PHILADELPHIA | Comcast Technology Center | 1,121 FT | 60 FLOORS - Page 30

Kidphilly · #**581** Posted **Apr 18, 2014, 1:40 AM**

Quote:

Originally Posted by Cro Burnham

It's clear alot of capital has increasingly been heading our way, but there are real forecasts for demand growth (i mean office demand)?

Can you link to any of the more credible surveys?

Well, i hope they are accurate! I just wonder what they say is/will be pushing demand, because i haven't heard of anything in particular other than Comcast and healthcare-related offices, research spaces, and clinics.

HUP, CHOP, and Jeff alone can't be the driver of big time office growth.

agreed we need to attract more tech and VC money

Jelly Roll · #**582** Posted **Apr 18, 2014, 2:06 AM**

Quote:

Originally Posted by Cro Burnham

It's clear alot of capital has increasingly been heading our way, but there are real forecasts for demand growth (i mean office demand)?

Can you link to any of the more credible surveys?

Well, i hope they are accurate! I just wonder what they say is/will be pushing demand, because i haven't heard of anything in particular other than Comcast and healthcare-related offices, research spaces, and clinics.

HUP, CHOP, and Jeff alone can't be the driver of big time office growth.

Price Waterhouse Coopers Real Estate Investor Surveys
http://www.pwc.com/us/en/asset-manag...r-survey.jhtml

It's a paid service but that is the report I was referring to. There are a few others that also say the same thing.

Insoluble · #**583** Posted **Apr 18, 2014, 1:35 PM**

The Bureau of Labor Statistics Has recorded a steady yearly increase in the number of jobs in the city since about 2009. Obviously not all of that job growth is in Center City, but it's looking like a positive trend. We are now back to 2004 levels. If that doesn't sound all that impressive, remember that Philly has typically not recovered all jobs lost in a recession prior to this one.

Looking further back, the steady decline in job numbers that we saw in the '70s and '80s really slowed down in the '90s and pretty much flat-lined in the '00s. It looks like we turned the corner on job growth at about the same time we did on population growth.

It certainly looks like we passed the lowest point and are poised to grow again. Especially given a lot of the current national trends favoring large cities. We've got a long way to go still, but the current trends look very good.

The other thing to remember is that there is not a lot of contiguous Class A and Trophy space left in Center City. I'm guessing that this is what drove FMC to relocate. They are clearly growing and I'm guessing there wasn't enough room for them to expand in MBC. No large enough blocks of high quality space existed. If current job growth trends continue, demand should continue to go up. Given the limited supply, things look pretty good for more office construction.

Londonee · #**584** Posted **Apr 18, 2014, 4:30 PM**

Quote:

Originally Posted by Insoluble

The other thing to remember is that there is not a lot of contiguous Class A and Trophy space left in Center City. I'm guessing that this is what drove FMC to relocate. They are clearly growing and I'm guessing there wasn't enough room for them to expand in MBC. No large enough blocks of high quality space existed. If current job growth trends continue, demand should continue to go up. Given the limited supply, things look pretty good for more office construction.

From the Philadelphia Business Journal:

That's not much...

Plokoon11 · #**585** Posted **Apr 18, 2014, 5:06 PM**

I love that, only more great news and proposals to come after the signs of no office space.

Kidphilly · #**586** Posted **Apr 18, 2014, 5:09 PM**

What about a few other buildings like Commerce and some other along Market and JFK - also the tower next to the four seasons

I think FMC is like 90+% leased but not sure if that opens up other space when they move.

it is probably a good sign overall but the city still needs to attract more jobs on the whole

Insoluble · #**587** Posted **Apr 18, 2014, 6:33 PM**

Quote:

Originally Posted by Kidphilly

What about a few other buildings like Commerce and some other along Market and JFK - also the tower next to the four seasons

I think FMC is like 90+% leased but not sure if that opens up other space when they move.

it is probably a good sign overall but the city still needs to attract more jobs on the whole

FMC moving will free up some room in Mellon Bank Center for sure. This along with Sunoco basically falling apart will most likely free up a good chunk of contiguous space. But as I posted earlier, the number of jobs in the city has been rising steadily for the past 5 years or so. It seems likely that the new space will be absorbed relatively quickly. Only time will tell I suppose, but it will be interesting to see how quickly (or slowly) that space fills up.

Another factor that plays into this is the fact that AVI basically just gave a pretty significant tax cut to most buildings on the west Market corridor.

Kidphilly · #**588** Posted **Apr 18, 2014, 6:40 PM**

Quote:

Originally Posted by Insoluble

FMC moving will free up some room in Mellon Bank Center for sure. This along with Sunoco basically falling apart will most likely free up a good chunk of contiguous space. But as I posted earlier, the number of jobs in the city has been rising steadily for the past 5 years or so. It seems likely that the new space will be absorbed relatively quickly. Only time will tell I suppose, but it will be interesting to see how quickly (or slowly) that space fills up.

Another factor that plays into this is the fact that AVI basically just gave a pretty significant tax cut to most buildings on the west Market corridor.

would that also impact East Market - just curious - assume so as its land area based I believe now - good for business IMHO

I would rather see Corporate Tax breaks to lure jobs than 10-year tax abatement on residential at this point TBH

philadelphiathrives · #**589** Posted **Apr 23, 2014, 2:09 PM**

Here is an article about the CITC receiving final approval from the City Planning Commission's Civic Design Review committee and many other details. Article includes photos of the architectural model and many renderings.

http://philadelphiaheights.wordpress...-philadelphia/

ichigo · #**590** Posted **Apr 24, 2014, 2:31 PM**

Quote:

Originally Posted by philadelphiathrives

Here is an article about the CITC receiving final approval from the City Planning Commission's Civic Design Review committee and many other details. Article includes photos of the architectural model and many renderings.

http://philadelphiaheights.wordpress...-philadelphia/

Great article. Can't wait for all of this construction to start (and finish). The city will look very different (once again) by 2017!

Mappy · #**591** Posted **Apr 24, 2014, 2:56 PM**

Quote:

Originally Posted by philadelphiathrives

Here is an article about the CITC receiving final approval from the City Planning Commission's Civic Design Review committee and many other details. Article includes photos of the architectural model and many renderings.

http://philadelphiaheights.wordpress...-philadelphia/

thanks for the link!

After listening to all the opinions of the design and various alternatives over the last few months I still the the product we are getting is a really good one. I like the Art deco blade, but can see where the overall shape of the building may be a bit awkward (i.e. to wide for its height, or too square overall).

After seeing maybe more angles of the model I think the easiest and cheapest way they could make a marked improvement of the character of the building would be to make slight alterations to the shape of the glass box surrounding the observation deck / restaurant.

Either some contemporary jaggedness (like the latest updates to the W Hotel), or rounding of the overall shape, or embellish the two vertical structural beams on the east side with more art deco structure (perhaps with glass?). Those would be easy to do, and add a lot to the overall aesthetic... just an observation.

PHL10 · #**592** Posted **Apr 24, 2014, 6:21 PM**

Quote:

Originally Posted by Mappy

thanks for the link!

After listening to all the opinions of the design and various alternatives over the last few months I still the the product we are getting is a really good one. I like the Art deco blade, but can see where the overall shape of the building may be a bit awkward (i.e. to wide for its height, or too square overall).

After seeing maybe more angles of the model I think the easiest and cheapest way they could make a marked improvement of the character of the building would be to make slight alterations to the shape of the glass box surrounding the observation deck / restaurant.

Either some contemporary jaggedness (like the latest updates to the W Hotel), or rounding of the overall shape, or embellish the two vertical structural beams on the east side with more art deco structure (perhaps with glass?). Those would be easy to do, and add a lot to the overall aesthetic... just an observation.

CITC is a much bigger building. Even though the roof height (not the core) is lower, the girth is impressive and its impact follows. So although people may think it may look like it’s shorter than Comcast at some angles, I think that once it’s built, it going to look like a Sharpie next to a Bic pen.

I think changing the simplicity of the design, which is very elegant and getting all fancy at the top will ruin it.

Flyers2001 · #**593** Posted **Apr 25, 2014, 5:01 PM**

Just a heads up, there was construction people at the site today. Looked like they were looking over the fencing that surrounds the lot.

Has there been a hard date released when they are closing the lot? There is still no signs on the lot.

summersm343 · #**594** Posted **Apr 25, 2014, 5:27 PM**

Quote:

Originally Posted by Flyers2001

Just a heads up, there was construction people at the site today. Looked like they were looking over the fencing that surrounds the lot.

Has there been a hard date released when they are closing the lot? There is still no signs on the lot.

Probably closing it sometime in May but haven't heard any official date. Site prep should begin in May/June.

apetrella802 · #**595** Posted **Apr 26, 2014, 11:46 PM**

I went by the CITC site today and there was what I would call significant crane equipment on the site including large segments of a crane.

Plokoon11 · #**596** Posted **Apr 27, 2014, 7:14 PM**

so it's starting earlier? :-)

Flyers2001 · #**597** Posted **Apr 28, 2014, 2:13 PM**

They did close half the lot as of now, but it only seems to be for the use of the crane to load supplies onto the neighboring roof.

Philly Fan · #**598** Posted **Apr 28, 2014, 2:18 PM**

Also, shouldn't we expect significant excavation before a crane is erected for CITC?

summersm343 · #**599** Posted **Apr 28, 2014, 2:44 PM**

It's just a mobile crane. This seems like it's for the renovations of the Sterling, not even for CITC.

Plokoon11 · #**600** Posted **May 2, 2014, 8:52 PM**

Worked on a rough rendering today in this pic.

Philadelphia ctic by pl0k00n111, on Flickr