Commercial Real Estate Finance

Posts Tagged ‘suburbs’

Looks like our readers still see some opportunity in the ‘burbs. Personally, I’m going with Zombie Apocalypse…

See our previous polls here.

On average, an American spends over $8,000 per year to own and operate a car. Well over a quarter of that sum is simply for gas. 

This alone demonstrates the need for more efficient transportation solutions in today’s communities, a need many urban planners and developers  are trying to address. As communities evolve to better accommodate the movement of its residents, real estate of all kinds will be forced to keep pace.

The Urban Land Institute, which is all over stuff like this, recently published a piece on its UrbandLand website discussing the growing appeal of dense urban communities and strategies for suburban communities to replicate this appeal.

After nearly 60 years of sprawl, economic and demographic changes have reignited the urban consolidation of the early 20th century. There are a number of reasons for this, beyond the cost of long-distance car travel:

•  Thanks to the recession, and perhaps the experience of growing up in the ‘burbs themselves, many post-baby boomers are opting to rent in the city rather than own in the suburbs
• Increased environmental consciousness has made cities appealing for their efficiency (which ties into the whole car thing, of course)
• Generally speaking, the cultural/lifestyle differences between downtown and suburban areas makes urban living attractive to college grads uninterested in the white-picket-fence option Read the rest of this entry »

John Grady

President

Philadelphia Industrial Development Corporation (PIDC)

John Grady has more than 20 years’ experience in planning, negotiating and implementing public-private development initiatives.  Since 1998, John has served in a number of leadership positions with the Philadelphia Industrial Development Corporation, Philadelphia’s economic development corporation, where he currently is President.  Prior to joining PIDC, John worked for nearly a decade with the non-profit  Cooper’s Ferry Development Association planning and developing Camden’s central waterfront.  John earned a Bachelor’s Degree in Economics from LaSalle University and a Master’s Degree in Government Administration from the University of Pennsylvania.  He lives in the East Falls section of Philadelphia with his wife and three children. 

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Q: How did you get your start in the business?

I began my career right out of college working as a Project Manager at the Cooper’s Ferry Development Association (CFDA) in Camden, working on the development of the Camden waterfront at a relatively early stage in its progress.  I studied economics in college and was interested in a career that would combine public policy and private markets around investment in cities.

Q: How has PIDC’s strategy changed as a result of present economic conditions?  Have you expanded or narrowed your focus?

We’ve done some of both.  In the market we’ve seen over the past few years, where investment decisions are delayed or constrained, PIDC plays a more important role in supplementing the market to get things done. Our resources are not unlimited, so we have to narrow our focus to areas where we can maximize impact. At the same time, we have broadened some of our lending programs, dedicating new resources to smaller businesses with new direct lending and loan guarantee programs.

Q: The Navy Yard has been one of your most high-profile projects in recent years, but some worry its South Philly location will draw tenants from Center City. Do you think outlying projects pose a threat to Center City’s office market? Read the rest of this entry »

10. Fairfax City County, VA

9.  Somerset County, NJ

8. Morris County, NJ

7. Douglas County, CO

6. Los Alamos County, NM

5. Howard County, MD

4. Hunterdon County, NJ

3. Fairfax County, VA

2. Loudon County, VA

1. Falls Church, VA

As you can see, D.C.’s Virginia suburbs dominate this list, thanks to government-related hiring in the area. North Jersey, in turn, benefits greatly from its proximity to New York City. Not in the Top 10? Any county west of the Rockies.

Source: Forbes

#CRE #economy