Philly Medical Space

SIGNAGE_PA_MEDICALWolf Commercial Real Estate is the Philadelphia commercial real estate broker that can transform your Philly medical space goals into reality.  Whether you are planning to buy, sell, lease or rent medical space in Philadelphia, we are the go-to team of commercial real estate professionals that can help you meet all your medical space in Philly needs.

As a premier Philadelphia commercial real estate brokerage firm, we are the unparalleled experts in the Philly medical space market.  We work hand in hand with our clients to help them realize their goals by providing ongoing detailed information about available medical space in Philadelphia.  As a leading Philadelphia commercial real estate broker, Wolf Commercial Real Estate offers proven expertise and the highest standard of service in the Philly commercial real estate market.

Owners who are planning to sell and/or lease their medical space in Philly can depend on Wolf Commercial Real Estate for a customized, defined marketing process that is unmatched in the Philadelphia commercial real estate market.  This decidedly successful marketing strategy from an experienced Philadelphia commercial real estate brokerage firm puts your medical space in Philly in front of the buyers and tenants who are actively looking for available Philadelphia medical space.

For clients planning to buy or lease new medical space in Philadelphia, the team at our Philadelphia commercial real estate brokerage firm acts as the strategic partner who can identify the Philadelphia medical space that is ideal for their needs.  Our team of seasoned commercial real estate professionals will ensure that the sale or lease terms for our client’s new medical space in Philly perfectly complements their real estate goals.

For more information about Philly medical space, look no further than the team at Wolf Commercial Real Estate, the Philadelphia commercial real estate broker that offers unequaled service to the Philadelphia commercial real estate market.

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Philadelphia’s Proposed One Percent Tax on New Construction

One-Percent-Tax-on-New-Construction-500x364Is Philadelphia’s proposed one percent tax on new construction a good compromise or a fools bargain? The Philadelphia City Council announced new legislation on April 11, 2018, that includes a new one percent tax on new construction that would raise revenue for the Housing Trust Fund, the city’s dedicated source for developing new affordable housing, preserving existing housing and preventing homelessness.

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WHAT IS THE TAX/IMPACT FEE?

Proposed Bill No. 180351 would impose a new Construction Impact Tax/Impact Fee on all projects that are eligible for the city’s 10-year tax abatement. The funds raised from the tax are intended to help the Housing Trust Fund provide funding for more affordable and workforce housing development, which would be available to both nonprofit and for profit developers.

HOW MUCH IS THE TAX?

The tax/impact fee is 1 percent of the stated cost of construction, including repairs, construction, additions and alterations of the building and is paid when the applying for a building permit. (Note that there is some discussion to change the time when payment would be due from the building permit application to the time a zoning permit is filed.) While a one percent tax on new construction may not sound like a lot, consider the tax on a $1 billion new technology center, a $300 million new multifamily high rise or a new $800 million stadium. In each instance, the tax for these projects would be $10 million, $3
million and $8 million, respectively.

ARE CERTAIN TYPES OF BUILDING EXEMPT?

As currently drafted, all buildings that are “for human occupancy” and that are eligible for the 10-year tax abatement would be subject to the tax/impact fee. These buildings would include not only residential structures, but commercial and industrial structures as well. Rather than single out one particular kind of developer (i.e., multifamily developers), the proposed tax would apply to any project that qualifies for a 10-year tax abatement in Philadelphia.

COALITION BUILDING

There appears to have been more compromise than usual between the trades, the Building Industry Association, City Council members, members of the development community and other civic-minded individuals as the merits and concerns over the 10-year tax abatement were debated, as was the Mixed Income Housing Bill, both being offered as potential solutions for addressing Philadelphia’s affordable and workforce housing needs.

NOVEL APPROACH

Drexel University’s Lindy Institute for Urban Innovation Senior Research Fellow Kevin Gillen told the Philadelphia Business Journal, “The impact fee being considered here is a truly unique hybrid. It is tied to the abatement rather than to inclusionary zoning. And it is the type of program that is traditionally used by low-cost, low-tax Sun Belt suburbs that have experienced decades of rapid population growth, but the bill’s sponsors want to apply it to a relatively high-cost, high-tax Northeastern city that until recently has experienced decades of depopulation.”

Impact on the Mixed-Income Housing Bill

If the new bill is passed, the Mixed-Income Housing Bill will become completely optional and will be amended to include numerous beneficial bonuses such as extra height (7 feet) and density (25 to 50 percent bonus) in RM-1, CMZ-1/2/2.5, amongst other potentially attractive zoning bonuses. These bonuses will continue to have a mixed-income housing requirement or payments in lieu of an additional 1 to 2 percent of construction costs depending on the amount of the
bonus.

EFFECTIVE DATE

As proposed, the effective date would be July 1, 2018, although some are already pushing for a later effective date of January 1, 2019. Duane Morris attorneys will continue to monitor and report on any development in this issue.

FOR MORE INFORMATION

If you have any questions about this Alert, please contact Brad A. Molotsky, any of the attorneys in the Real Estate Practice Group, attorneys in the Project Development/Infrastructure/P3 Practice Group or the attorney in the firm with whom you are regularly in contact.

Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm’s full disclaimer.

Well-Situated Philadelphia Medical Space for Lease in Monroe Office Center

1 Winding WayWolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services, is now offering premier Philadelphia medical space for lease in the Monroe Office Center at 1 Winding Drive Philadelphia PA.

This Philadelphia medical building for lease will have suites that range in size from 1,325 to 71,000 square feet of divisible Philadelphia PA medical space for lease. The asking lease price for this Philadelphia professional medical space for lease is $16.00 sf modified gross plus electric.

This Philadelphia medical space for lease in the Monroe Office Center at 1 Winding Drive Philadelphia PA is available for immediate occupancy through Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm that specializes in Philadelphia commercial real estate listings and services.

This Philadelphia professional medical space for lease is a two-story, elevator-served office building within the Presidential City Complex. This Philadelphia medical building for lease at 1 Winding Drive Philadelphia PA is located on the Philadelphia side of City Line Avenue and this Philadelphia PA medical space for lease is immediately off the I-76 edit at Presidential Boulevard.

This Philadelphia medical space for lease features highly efficient suite layouts. There is secured 24/7 gate access near this Philadelphia professional medical space for lease through Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services.

There is 4/1,000 sf of parking in a two-and-one-half-level structure at this Philadelphia medical building for lease in the Monroe Office Center at 1 Winding Drive Philadelphia PA. Tenants of this Philadelphia PA medical space for lease will be within a premier walkable town center environment.

For more information about this Philadelphia medical space for lease in the Monroe Office Center at 1 Winding Drive Philadelphia PA or about any other Philadelphia commercial properties for sale or lease, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm that specializes in Philadelphia commercial real estate listings and services.

Wolf Commercial Real Estate is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Vacancy Rate for Office and Medical Space in Philly Declines

research-information-graphic-phlThe vacancy rate for office and medical space in Philly dropped in the fourth quarter 2013, ending the quarter with a vacancy rate of 11.2%,  according to a new market trend report from the CoStar Group.

The vacancy rate for office and medical space in Philadelphia was down over the previous quarter, the report said, with net absorption totaling positive 1,209,045 square feet in the fourth quarter compared to positive 93,523 square feet in the third quarter 2013.  Vacant sublease space in the Philly office space market, which includes Philly medical space,  increased in the fourth quarter, ending at 1,265,856 square feet, according to CoStar’s Fourth Quarter 2013 Market Report.

Costar noted that tenants moving into large blocks of Philadelphia medical space and office space last year included GlaxoSmithKline, moving into 205,000 square feet at Five Crescent Drive; Drexel University, moving into 117,464 square feet at Three Parkway; and Comcast, moving into 110,000 square feet at 2801 Valley Road.

Rental rates for Philly medical space and office space increased over the previous quarter, ending the fourth quarter 2013 at $21.10, CoStar reported.

A total of five buildings were delivered to the Philadelphia medical space and office space market in the quarter, totaling 374,040 square feet, with another 797,349 square feet under construction by quarter’s end, CoStar said.

In comparison to the quarterly results in the Philly medical space and office space market, the U.S. National Office vacancy rate decreased to 11.5% from the previous quarter, CoStar said, with net absorption totaling positive 25.62 million square feet in the fourth quarter. Average rental rates nationally increased to $22.06, and 177 buildings delivered to the market totaling more than 11.7 million square feet, according to CoStar.

For more information about office and medical space in Philadelphia or any Philadelphia commercial properties, please contact Jason Wolf (215-799-6900-office; 215-588-8800-cell; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in office and medical space in Philadelphia.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new office and medical space in Philly with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philadelphia medical space or office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.