PHILADELPHIA (September 8, 2015)– Large corporations may be moving their headquarters out of Center City Philadelphia but that doesn’t mean that growth in the job and business markets have slowed, according to Philadelphia Inquirer columnist Joe DiStefano.
In his Sunday column, DiStefano spoke to various business leaders, including Brownstein Group CEO and President Marc Brownstein, in Philadelphia about the trend and what it means for jobs, small and large businesses and residents.
Maybe the departure of big, slow-moving firms leaves room for growth. Homegrown banks (Beneficial, for example) and accounting/consulting firms (EisnerAmper) have leased big Center City spaces and raised their profiles as larger rivals merged out, says Brownstein, whose family ad agency, Brownstein Group, has weathered the city’s transitions since 1964.
“Do we need more office buildings? Yes,” Brownstein says.
DiStefano argues that commercial real estate investors haven’t profited from Philadelphia’s low office demand and rents.
“I think it’s going to come,” Brownstein affirmed. The apartments, the restaurants and bars, the young graduates are all here. “New York, L.A., San Francisco, Washington, they have all become so expensive. Philadelphia by comparison is a bargain.”
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