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City Launches Proactive Tenant Retention Program

PHILADELPHIA-Letters from Philadelphia Mayor John Street are going to companies as substantial amounts of center city office space comes up for lease renewal. Designed to stem negative job growth, the Office Retention Program is applauded by office building owners.

By Marita Thomas | Updated on July 09, 2002

PHILADELPHIA-A coordinated Office Retention Program, developed by the Commerce Department of the City of Philadelphia and the Philadelphia Industrial Development Corp., is underway. Designed primarily to stem the city’s negative job growth, it is aimed at companies with significant office space in center city under leases that will come up for renewal over the next four years.

In a letter to these companies’ chief executives, Mayor John Street stresses the employers’ importance to the city and asks for their advice on how the city can help them grow their businesses here.

The city’s office market has held up well in comparison with CBD markets across the country. A significant proportion of leases, however, will come up for renewal in the next several years. Jeffrey Algatt, manager of the Philadelphia regional office of San Francisco-based Marcus & Millichap, says this effort comes “just in time.”

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