coworking spaces look like? 

Coworking spaces will continue on an upward trend, especially as more startups emerge all around the Tampa Bay region. In this fast-moving business environment it is very difficult for these startups to predict the amount of space they will need in the near future, so coworking spaces like The Ring that offer flexible memberships where these businesses can upgrade or downgrade with ease are a huge benefit. Flexibility is key for startups, which is why big players in the coworking space, like Spaces, are expanding quickly to address the growing demand. It will also be interesting to see how the coworking concept works in a down market, as this has not been properly tested yet. There is no doubt in my mind that there will be a down market in real estate in the near future, so we will pay special attention to see how this market adjusts and operates when this happens. 

 

To learn more about our interviewee, visit: 

http://theringworkspaces.com/

 

Miami BIDs Put Customer First, Profits Later

Miami BIDs Put Customer First, Profits Later

By Sara Warden

2 min read October 2019 — As commercial real estate evolves and retail stores move online, Miami’s authorities are addressing vacancy rates with an innovative business improvement district (BID) program that unites private business and local store owners to take back Main Street.

A BID is a legal mechanism that has successfully been put in place in Miracle Mile, Coconut Grove, Lincoln Road and Wynwood, and most recently was established in South Miami. The South Miami BID provides a budget of $200,000 annually to provide services to businesses and commercial properties that include “enhanced safety, marketing, advocacy, promotions, and maintenance,” which are provided by the City Commission in addition to basic services.

Lincoln Road is one BID that, rather than focusing on vacancy rates, is focusing on creating a community for the public to attract foot traffic to the area. “I look at Lincoln Road differently,” said Lyle Stern, a member of the Board of the Lincoln Road BID to RE: Miami Beach. “I’m trying to encourage all of us who live in Miami Beach to look at Lincoln Road differently.” He believes that vacancy rates are the concern of individual property owners and that by creating an attractive environment, people will come.

Despite a significant hole being created right in the middle of Lincoln Road by the collapse of shopping giant Forever 21, the BID is planning a $67 million makeover, with Miami Beach authorities contributing to the cost of construction. The private business owners in the area will foot the bill for the promotional events by increasing their own taxes.

The idea behind the BID is not directly to attract investment to a given area, but to nurture the area so that investment comes as an added bonus. The Wynwood BID has taken a look at what the public really wants, and one of its priorities was to re-open the beloved shuttered O Cinema. “O Cinema is a cultural icon in South Florida and a home for independent cinema,” said Albert Garcia, chairman of the Wynwood BID to the Miami Herald. “We were just as blindsided by the news of their closing as everyone else. As a long-time property owner in Wynwood as well as a member of the BID, it was important to me to see how we could keep O Cinema here.”

As the age of e-commerce dawns, BIDs are a way for traditional store owners to tune into the desires of the public, who now want more than just a traditional shopfront. Not only is investment being made in the community, but new business models are emerging that evolve with real demand.

“Nespresso has a very successful store on Lincoln Road,” Stern said to RE: Miami Beach. “As a company they’ve decided they don’t need cafés in the stores. They’re expensive and you have to maintain employees.” Instead, Lincoln Road’s Nespresso is downsizing from 4,500 square feet premises to 2,500 square feet, but staying on the same street, allowing it to maximize its value and provide its customers what they really want.

 

To learn more about our interviewees, visit:

https://www.southmiamifl.gov/563/Business-Improvement-District-BID

https://lincolnrd.com/lrbid/

https://wynwoodmiami.com/

Spotlight On: Brian Katz, CEO & Founder, Katz Capital

Spotlight On: Brian Katz, CEO & Founder, Katz Capital

Writer: Max Crampton-Thomas

2 min read October 2019 —There has never been a more perfect time to invest in Tampa Bay then the present. With seemingly all sectors of the economy in expansion mode, it is not a surprise that both foreign and domestic investment has been streaming into the Bay area at a rapid rate. Invest: Tampa Bay spoke with Brian Katz, the CEO and founder of Katz Capital whose business is headquartered in Tampa Bay  and focused on investing in the real estate and financial services sectors. Katz covered the advantages of being headquartered in the region, keeping his company’s growth sustainable and what makes Tampa Bay resilient in the face of real estate market changes.  

What makes Tampa Bay a conducive environment for your business? 

From a pricing standpoint, although nationally we are in a low interest rate environment, Tampa relative to Orlando, South Florida or places like Atlanta is still an affordable market. My personal feeling is that we are soon going to have negative interest rates. Six months ago, the collective mindset was that we would be in a rising rate environment, but that is simply not the case. A good analogy for what Tampa Bay is in terms of the scope of the market is that the region is a value stock. As a real estate and financial services private equity firm, this is a really great time for us to be in this market.

How does a business like Katz Capital sustain its growth in Tampa Bay’s business environment? 

Our various businesses employ different investment strategies for us to be able to remain sustainable. When I think of being an investor, I view the business world in terms of hunting and farming, so psychologically I am more of a farmer and all of these businesses are my crops that I can reap the benefits of on a regular basis. The problem with a hunter mentality is you can get the big kill, but it can be a long time before getting another kill, which is risky. To remain sustainable in this business environment, it’s better to diversify your business so that you’re not reliant on one source of income.

How susceptible is Tampa Bay to fluctuations in the real estate market? 

The fact that real estate pricing in Tampa is still relatively attractive versus other markets, I believe insulates Tampa Bay to a degree from real estate sector cycles and general market cycles. This is the opposite of South Florida, where there tends to be more dependency on these market cycles. When the South Florida market is hot, there is tons of money pouring in and prices push up. Although it’s increasingly on investors’ radar, Tampa Bay still has a lower modulation in these cycle waves. The big concern is that asset values keep rising. If we look at real estate development in the region, land values are up, labor costs are up and material prices are up. That means to achieve the same return for the amount of risk an investor is taking, you have to raise the exit price. This is going to be one constraint that Tampa Bay is going to face, and will have to figure out how to navigate that. 

 

To learn more about our interviewee, visit:

https://katzcapital.com/

Spotlight On: Tim Pulte, Senior Executive Vice President, Colliers International

Spotlight On: Tim Pulte, Senior Executive Vice President, Colliers International

Writer: Yolanda Rivas

2 min read October 2019 — Collier’s Philadelphia delivers a full range of services to commercial real estate occupants, owners and investors throughout the tri-state region. Senior Executive Vice President Tim Pulte joined Colliers’ senior leadership team in 2017, bringing more than 31 years of experience in corporate operations, corporate real estate, transaction management and facility management. The Invest: Philadelphia team recently spoke with Pulte about the company’s plans for growth and how it serves local and foreign investors. 

2 min read OCTOBER 2019 — Collier’s Philadelphia delivers a full range of services to commercial real estate occupants, owners and investors throughout the tri-state region. Senior Executive Vice President Tim Pulte joined Colliers’ senior leadership team in 2017, bringing more than 31 years of experience in corporate operations, corporate real estate, transaction management and facility management. The Invest: Philadelphia team recently spoke with Pulte about the company’s plans for growth and how it serves local and foreign investors. 

 

What are the benefits of being located in Philadelphia?

As a global company, we have offices all over North America and abroad. Because of this, we’re able to service our clients no matter where their requirements are, both inbound and outbound. For example, if a company is coming in from Mexico, we can help them. Conversely, we can send a deal to Mexico and know it’s going to be taken care of. Philadelphia’s a great location for us. We’re close to other large markets and have access to our international markets as well. We have a very strong industrial base in our clientele. We have long-standing relationships with multiple manufacturing companies throughout the Colliers network. For example, we’ve worked with Philadelphia-based company Cardone to secure locations throughout the United States. We also helped NFI secure locations in Canada and the UK. 

 

What type of investment is the Philadelphia market seeing?

We’ve started seeing an increase in foreign investment come into the Greater Philadelphia market. It has mostly been asset-driven as opposed to geographically-driven, so it’s really dependent on what investors are looking for. We’ve seen a lot of investment in the industrial space recently; markets such as Philadelphia have become more appealing to investors, both foreign and domestic, because of the higher rate of return. For this reason, we’re seeing a lot of buyers from New York. We’ve also seen a lot of international investors buying companies here in the Philadelphia market. We’ve represented quite a few in the industrial space. 

 

How does Colliers International plan to grow in the Philadelphia region?

We have six offices in the region: Harrisburg; Allentown; Conshohocken; Center City,  Philadelphia; Mount Laurel, New Jersey; and Wilmington, Delaware. In all our offices we handle office, industrial, retail, property management and landlord representation. We’re trying to grow those areas across all our offices in the region. We’re looking to capitalize on established relationships while building new ones, especially in strategic areas where we can grow — and from an international standpoint as well. The new federal Opportunity Zones will be interesting, and we hope to see some growth in the market from those. There are some very strategic areas in Philadelphia, like the corridor leading up Broad Street toward Temple. It’ll be exciting to see what happens in those areas. 

 

To learn more about our interviewees, visit their websites:

 

Colliers International: https://www2.colliers.com/en/United-States/Cities/Philadelphia 

 

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