December 2023 Philadelphia Mastermind Group Key Take Aways!
They are busy with classic end of the year proposals and lots of institutional work. (Jim Karmolinski – Kelly Maiello Architects, Kathy Babcock – Kelly Maiello Architects)
There is still financing going on, and they work with estate and gift tax matters, which keeps them busy. (Robert Meulmeester – B | Riley Financial)
Just completed a big insurance evaluation for an industrial company. (Robert Meulmeester – B | Riley Financial)
There is a disconnect between what the insurance carriers see a property valued at and what a developer says it can build it for. Replacement costs have gone up. Utilization is also a factor. (Matt Musilli – Johnson, Kendall & Johnson, (Robert Meulmeester – B | Riley Financial)
They do commercial and institutional higher ed, healthcare and children’s hospital, Penn, and Temple are clients. Recently worked on Brandywine Museum. (Chris Young – Camfred Construction)
Recently finished 8th and Spring Garden which was modular. (Chris Young – Camfred Construction)
Starting to see a crack in the leasing market with a little more momentum over the last quarter. Probably a relationship between that and not feeling as broke over the past few months. (Christian Dalzell – Counter Management)
Things are still locked up on the capital markets side, keeping a lid on sale activity. Expects 2024 to be interesting with a lot of buying opportunities. (Christian Dalzell – Counter Management)
Has been a good year. (Vincent Pennoni – Pennoni Associates)
Just learned about using geothermal heat in your existing sewer systems for energy. City water department has done some research. (Vincent Pennoni – Pennoni Associates)
In Boston, they are using the heat from the rivers for energy. (Corinne Nawrocki – Abel Elevator Consulting, Inc)
Company specializes in vertical transportation. Helps to resolve issues and maximize life in repair and modernization. (Corinne Nawrocki – Abel Elevator Consulting, Inc)
There is a new code to be completed by the end of 2024 in Massachusetts, where they are located. Some municipalities have the ability to make changes to local codes. Best to use caution, go slowly and get a consultant. (Corinne Nawrocki – Abel Elevator Consulting, Inc)
Anecdotally, things feel busier and it seems like things will close this year. Hoping it’s a sign that 2024 will be busy. (Sara McCormick – Ballard Spahr)
Sept-Nov were better in activity with touring, finalizing leases and generally a better sentiment in the leasing market. (Joseph Viturello – PernaFrederick Commercial Real Estate)
Pella Windows can add some value to renovations. (Chris Beahan – Pella Windows and Doors)
Work has been busy on the institutional side. (Chris Beahan – Pella Windows and Doors)
Things have been pretty steady in commercial and residential real estate. (Andrea O’Neal – Berkshire Hathaway Homes Services)
Have been screaming busy. Had a hefty load of public sector infrastructure work, with many things built in the 50s with a 50-60 year design span becoming past due. (Craig Bryson – Pennoni Associates)
Lots of projects that have been shelved are getting rolling again and some waiting to pull the trigger are ready. (Craig Bryson – Pennoni Associates)
Columbia Bank never stepped out of the market. (Pam Arms – Columbia Bank)
Banks have become highly selective about the projects they’re going to do as the cost of funds has gone up dramatically. Some are requiring 5-10% of the loan as a compensating balance, which was not something anyone required a year ago. (Pam Arms – Columbia Bank)
Costs have gotten out of reach for a first time home buyer, which is saving multi-family. Residential is still strong. (Pam Arms – Columbia Bank)
Things have picked up the past few weeks, but it’s quiet for this time of year. (Christina Lutz – Counter Management)
Life-sciences has cooled off. Financing and valuations of companies in that sector have dropped. When the capital markets free up, it should heat up. (Paul Garvey – Cushman Wakefield)
Seems to be a little more activity with rates apparently stabilizing. People are feeling better about dusting off projects, but still hesitant. (Michael Mostochuk – EisnerAmper)
Has not been slow. They serve a variety of industries, so if one is slow they can turn to another. (Lorena Rodriguez – Talson Solutions)
They work with private, public, government clients, and the shift is away from public toward private. (Peter Angelides – EConsult Solutions)
Attended a lunch where the president spoke, and he talked a lot about infrastructure and public projects. (Bart Mellits – Ballard Spahr)
Spoke with a multi-family owner, who reported they are not buying, not selling, not building, not expanding – just waiting. (Bart Mellits – Ballard Spahr)
Feels like a little bit of thawing. (Bart Mellits – Ballard Spahr)
Their biggest challenge is a challenge of resources. Younger folks not going into sciences or construction and the older workforce is getting tired. (Merrie Winston – Talson Solutions)
FOMC meets tomorrow, so they are in blackout. (Paul Flora – Federal Reserve Bank of Philadelphia)
Gas prices and airfare are down, some other goods are down or flat, even though some are up. (Paul Flora – Federal Reserve Bank of Philadelphia)
The instant that the Fed changes course it’s going to open up with a lot of pent up demand. Question if the supply will be able to catch up. (Stephen Mullin – EConsult Solutions)
Commercial property insurance rates have skyrocketed. (Matt Musilli – Johnson, Kendall & Johnson)
In urban jurisdictions, a simple slip and fall is getting astronomical awards. (Matt Musilli – Johnson, Kendall & Johnson)
Recent Comments