 Glazer |
"Clearly there is a discussion about the recession and tough times, but I would love to remind everyone that it was less than a year ago—July of '07—when everybody in the market was walking around complaining bitterly that there was nothing to buy," said Glazer. "The complaint today is that there is nothing to buy because there is no money. Pick a complaint. I like this market, because we are back to blocking and tackling, fundamentals."
 Mazzarelli |
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He continued that "supply and demand is in perfect order, with demand maybe outstripping supply right now, and rents are going up." He explained that in the western suburbs, financial markets are thinking about expending, life sciences are expanding and technologies are talking about hiring more people, which he said is a good side. He further explained that if you go look at the Eastern part of the suburbs, "although they have gotten banged around a little, insurance companies are starting to expand and that is a good thing, so I think you are going to see that market stabilize from what looked like a dower situation a year ago."
DeVuono is more bullish than negative looking out from the inside. "The capital markets really have returned to a normal environment and that is a good thing," he said. "On the demand side, we went into 2008 very bullish on the demand of office space in Center City Philadelphia and we continue to be pleased with that opinion….You have a declining tax environment not only with the existing administration and you have a situation where you have a cost of construction that is going to prohibit new construction so you have a better balance between supply and demand."
He further noted that there is really no market in this region that isn't under a lot of pressure. "You've got some that are better than others, but this environment from an occupancy, demand perspective is something you don't really have to worry about."
 Fahey |
Fahey noted that he thinks the city is in relatively good shape regardless of what's going on in the general economy. "I think that will bode well," he said. "I think it is an exciting time because we have a new administration." He did say though that he was a little nervous, "because you never know. Commercial real estate is a lagging indicator, so maybe six months from now, it will be a problem."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
