‘Comcast Effect’ could change downtown Philadelphia forever
4/25/2014 | Real Estate Blog
As many Philadelphia residents are aware, Comcast is building a massive skyscraper in the city. The building, dubbed the Comcast Information and Technology Center will become the largest building in the United States that isn’t in New York or Chicago. The projected cost of this massive building is $1.2 billion and there will be plenty of offices and real estate created as a result of this building’s construction.
But the Comcast Information and Technology Center will also cause a ripple effect on other properties, especially if the recent move by an Irish company proves to be a trend. S3 Group, which is partnered with Comcast, recently opened up its first office on the East Coast. The office is close to Comcast’s headquarters.
Some have called this the “Comcast Effect.” With the new skyscraper plus Comcast’s amazing business and financial reach, many believe the company could be central to a major boom in Philadelphia’s downtown real estate. There could be many other companies — domestic or international — that are looking to gobble up some of the space created by the Information and Technology Center, or they could just be looking at nearby properties that are available.
Many companies will be looking to pounce on the opportunities caused by this “Comcast Effect.” As a result, it may lead to the need of many companies to have their real estate work done effectively and, maybe more importantly, efficiently. It would behoove these companies to talk things out with an experienced commercial real estate attorney to ensure this happens.
Source: Philadelphia Business Journal, “Ireland company sets up Philadelphia office to be close to Comcast,” Natalie Kostelni, April 23, 2014