2C — December 9 - 22, 2016 — Pennsylvania — M id A tlantic
Real Estate Journal
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THERE’S A NEW KIND OF INDEPENDENCE IN TOWN.
niversity City’s ongo- ing commercial real estate success is the By Paul G. Garvey, Cushman & Wakefield, Philadelphia Philadelphia’s University City is on a Growth Trajectory U more collaborative and flexible environment in a community that they can be more closely connected to.
programs, seminars and sym- posia offered by surrounding institutions. Studies dating back over 40 years illustrate that proximity and density yield interactions and innovation. Experience proves these studies. Google would not exist if Larry Page and Sergey Brin did not at- tend Stanford University at the same time. Companies are establishing offices and labs near places where there is thought leadership and subject matter expertise in order to create connectivity. University City has many centers of excellence includ- ing technology, business, and gene/cell therapy. Companies want to cluster near these centers resulting in a shifting real estate decision paradigm. The trend for companies to relocate to urban from suburban locations is global and also based on the desire to drive other change within their organizations. Reebok recently announced a move to downtown Boston from its sprawling 60-acre Canton campus for two reasons: To be in a vibrant urban area where millennials are eager to work and live; and to create a
result of com- panies realiz- ing that real estate deci- sions should be based on factors that yield better a n d m o r e engaged em-
The physical environment in University City differs sig- nificantly from Philadelphia’s Central Business District and other urban areas in Philadel- phia. The district was first developed in the Victorian era and the historic residences and neighborhoods present wide porches, large trees, gar- dens and yards – features not found in many urban neigh- borhoods. The institutions in University City have invested in green and public spaces such as the Innovators Walk of Fame in uCity Square. This, and similar investment, re- sults in a pedestrian-friendly environment where people can sit and enjoy the outdoors. Over the past 15 years, new buildings have been developed to provide LEED certified of- fice/lab facilities that create superior work environments. Now more than ever, compa- nies are realizing that these built environments affect their employee’s productivity and creativity. University City presents continued on page 3C
WCRE has arrived. And the Philadelphia market will never be the same.
Paul G. Garvey
For more information, visit WolfCRE.com or call 215-799-6900 .
ployees; that location, en- vironment and connectiv- ity matter when companies are seeking innovation and change; and that physical spaces affect productivity and creativity. At the recent University City District’s State of Univer- sity City presentation, CEO Matt Bergheiser reported that the district was home to over 80,000 jobs, up from 5,000 last year. Companies are relocating to University City – knowing that it is an environment where they can attract recent graduates from the area universities and tap into a rich regional workforce that commutes by train, auto, and bicycle. It is a workforce that is engaged in career learning through the many
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