[IMGCAP(2)]"The Comcast Center sets new standards in the city of Philadelphia for quality and pricing," George Cauffman, SVP with CB Richard Ellis' Greater Philadelphia office, tells GlobeSt.com. "Now, in order to compete in this market, future development must consider several factors. Buildings need to be LEED certified, offer tax incentives for new tenants moving into the city which do not unfairly affect current city tenants, have top quality construction with excellent window line views—for light gathering ability similar to the Comcast Center—and have access to public transportation."

Jack Soloff, SVP with Grubb Ellis' Philadelphia office, says the advent of the 975-foot tower is "definitely changing the psychology in Philadelphia. With the exception of Cira Centre, there hadn't been a new high-rise tower since 1991, following a boom of institutional-grade building in the '80s. So it had been a long time, and I think this has definitely changed attitudes."

He adds, "the atmosphere in the business community in Philadelphia has certainly improved particularly with our new administration, which understands the value of trying to simply and lower business taxes here in Philadelphia."

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.