10/11/21 Philadelphia Mastermind Group Meeting

Key Take Aways from Philadelphia October 2021

• Philadelphia’s Mastermind Group had its first meeting back in the office and discussed the overall questions facing companies returning to the office and the changes in the world at large. (Christian Dalzell – Counter Management, Bart Mellits – Ballard Spahr LLP, Ed Opall – EisnerAmper, Matt Musilli – Johnson, Kendall & Johnson)
• Generally, companies believe it’s necessary for employees to return to the office for the best collaborations, to create a real company culture and for the development of young employees.  However, many employees have quit when the virtual work options have been removed. (Christian Dalzell – Counter Management, Bart Mellits – Ballard Spahr LLP, Ed Opall – EisnerAmper, Ed Opall – EisnerAmper, Matt Shanahan – Colliers)
• Many areas seem busier than ever, even as many employees work from home.  The reasons are unclear and the future for many areas and small businesses is uncertain.  The pandemic has caused people to rethink the way they live. (Christian Dalzell – Counter Management)
• Many employees have migrated to smaller areas, but it’s unclear if this is a fad or a trend.  It may not be sustainable. Many people have not liked living and working in the same place. (Jim Karmolinski – Kelly Maiello Architects)
• Employees are being recruited by large firms paying big city wages but allowing employees to work from home from smaller areas where the cost of living is lower.  However, this is unlikely to work for anyone looking to rise within a company. (Bart Mellits – Ballard Spahr LLP)
• Life Sciences remains a large market in the Philadelphia area due to all the universities and in particular the large number of doctors being trained in the city. (Christian Dalzell – Counter Management)
• The City of Philadelphia is its own biggest obstacle, with Council members making it very difficult to work with them on even simple permits.  Which begs the question – when it’s easy everywhere else, why go somewhere where it’s hard? (Christian Dalzell – Counter Management, Bart Mellits – Ballard Spahr LLP, Ed Opall – EisnerAmper)
• The City of Philadelphia is hoping to host the World Cup in 2026, but there is a lack of hotel rooms, which is also an issue with all the large hospitals in the area. (Bart Mellits – Ballard Spahr LLP)
• Rents are growing in Philadelphia and demand has increased dramatically over the summer. There’s a danger of Philadelphia becoming an expensive city to live in because housing isn’t able to keep up with demand and the City makes it difficult to build new units. (Christian Dalzell – Counter Management)