We’re conducting a new Twitter poll, asking the question, “How do you think the 2017 commercial real estate market will compare to 2016?” It’s been eight years since the great recession and most sectors of the commercial real estate market in most markets have recovered nicely. Will a long awaited uptick in interest rates finally happen and have a negative impact? Will the incoming Drumpf administration be a plus or minus for real estate? Will global climate change create unforeseen conditions that are hostile to commercial real estate or be a non-issue? Commercial real estate is a dynamic industry, and the tide does not rise and fall as one in the different asset classes in the country’s different regions. Nonetheless, with a month left to go in 2016, it is a great time to take the pulse of the industry to see what it feels is in store for the year ahead.
The final results and analysis were published in the year-end edition of The New York Real Estate Journal. Be sure to check out our column, Quantum Query, to see our previous articles in the NYREJ.
Last year we asked the following question in a one question Twitter poll: Where do you plan on doing most of your holiday shopping? We decided to run the same poll again in 2016 to compare the results from 2015. The poll is going to run for a total of seven days, and we’d love if you would participate by not only taking the poll but retweeting it and sharing it on your other social media feeds. We don’t want to influence your response by telling you what the experts are predicting, but in our follow up post on the results, we’ll be sure to include what the retail pundits are saying.
This is just a quick post to let you know that we’ve added a couple of new features to QuantumListing.com. When adding a listing, you can now add multiple photos in the jpg or png format to create a photo gallery. Additionally, you can now add a link to a YouTube video of your listing. In the next few days, you’ll also be able to add additional PDF files. As of today, you can only add a PDF as the Featured Image.
Let us know if you have any problems, questions or suggestions by sending an email to firstname.lastname@example.org.
Today’s QuantumListing Hot Spot is Philadelphia PA. I’ve always liked Philadelphia. My father went to the Wharton School at University of Pennsylvania on the GI Bill, and he always talked fondly of his experiences there. I went on a class trip to see the historic sites when I was a kid. Long before Lin-Manuel Miranda wrote Hamilton, probably before he was even born, I went with my family to see the show 1776 on Broadway. That show was among my favorites for a long time. And, Ten years ago I got to visit Philadelphia with my family and see the national historic sites.
In the early 1990’s I brokered the sale of the former Gimbels at The Gallery at Market East in Philadelphia to Vornado. Aetna, the insurance company that held the mortgage had gotten it back from the borrower. I was at the ICSC National Deal Making show in Miami when that was still a thing, and the representatives of Aetna came into my booth because they saw I had a graphics board with 620 Avenue of the Americas, on which I was consulting with my cousin, the architect Ken Narva of Planned Expansion Group (now StreetWorks). 620 Avenue of the Americas was the former Cooper Siegel Department Store, the first store with escalators in Manhattan. It was smack dab in the Ladies’ Mile, an historic shopping area that had fallen out of favor as a retail area. Bed Bath & Beyond loved the large retail floor plate with wide column spacing and high ceilings and decided to take a chance on being a pioneer in bringing back retail to this district. Coincidentally, Leonard Cohen from Bed Bath & Beyond was the chief cheerleader for this project, and he was a classmate and fraternity brother of my father at University of Pennsylvania.
Tishman Speyer was the developer of 620 Avenue of the Americas, and so they were the first company Ken (also a Penn grad, by the way) and I showed the property to. They passed, so we ended up bringing it to Vornado. A friend that I had met through the ICSC, Todd Bassen, was working at Vornado at the time on its acquisition team. Todd arranged for us to meet with Steve Roth, chairman of Vornado. We pitched the building, he seemed interested, and said he would swing by it that afternoon on his way to visit his son at Princeton. The next day we had an offer from Vornado, and the deal closed shortly thereafter. I still get a feeling of pride whenever I’m in Philadelphia and walk past that building.
Scroll through the frame below to see our users’ listings in the greater Philadelphia market.