Commercial real estate transactions, including sales and purchases, are often strategically important to a company or business. Philadelphia has become a strategic location for investors from New York, as it continues to lure investors with commercial real estate opportunities. Recently brokered was the sale and financing of a 19-story office and retail building in Philadelphia. The property provides 253,732 square feet of office space and 22,723 square feet of retail space.
The Millennial generation - those born between 1982 and 2004 - will play a significant role in the Philadelphia real estate market in the next few years, according to experts at a panel put together by a local business magazine. As the Millennial population grows and the Baby Boomer population levels off, developers are investing in central Philadelphia.
When developers and business owners are looking into buying a new property, it's often a very exciting time. During property acquisition, however, these developers and business owners must take care to follow all applicable laws and protocols when buying or selling a property. The owners of one Pennsylvania shopping center have recently become familiar with the process.
Commercial real estate is big business. Whether focusing on property acquisition, development or commercial leases, the potential for financial reward and return on investment is significant. However, in order to ensure that a potential deal converts into a successful investment, buyers, developers and sellers need to have a firm understanding of the market and the process of these complex transactions involving commercial real estate. Currently, areas surrounding Philadelphia are the site of what could be described as a commercial real estate boom.
The recently enacted state Land Bank Act will allow municipalities in Pennsylvania to take over blighted and condemned properties in order to repurpose the land.
A Pennsylvania health insurance company is amassing commercial real estate property in the western part of the state, trying to acquire enough lands to open facilities to serve its new $1 billion health-care system, according to reports.
The idea hasn't caught on in Philadelphia yet, but officials in one county in a western state think they have a solution for the country's continuing mortgage problems: a form of eminent domain.
Pennsylvania has received an additional $5.5 million in federal monies to help state officials turn parcels located north of Philadelphia frequently affected by floods into open space.