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  #461  
Old Posted Aug 10, 2022, 4:02 PM
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summersm343 summersm343 is offline
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Originally Posted by Zapatan View Post
Nice looking but nothing special other than the fact that it helps expand downtown Westward.

Will this be connected to the big red building (the blocky 500 footer) / will that start when this is done?
Brandywine (the developer) is still looking for tenants for the 500 footer. That building is entirely lab/life science and office space.

Both buildings will not be connected other than a park/plaza/green space that will run between the two building and underneath the CSX rail tracks.
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  #462  
Old Posted Aug 10, 2022, 4:20 PM
Skang Skang is offline
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Any chances they change the Red building design ?
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  #463  
Old Posted Aug 10, 2022, 4:22 PM
reparcsyks reparcsyks is offline
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Originally Posted by Skang View Post
Any chances they change the Red building design ?
Absolutely. Let me know what you don't like about it and I'll let Brandywine know ASAP. I'm 98% positive they can have a new render for you to approve by EOD Friday.
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  #464  
Old Posted Aug 10, 2022, 5:10 PM
MetaldDeth81 MetaldDeth81 is offline
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Originally Posted by summersm343 View Post
Brandywine (the developer) is still looking for tenants for the 500 footer. That building is entirely lab/life science and office space.
Are we oversaturating the market with all of these lab/life-science spaces?

https://whyy.org/articles/philly-lif...estate-market/
Quote:
precarious stock market and record inflation have contributed to some companies hitting the pause button on their search for space, including lab, manufacturing, and office. Other companies, he said, are still looking but want to take less space, marking a “cool down” for what has otherwise been a hot sector year after year. .......
....
By his agency’s calculations, there are roughly 20-25% fewer tenants in the market, as well as total square feet compared to the same time last year.
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  #465  
Old Posted Aug 10, 2022, 5:34 PM
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Originally Posted by MetaldDeth81 View Post
Are we oversaturating the market with all of these lab/life-science spaces?

https://whyy.org/articles/philly-lif...estate-market/
The great part about being an observer is that it's not my money and I don't really care if some rich funds lose money on a deal as long as Philly benefits from getting a nice new building. All of these will fill up.

But also, no, I don't think we're building too much. They guy also says "What’s more, Vandegrift said, all of Philadelphia’s incubator spaces for biotech companies are full.

“Generally speaking, we still feel really positive and bullish about the future of this industry. We don’t think it’s going backwards,” said Vandegrift."
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  #466  
Old Posted Aug 10, 2022, 5:45 PM
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summersm343 summersm343 is offline
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Originally Posted by MetaldDeth81 View Post
Are we oversaturating the market with all of these lab/life-science spaces?

https://whyy.org/articles/philly-lif...estate-market/
No. Life Sciences is the hot new industry. Especially with such a large generation in Baby Boomers aging. Plus, Philadelphia is a young burgeoning market that's really just starting to hit it's stride and grow. It's not a well established Life Sciences market like Boston or San Francisco that are seeing more of a slow down.

Furthermore... keep in mind that buildings being proposed TODAY won't hit the market for another 3, 4, 5, 6 years. They're estimating 3001 JFK to be completed in 2025 if it started this year. If this slips into next year (which it probably will) then 3001 JFK won't hit the market until 2026.

From your own article:
Quote:
For the first time in nearly a decade, demand for life sciences and biotech real estate in Philadelphia is showing signs of slowing, if only temporarily.

The state of the U.S. economy, particularly over the last couple of months, is one of the main reasons why.

But while the sector is down, it is nowhere near free fall. And other big cities, including Boston, are experiencing sharper declines.

What’s more, Vandegrift said, all of Philadelphia’s incubator spaces for biotech companies are full.

“Generally speaking, we still feel really positive and bullish about the future of this industry. We don’t think it’s going backwards,” said Vandegrift.
From the PBJ:
Quote:
Leases totaling more than 500,000 square feet were signed in Philadelphia and its suburbs during the first six months of the year and the rate of those deals is higher than many of the other major life sciences markets, according to a JLL report. When it came to leasing activity, the Philadelphia market outpaced areas that are hotbeds of life sciences activity including San Francisco and Raleigh-Durham, though it lagged behind San Diego.

“In a relatively young market like Philadelphia, this leasing is overwhelmingly in first-generation life sciences space with projects such as One uCity Square, Spring House Innovation Park and 250 King of Prussia Road seeing the most activity,” the JLL report said.
https://www.bizjournals.com/philadel...tion-park.html
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  #467  
Old Posted Aug 10, 2022, 6:55 PM
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Originally Posted by reparcsyks View Post
Absolutely. Let me know what you don't like about it and I'll let Brandywine know ASAP. I'm 98% positive they can have a new render for you to approve by EOD Friday.
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  #468  
Old Posted Aug 11, 2022, 1:17 AM
City Wide City Wide is offline
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[QUOTE=summersm343;9699071]

Furthermore... keep in mind that buildings being proposed TODAY won't hit the market for another 3, 4, 5, 6 years. They're estimating 3001 JFK to be completed in 2025 if it started this year. If this slips into next year (which it probably will) then 3001 JFK won't hit the market until 2026.
____________________________________________________________

Very true and certainly one of the biggest pieces of the development puzzle is money. For a built that takes 2 to 3 years somebody has to have a pile of cash (credit) to pay the bills for all those months, at the end of which somebody is going to want to start getting paid back.

Very few buildings are put up in Philly that are largely spec. I'm not sure of this, but I wonder if the structure of UC Science Center might give them an advantage, something like being able to float tax free bonds or work out deals with the construction unions.
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  #469  
Old Posted Aug 11, 2022, 3:40 PM
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[QUOTE=City Wide;9699565]
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Originally Posted by summersm343 View Post

For a built that takes 2 to 3 years somebody has to have a pile of cash (credit) to pay the bills for all those months, at the end of which somebody is going to want to start getting paid back.
Just like the whiskey distilling industry!
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