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Discussion in 'Philadelphia Business' started by phillyaggie, Dec 8, 2013.
I'll be interested to see if that rate changes as nm the nutter green tax changes are phased in (14 to 18)
Just when you thought Philly might be turning the corner...
Philadelphia Business Journal articles used to be half subscriber only. Now they're 95% subscriber only and the webpage is virtually useless without paying. But if anybody is signed up and wants to check it out, be my guest.
The Daily News also did an article on this story...
Real estate investor Equus leaving Center City for Newtown Square
The Daily News usually loves to put the city down over high business taxes. Oddly, they didn't mention that aspect at all in this article. Based solely on what was written, you might think Equus was moving because they would rather own then rent their office space. Relocating to their own mega-development would be the most expedient way to do that.
And of course, mostly undeveloped land is being raped to build all this. That's how they roll in Newtown Square.
dupont estate | chestercountyramblings
Surprise, not University City after all. They found some cheap, low-rise class B space at 23rd & Chestnut.
Vanguard chooses 2300 Chestnut St. offices for Center City R&D facility | Philly.com
2300 Chestnut St, Philadelphia, PA 19103 | Loopnet.com
5 min walk to 30th
you can't fault Vanguard management for being cheap.
it's a matter for philly government and civic boosters to ponder about, as to why is there such cheap and low-rise property of class B nature available in such a transit-proximate and desirable area.
and: what a cool new skyscraper might look like at that location instead of the building that is there now-- especially so if the skyscraper manages to have Vanguard's logo on top of it to signify the lead tenancy.
Does Vanguard own their campus in Malvern? I'm sure their original building there, if it still exists, is quite modest. This Chestnut Street location is most certainly a toe in the water. But it's an interesting question - what's next, assuming things work well, and does Vanguard wish to own rather than rent?
Presumably the r and d will do little taxable business. I think they do own in malvern and while I think it's highly unlikely they will move out of malvern, they also have various other buildings around the region (swedesford rd) which might make sense to move downtown as an alternate location. I worked there in the 90s and even then they had tons of people coming out of the city to work there
Vanguard is very proud of their suburban campus, I know this for a fact. Not saying they wouldn't move, but I would be very very, VERY suprised if they do. They had their campus built specifically for them, and have nautical themes to each building.
as an aside, one of the most frustrating things is that SEPTA still does not offer reverse flyer service and since there's a four track railroad to Paoli, there's no reason they cannot (reverse peak express on the reading side would be difficult at best).
steps on soapbox...
actually, the tax structure NEVER worked. it harkens back to a time when taxes were raised to pay for big bumps in public sector benefits. fast forward 40 years to today and we have both high taxes and unfunded pensions. the problem isn't the structure but the burden...the overall level of taxation. Philadelphia has never understood how to make decisions effectively, what little money we had was squandered. second, the anemic regional growth in the chart should give anyone pause to the thought that the city is the only problem. that regional growth is as weak as the city, the entire state is weak, and it's sliding into a morass of unfunded pension liabilities. this is, perhaps, overshadowed by the shitshow east of the Delaware. pensions are why there is no money for schools, parks, or any city services and why there's no help from the state.
Paul Levy Explains Why Philadelphia Lags Behind on Economic Growth
Thanks; I've been wanting to read that.
Interesting that he brings up tax and spend politicians in this city in a subtle way after we've elected a classic tax and spend mayor. He is nothing more than a wolf in sheep's clothing.
It's such a shame that we have such shortsighted politicians that really don't understand how to keep the ball moving forward, because they all want their own piece of the take.
Suburban office market bouncing back from slowdown