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Among CBD office properties, taxable assessed land values grew 95% over two years, accounting for 4.8% more of total assessed office value in 2019 than in 2017/937/philadelphia-5-21-18-cbd-office-taxable-assessed-land<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/people-conference-table.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/937/philadelphia-5-21-18-cbd-office-taxable-assessed-landAmong CBD office properties, taxable assessed land values grew 95% over two years, accounting for 4.8% more of total assessed office value in 2019 than in 2017​An analysis of 87 office properties that JLL tracks within Center City (Market East and Market West) reveals that while the share of assessed value attributable to buildings themselves remains largely unchanged (approximately 80 percent of total market value), taxable land accounts for a significantly higher percentage of assessed value in 2019 (17.3 percent) than it did in 2017 (12.5 percent).
The assessed value of Center City’s Trophy & A office buildings has risen $1.6 billion in two years, creating an average tax bill increase of nearly 38 percent since 2017/918/philadelphia-5-14-18-center-city-trophy-and-a-risen-assessed-value<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-exterior-windows-architecture-scenery.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/918/philadelphia-5-14-18-center-city-trophy-and-a-risen-assessed-valueThe assessed value of Center City’s Trophy & A office buildings has risen $1.6 billion in two years, creating an average tax bill increase of nearly 38 percent since 2017JLL tracks forty four Class A buildings in between the two rivers, of which ten are considered trophy. 2019 assessments have increased their collective market value by an average 5.4 percent since last year.
With only 0.65 blocks currently available for each expiring CBD tenant ≥100,000 square feet, large tenants looking to move should engage the market ASAP /907/philadelphia-5-7-18-limited-blocks-available<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-office-exterior-windows-lights.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/907/philadelphia-5-7-18-limited-blocks-availableWith only 0.65 blocks currently available for each expiring CBD tenant ≥100,000 square feet, large tenants looking to move should engage the market ASAP As the CBD continues through its large lease rollover cycle, 4.65 million square feet of large tenants (40,000 square feet and greater) are set to expire between now and 2021.
Nearly 35% of PA suburban tenants seeking space are looking to grow their footprint, creating a bright outlook for absorption over the next 18 months/886/philadelphia-4-30-18-suburban-tenant-footpring-growth<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-birdseye-trees.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/886/philadelphia-4-30-18-suburban-tenant-footpring-growthNearly 35% of PA suburban tenants seeking space are looking to grow their footprint, creating a bright outlook for absorption over the next 18 monthsA look back at three years of active tenant requirements and their intention to grow, shrink, or remain the same size reveals that, since 2015, the percentage of suburban tenants that are growing has increased considerably.
2018 will be full of ribbon-cuttings. Is 2019 the start of a lull or a pause before the boom continues? Capital markets, local tax policy, and job growth will dictate. /873/philadelphia-4-21-18-2018-year-or-ribbon-cuttings<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-contemporary-exterior-skyscraper-design-concept.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/873/philadelphia-4-21-18-2018-year-or-ribbon-cuttings2018 will be full of ribbon-cuttings. Is 2019 the start of a lull or a pause before the boom continues? Capital markets, local tax policy, and job growth will dictate. Get out the over-sized scissors: before 2018 is out, the entire office pipeline (more than 2.5 million square feet of new inventory), at least 2,000 apartments, 600 hotel rooms, and around 500,000 square feet of retail will welcome their first users.
Philadelphia STEM salaries 6% below competitor regional averages but 175% more than non-STEM jobs in the area/853/philadelphia-4-16-18-stem-salaries<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/technology-web-developer-screens.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/853/philadelphia-4-16-18-stem-salariesPhiladelphia STEM salaries 6% below competitor regional averages but 175% more than non-STEM jobs in the areaScience, technology, engineering, and math (STEM) occupations are widely acknowledge to be the drivers of innovation and economic growth in the 21st century.