Authors: Karen Hogan, Ph.D., Dan Jubinski, Ph.D., and Rajneesh Sharma, Ph.D.
For the past ten years the Saint Joseph’s University (SJU) Real Estate and Construction Advisory Board has held an annual December luncheon to bring together the Philadelphia and the Delaware Valley’s Real Estate professionals. The luncheon has grown significantly over the years and is now considered a “go-to function” for real estate professionals working in the Philadelphia and Delaware Valley markets. This survey is designed with the purpose of summarizing the current real estate trends and providing insight into the future business issues affecting the Philadelphia and Delaware Valley’s Commercial Real Estate market. We analyze the survey responses of 117 individual members representing 134 professions within 10 areas of expertise of Commercial Real Estate. The overwhelming majority of the respondents conducted business within the city of Philadelphia or the Philadelphia suburbs. The survey consists of twelve questions and asked the respondents to review past (2016) business conditions, and provide guidance as to the future state of the Real Estate market over the forthcoming year. The overwhelming majority of respondents, regardless of location or profession, reported that business increased in 2016, and indicated that overall the Philadelphia and Delaware Valley’s Real Estate market would continue to grow in 2017. Employment in most industries however, is not expected to keep pace with firm or industry growth with most respondents believing firm and industry employment growth would remain stable. Union and labor costs along with various tax issues, remain heavy on the minds of the participants as an obstacle to growth.
Special thanks to Joseph Kessler and the REC Advisory Board for all their help in designing the survey. Also to Gregory Hogan, Amber Bishop, and Kristin Maier for their invaluable research support.