Search
 

GlobeSt.com EXCLUSIVE: Office Sector Struggling; Retail, Multifamily on Upswing

PHILADELPHIA-A debate over whether the recession has caused a leasing

By Marita Thomas | Updated on February 28, 2003

PHILADELPHIA-Philly’s longstanding “perception” problem came face to face with the realities of current market conditions during RealShare Philadelphia, a conference here, produced by Real Estate Media and GlobeSt.com. More than 350 commercial real estate professionals assessed the market, debated its condition and glimpsed inside the mind of Bill Hankowsky, new CEO of Liberty Property Trust, as he takes over the reins of the legendary Bill Rouse.

Four of five panelists defended the current leasing market against a description of “bloodbath” – provocatively set forth by John Salustri, GlobeSt.com’s national editor – during a town hall-style meeting. “There is certainly rental rate growth pressure and a lot more competition,” conceded Gerry Sweeney, president and CEO of Brandywine Realty Trust.

“I’ve been through four recessions, and this is the worst,” said Tony Hayden, chairman and CEO of Beacon Commercial Real Estate and a Liberty director. “We’re out making deals, and this is a bloodbath. It will continue through this year, begin to recover in ’04, and come back in ’05.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.