Our commercial real estate professionals in the Greater Philadelphia Tri-State Region are monitoring the situation closely and working with clients and community to help us get through this coronavirus outbreak. We will be regularly updating this page with the latest information and resources for our region.

Please also visit Colliers' Knowledge Leader COVID-19 Center for thought leadership and insights from across our organization.

Colliers International | Knowledge Leader blog

 

Occupier Services Live Webinar | A Discussion with Leading Occupiers on the New Normal | May 14, 2020 | Register Now

Join Colliers’ Occupier Services for a live webinar discussion Thursday on the “new normal” post COVID-19, featuring panelists from four of our major occupier clients: Nokia, Nestle, ServiceNow and PepsiCo.

Watch the recording >

Work Forward » Together | View website

Colliers launches Work Forward » Together, a comprehensive program that recognizes and assesses the needs and then delivers enterprising occupier and investor/landlord real estate services to helping reopen the workplace.

View website >

Back-to-Business Navigator | Video Tour and Recommendations within 48 hours

We're also pleased to introduce the Back-to-Work Navigator, designed to provide a 48-hour turnaround analysis of an office space and recommendations to achieve readiness for people to come back to work.

View website >

PC: City of Philadelphia

Under an Executive Order signed April 29, 2020, construction projects that had been halted by the City's March 22 Business Activity and Stay-at-Home Order will be allowed to resume on Friday, May 1, with some exceptions. The Executive Order requires all active job sites to comply with tight restrictions to limit the spread of COVID-19.

Review requirements >

Download Flash Analysis Report: Big Box Market Exposure to COVID-19 by Industry in Eastern PA

Inspired by a recent Moody's analysis of North American industry exposure to the effects of COVID-19, Mark Chubb, Michael Zerbe, Summer Coulter and Kirsten Kurz of Colliers' Logistics & Transportation Solutions Group extended the analysis to the Eastern PA big box market. See their flash analysis for detailed information, individual submarket views and more.

Download the report >

City of Philadelphia Department of Revenue | Use & Occupancy Tax guidance during the COVID-19 coronavirus closure of non-essential businesses

Businesses ordered to close beginning March 17, 2020 as a result of safety measures enacted by the Mayor of Philadelphia are not subject to the Use & Occupancy (U&O) Tax while occupancy of their place of business is prohibited.

The Philadelphia Department of Revenue has not changed its Use & Occupancy Tax regulations. Due dates to pay the tax remain the same. We are publishing this guidance at a time when many nonessential businesses have been ordered to close and cease operations. Businesses that are ordered to close by order of the Mayor beginning March 17, 2020, are not considered to "occupy" the space.

Download complete pdf >

Register Now: ULI Philadelphia Free Webinar | Life Sciences & Economic Resiliency | Philly's Advantage

How will the life sciences sector be affected by COVID-19 both in the near and long term? What will it mean locally from a real estate and economic perspective? Join experts from multiple disciplines to explore these questions and discuss how this will affect our region's economic resiliency.

Featuring:

  • Pete Cramer, Director, Development, Wexford Science & technology
  • Joseph Fetterman, Executive Vice President, Life Sciences Practice Group, Colliers International
  • Kate McNamara, Senior Vice President, Navy Yard, PIDC

Thursday, April 9 | 9:30 - 10:30 am EDT

Details and registration >

COVID-19 Operations Update

The Colliers International Real Estate Management Services Group (Colliers REMS) in the Philadelphia Tri-State Region would like to update Clients, Vendors and Business Partners about our response as it relates to COVID-19.

Colliers REMS is, and will continue to be, fully operational during this time. Our technology tools facilitate the handling of calls and email, allow us to react quickly to emergencies and dispatch a response. The team is fully engaged remotely to send updates, collect money and make payments without interruption.

Understand that we continue to work to ensure that all the properties under our care are being attended to with site inspections and are fully prepared to deal with any emergencies both during and after hours.

To continue protecting our clients’ interests as well as the health and safety of our staff, the maintenance team has been provided with the proper PPE and the company directive is for constant handwashing, use of hand sanitizer and regular daily cleaning of all work tools, equipment and vehicles. All have been advised to maintain appropriate social distancing measures in accordance with CDC guidelines.

We will continue to work for our Clients; completing preventative maintenance, reactive repairs and small projects. Colliers, as always, will continue to be responsive and dedicated to our employees, clients, tenants and vendors. We are here to serve as an extension of your real estate department and to provide you with an extra layer of comfort that your asset is being cared for, even under the current challenging conditions.

Please don’t hesitate to reach out if we can assist you or your company during this time.

Stay safe and be well.

Stephen Resinski
Regional Managing Director | Philadelphia

CARES Act Signed into Law Aiding Small Businesses | Sorry, we're closed sign

The Coronavirus Aid, Relief and Economic Security (CARES) Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.

“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.”

More on Paycheck Protection Program at Treasury.gov: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

Coronavirus Small Business Guidance and Resources at sba.gov: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Due to extraordinary demand and limited resources available, applications submitted after 5 p.m. on March 30 will only be accepted and reviewed from businesses applying for microenterprise grants of $5,000. Awards for applications received after that deadline will only be made as new funds become available. Read more >

 

Great data on Philadelphia's unemployment and demographic composition that will boost our economy's resilience post COVID-19. Watch video and read more >

Screenshot from CoStar Video: Small Businesses Remain at the Mercy of Federal Government Assistance During the Pandemic

 

Studies see potential lift for metro Philly's office market in post-virus boost for lifes ciences. "Investment in the life sciences will likely be buoyed, even accelerated, by the impact of this pandemic," stated Colliers' Joseph Fetterman. Read more >

PC: Handout / Penn Medicine. Studies see potential lift for metro Philly’s office market in post-virus boost for life sciences

 

Operations Update COVID-19

Colliers Philadelphia Tri-State Region

Philadelphia / Mount Laurel / Conshohocken / Allentown / Wilmington

The world has changed quickly since our last update. In accordance with all relevant federal and state mandates, our initial two week suspension of physical operations will continue until such time it is deemed safe and permissible to return.

We are still working hard and attending to our clients' needs. Existing business is progressing. Our brokers are mobilizing real estate solutions for new critical COVID-related requirements that will keep our communities supplied and safer. We are taking calls, having the strategic conversations necessary to help plan for the other side of this disruption. Property managers have been attending to essential operations. Colliers' virtual tools and technologies sustain the collaborative culture of Colliers and the fulfillment of our high standard of client service.

This page is a growing library of thought leadership relating to coronavirus impact on the Greater Philadelphia Tri-State Region. I invite you to share with others and subscribe to updates.

Please reach out to me or your Colliers point of contact with any questions. We are here to help.

Douglas R. Sayer
President & CEO, Colliers Philadelphia

The Retail Impact: Get latest update

Our brokerage teams are closely monitoring the rapidly evolving market trends through the Greater Philadelphia Tri-State region. Our retail strength is built upon years of experience supporting our clients through a multitude of cycles. 

Review our notes on the market, bright spots, first retail call slide deck, and more >

Delaware’s governor John Carney has announced the expansion of the state’s Hospitality Emergency Loan Program (H.E.L.P.) to lend a hand to industries being jolted by the world’s most recent crisis-of-the-day, and will be aiding personal care services. Read more >

 

Get latest impact: COVID-19 Life Sciences Impact

An unprecedented crisis is facing our region and the globe.

Over the past several years, the exciting discoveries in gene and cell therapies have given rise to a surge of new drug development companies resulting in excessive demand for R&D lab and manufacturing space across all significant Life Sciences clusters in the US. This demand has resulted in a race to develop new research and manufacturing space to support these companies as they advance new therapies from molecule to market.

As the impact of SARS-CoV-2/COVID-19 has moved from impending threat to reality, with restrictive measures on community activity becoming more stringent with each passing day, there are many impacts on the Life Sciences Industry, both near and long term. These impacts affect investigations progressing in the labs, expansion plans, development of new facilities, supply chain, the funding ecosystem and the regulatory process.

This new whitepaper "The Impact of SARS-CoV-2 on the Life Sciences Real Estate Sector" addresses five immediate trends we expect to see as we navigate COVID-19.

Joseph Fetterman is a member of Colliers Life Sciences Practice Group. Working together with Michael Brown and Clifford Brechner, the team advises pre-clinical, clinical and mid-sized drug development companies with their real estate and facilities requirements at critical transitions, including initial commercial research and development, clinical trial production, commercial-scale manufacturing, facility disposition and lease restructuring. 

The municipal government has extended its window for residents and businesses to fork over their tax dollars. The City is encouraging those who can pay the tax by March 31st to do in order to ensure the continuity of city and school district operations. Read more >

PC: THOM CARROLL/FOR PHILLYVOICE | In response to the coronavirus pandemic, Philadelphia extended its deadlines for the real estate tax and some business taxes. Home owners also may be eligible to apply for an installment plan for their 2020 real estate taxes.

 

There is no doubt that COVID-19 is creating a significant impact throughout the world, both in the short and long term, and the disruption to the supply chain is immense. We summarize some of the major trends we are seeing along the supply chain and related industrial real estate areas resulting from the COVID-19 pandemic on Knowledge Leader. Read more >

COVID-19 Supply Chain Update

COVID-19 has changed the leasing landscape of Central Philadelphia's shopping and restaurant scene. Colliers' Larry Steinberg discusses with The Philadelphia Inquirer. Read more >

PC: STEVEN M. FALK / STAFF PHOTOGRAPHER / PHILADELPHIA INQUIRER

 

Colliers is closely monitoring the rapidly evolving communication on the Coronavirus Disease as reported by the Centers of Disease Control (CDC).  We highly value the health and safety of our tenants, your clients, our vendor partners and our building teams, and are committed to providing a clean and safe environment.

As reported in numerous news outlets, the CDC has announced the coronavirus continues to spread and is reporting more cases are likely to be identified in the coming days, including more cases in the United States.

https://www.cdc.gov/coronavirus/2019-ncov/summary.html

In response to the reported continued spread of the coronavirus, additional precautions in the building have been implemented, which include:

  • Increased cleaning frequency of all common and high traffic areas including lobby, security desk, and building entrance doors
  • Sanitization of commonly touched surfaces such as door handles, restroom fixtures, water fountains, elevator call buttons, handrails, tenant entry doors, and hardware
  • Increased concentration of cleaning disinfectant used at the property

In addition to the above, the building’s janitorial contractor is available to perform additional deep cleaning(s) for your space at your request.

LET’S STAY HEALTHY TOGETHER:
HELPFUL STEPS FOR INDIVIDUALS TO TAKE

The CDC has published several guidance documents of which we are passing along for your reference:

In an effort to maintain a healthy workplace environment, and pursuant to the CDC: Interim Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease we request your assistance by advising the management office if an employee who offices at the building has been diagnosed with the coronavirus so we may take the appropriate precautions. We will ensure to maintain confidentially as required by the Americans with Disabilities Act (ADA).

Per the CDC, “the best way to prevent infection is to avoid being exposed to this virus. However, as a reminder, CDC always recommends everyday preventive actions to help prevent the spread of respiratory viruses, including:

  • Wash your hands often with soap and water for at least 20 seconds. If soap and water are not available, use an alcohol-based hand sanitizer
  • Avoid touching your eyes, nose, and mouth with unwashed hands
  • Avoid close contact with people who are sick
  • Stay home when you are sick
  • Cover your cough or sneeze with a tissue, then throw the tissue in the trash
  • Clean and disinfect frequently touched objects and surfaces

These are everyday habits that can help prevent the spread of several viruses.

The CDC also suggests keeping yourself informed as new information is released, and following public health advice regarding school closures, avoiding crowds, and other social distancing measures.

The below links provide additional information regarding the coronavirus:

Our team will continue to monitor the situation and provide updated information when warranted.

Stephen Resinski
Regional Managing Director | Philadelphia

Update Concerning COVID-19

Weighing the global health crisis unfolding across the globe and with an abundance of caution and concern for the public health and safety of our fellow citizens, all Colliers offices in the Greater Philadelphia Tri-State Region will be operating virtually for the next two weeks, beginning Monday, March 16th. 

It is important to do our part to slow the spread of the virus, limit the impact to our hospitals and exhibit care for the most vulnerable in our community.

The good news is: we are 100% prepared to support a virtual workforce through existing platforms and protocols. Our client can expect to receive the same great service and support from their real estate partner with minimal interruption during this unprecedented time.

Please reach out to me or your professional relationship with any questions. We are here to help.

Douglas R. Sayer
President & CEO, Colliers Philadelphia


Contact Us

Getting the information you need to make strategic decisions locally, regionally or globally has never been more important. Our experts are here to listen to your challenges and offer prudent advice. Please, reach out with questions and to get connected to the appropriate partner in your submarket.

Douglas Sayer
President & CEO | Philadelphia

Tim Pulte
Senior Executive Vice President | Philadelphia