City's Property Market, at Least, Defies Curse
The Wall Street Journal reports: Some sports fans in Philadelphia feel their teams are victim of a real-estate curse.
That is because none of the city's major professional teams -- the Phillies, Flyers, Eagles and 76ers -- have won a championship since before 1987, when Malvern, Pa.-based Liberty Property Trust's One Liberty Place rose above a statue of William Penn that tops City Hall. Mr. Penn's hat previously set the bar for the city's skyline.
So far the Philadelphia area's commercial real-estate leasing market has held steady in the midst of the growing economic carnage.
As with most markets globally, sales of office, retail and apartment buildings have slowed since the credit crunch began in the summer of 2007, although sales of office buildings valued at $5 million or more this year through August fell just 14% compared with last year's period. That is better than a 77% drop nationwide over the period, according to Real Capital Analytics, a New York-based research firm.
View the full article on The Wall Street Journal: City's Property Market, at Least, Defies Curse
Posted by: Nina Turner