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Tag Archives: Wolf Commercial Real Estate


Architectural Walls in a Post Coronavirus World

Architectural Walls in a Post Coronavirus WorldHow our work environments and the use of architectural walls will change due to the COVID‐19 pandemic is changing daily (and sometimes hourly). Since many of you have asked my thoughts on the future of office architectural walls, I thought I would point to eight factors to watch. Much like the world changed after 9/11 and the 2008 recession, I fully expect the world to change after this global pandemic. As the world goes back to work and social distancing morphs into professional distancing, (and assuming the economy comes back quickly compared to 2008), I would offer these trends to watch.

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1. Growth in Wall Market:
While the office footprint will shrink (many people have been working from home, and this will carry forward for some), the use of architectural walls in offices will continue to rise. I have already seen an uptick in inquiries around glass partitions, space separators and demountable offices. This should not be a surprise; glass lets natural light in, shows transparency and is a good space divider. As companies balance expensive office real estate, open floor plans and small group interactions, the real growth will be in open space dividers such as Allsteel Beyond Pavilion and Allsteel Viz

2. Room Size Will Shrink:
Conference rooms will morph into smaller huddle and collaboration spaces. Wework is cutting conference rooms in half to keep groups to a manageable and comfortable size. Collaboration will be important…just in smaller groups and with walls that meet the needs.

3. Technology:
Video conferencing will continue. Technology will be required in each collaboration space, and it will be important
that camera and audio connectivity are seamless. Architectural walls have an important role to play in this transformation, as demountable partitions have great acoustics, technology integration and correct camera angles.

4. Traffic Patterns:
More thought will be given to how workers move through and in and out of office spaces. Adding an extra door to a conference room might help as “professional distancing” lingers with us for some time to come.

5. Air Quality:
Buildings will move away from minimal standards of fresh and clean air. Wall dealers will need to
partner with clients and designers around diffusor and circulation locations for better, fresher and cleaner air.

6. Healthcare Moves to the Office Environment:
Easily cleanable surfaces will be a focus, so there will be fewer fabric wall panels and wall materials that are difficult to clean. Look for manufacturers to follow some of the creative surfaces that healthcare uses and adapt them to business settings.

7. Fewer Touch points:
COVID-19 has made us keenly aware of how many things we touch every day. One of the most intriguing ways this will manifest itself will be in architectural walls with auto door openers and doors that swing both ways that you can push with your feet.

8. Changing Materials will be in Focus:
While some amazing new inventions are coming out from Hong Kong around self-cleaning door hardware using both photocatalytic and blacklight technology, older metals like copper, brass and bronze will make a strong comeback.



Bob Batley, COFCO

I am sure I will amend and change this list as we move forward, but it is a good way to get the conversation started. So, what did I miss? What do you see coming? I cannot wait to hear what your predictions! Bob Batley is the Vice President of Architectural Products at COFCO, a mid‐Atlantic regional commercial furniture and walls solution provider. With over 35 years of executive leadership in the hospitality, commercial construction, and work environment fields, Bob consults, speaks, and is a thought leader when it comes to the challenges of today’s fierce competitive work environments. Bob can be reached at BBatley@cofcogroup.com or follow him on LinkedIn, Twitter, and Instagram.

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Key Income Tax Provisions in the CARES Act

Key Income Tax Provisions in the CARES ActLet’s look at the key income tax provisions in the CARES Act. While a great deal of attention has been given to the availability of business loans under the Paycheck Protection Program, businesses can also take advantage of certain changes to the Internal Revenue Code (“IRC”) in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). Here are beneficial provisions:

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Bonus Depreciation of Qualified Improvement Property in CARES Act 

Under the CARES Act, “Qualified Improvement Property” (“QIP”) is now classified as 15-year property that is eligible for bonus depreciation through 2022 and is subject to a 20-year life under the Alternative Depreciation System (ADS), effective for tax years beginning after December 31, 2017. Under Section 168 of the IRC, “QIP” includes any improvement to the interior portion of a nonresidential building placed in service after the building, other than (i) an enlargement of the building, (ii) any elevator or escalator, and (iii) any internal structural framework of the building. These changes effectively correct the Tax Cuts and Jobs Act of 2017 (“TCJA”), in which Congress inadvertently disqualified QIP placed in service after December 31, 2017 from 100% bonus depreciation.

Because these changes are retroactive, you may be able to amend your 2018 income tax returns or amend/adjust your 2019 returns (depending on whether those returns have been filed) to take advantage of the changes. Additionally, if these changes create a net operating loss (NOL) in 2018 or 2019, you may be able to take advantage of another provision in the CARES Act, described below.

Business Loss Provisions in CARES Act 

The CARES Act allows taxpayers to carry back net operating losses (NOLs) arising in tax years ending after December 31, 2017 and before January 1, 2021 to the five (5) prior tax years. The Act also allows taxpayers to apply NOLs to offset 100% of the taxpayer’s income in tax years prior to January 1, 2021; previously, taxpayers were limited to applying NOLs to 80% of their taxable income. C corporations have the option to elect to file for an accelerated refund to claim the benefit of the carryback. Real Estate Investment Trusts (REITs) are excluded from the carryback provision, and NOL carrybacks cannot be used to offset income included under IRC Section 965(a). See IRC §172.

The CARES Act also removes the limitation on excess business losses for taxpayers other than corporations for tax years beginning after December 31, 2017 and before January 1, 2021. See IRC §461(l).

Business Interest Deductions

Under the TCJA, a taxpayer could deduct a portion of its business interest expense equal to business income plus 30% of adjusted taxable income (ATI) – essentially, taxable income without depreciation and certain other deductions. For tax years beginning in 2019 and 2020, the CARES Act increases the formula threshold to 50% of ATI. For partnerships, the increase to the ATI threshold is only applicable for tax years beginning in 2020. In calculating the deductible amount of business interest expense, taxpayers (including partnerships) may also elect to substitute 2019 ATI for 2020 ATI. See IRC 163(j).

Charitable Contribution Deductions in CARES Act 

The CARES Act increases the limitation on charitable contributions for corporations from 10% of taxable income to 25% of taxable income, and the limitation on contribution to food inventory is increased from 15% to 20%. See IRC §170.

In addition, for individuals who itemize their deductions, the CARES Act suspends the percentage limitation on the deduction for qualifying charitable contributions for the 2020 tax year. This means that taxpayers who itemize may effectively deduct qualifying charitable contributions up to an amount equal to their adjusted gross income. Previously, the deduction for qualifying charitable contributions was limited to 60% of an individual taxpayer’s adjusted gross income. See IRC §62.

This e-alert is provided by Hyland Levin Shapiro LLP as a general summary of the topics discussed; it does not replace the need to consult with a legal or tax professional and is not intended to be a substitute for competent professional advice, including any advice regarding the effect of the CARES Act on your particular business. If you have any questions about the provisions summarized above, please contact Stephen M. Geria at geria@hylandlevin.com or 856.355.2920 or Harvey Shapiro at shapiroh@hylandlevin.com or 856.355.2990.

 


To ensure compliance with U.S. Treasury Department Circular 230, which governs all practitioners before the Internal Revenue Service, we are required to inform you that any tax advice that may be contained in this communication is not intended or written to be used, nor can be used, by any recipient for the purpose of (i) avoiding penalties that might be imposed pursuant to the Internal Revenue Code or U.S. Treasury Regulations, or applicable state or local law or regulation; or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.

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Eight Signs that Architectural Walls Might be a Great Fit for Your Office

Let’s explore architectural walls. Architectural walls create spaces that you need for today and tomorrow. The open transparent space attracts high achievers, while the huddle rooms offer privacy for meetings and phone conversations. Suppose your business is at a turning point. Your past success has you eyeing the next step. Growth is right in front of you, if only you could scale to meet the demand.

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You know your office work environment needs to morph, change, and grow to help you meet these challenges, but how? Walk around your office and observe your teams working… what do you notice?

  • The last couple “A” candidates chose a competitor
  • Your café/lunch area is only used for eating
  • Your open floorplan has your team taking phone calls in their cars
  • Your company works in project teams… with no place to huddle
  • You are afraid to make changes because your industry is changing faster than you can predict
  • Your large conference room is rarely used
  • Your teams want to be sustainable, but you are not quite there
  • You want to refresh your space, but you don’t have time for construction.

Architectural walls create spaces that you need for today and tomorrow. The open transparent space attracts high achievers, while the huddle rooms offer privacy for meetings and phone conversations. Demountable wall options make it easy to reconfigure for future needs. Glass walls let light in and are a sustainable way to help meet LEED building parameters. Premanufactured walls are ready to install without the dirt, mess, and disruption of typical construction. Architectural walls can help you achieve the growth you have always dreamed of. Google, Amazon, and most industry leaders use architectural walls to attract and retain top talent and to prepare themselves for the constant rhythm of business change.


Bob Batley is the Vice President of Architectural Products at COFCO, a mid‐Atlantic regional commercial furniture and walls solution provider. With over 35 years of executive leadership in the hospitality, commercial construction, and work environment fields, Bob consults, speaks, and is a thought leader when it comes to the challenges of today’s fierce competitive work environments. Bob can be reached at BBatley@cofcogroup.com or follow him on LinkedIn, Twitter, and Instagram.

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(COVID-19 Update) Implications for Landlord-Tenant Relationships

COVID-19 Implications for Landlords and TenantsIn light of COVID-19 and the evolving climate resulting therefrom, Commercial and Residential Landlords are being presented with difficult decisions necessitating quick response. Everyone agrees health and safety is the priority; however, both landlords and tenants are asking what their rights and obligations are as a result of this pandemic. We’ve heard the term force majeure used over the past week as it relates to enforcement of contracts, leaving both landlords and tenants wondering if COVID-19 is a force majeure event that reduces or even eliminates their respective rights and obligations under the lease.

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Force majeure clauses are found primarily in non-residential leases and only occasionally in residential leases. Generally speaking, force majeure clauses excuse a party from certain contractual obligations when an unforeseen circumstance or event outside of their control makes performance impossible. Force majeure clauses attempt to provide the parties with certainty if/when an unforeseeable unknown event occurs. Many force majeure clauses specifically define the triggering events while others vaguely refer to unforeseeable events or are silent.

At present, there is uncertainty as to whether COVID-19 is an event if force majeure; however, actions taken by the state and local officials to shut down businesses and encourage or mandate shelter-at-home protocols arguably trigger the effect of typical force majeure clauses, especially if health-related disasters, like disease or pandemic, are called out specifically.

As a first step in determining if COVID-19 is a triggering event, the landlord and tenant must review the express terms of the lease to determine if a force majeure clause appears. Next, the parties must determine the scope and language of the clause — does it specifically include or exclude health-related events or is it silent on that issue? Of course, if there is no such clause at all, a different analysis must be made.

Assume a clause exists and would be triggered by the current pandemic. In its simplest form, the express terms of a force majeure clauses in residential and commercial leases will dictate the parties’ rights and obligations. Further depending upon the circumstances and the level of specificity of the meaning or definition of “force majeure” as used in an express clause within a lease, principles of equity may be invoked. Simply because a force majeure clause appears in the lease which seems applicable does not necessarily mean either party is excused from its lease obligations.

Courts may choose to exercise their equitable powers in determining whether this pandemic implicates a force majeure clause containing or impliedly containing an “act of God” clause which, once invoked, creates an impossibility of performance, a determination that performance is unreasonable, that the contract is voidable

The foregoing information was furnished to us by sources which we deem to be reliable, but no warranty or representation is made as to the accuracy thereof. Subject to correction of errors, due to frustration of purpose, etc. Courts focus on the foreseeability of the event and the connection between the event and the non-performance. An otherwise-defaulting party will have difficulty invoking the force majeure to excuse its contractual obligations. In short, with respect to COVID-19, an interpretation of a force majeure clause must be made to determine whether the party seeking to be excused is simply attempting to use the force majeure to get out of a contract that party no longer wishes to perform.

For leases without force majeure clauses, common law doctrines of impossibility, impracticability and/or frustration of purpose may still apply to excuse contractual obligations. Simple economic struggle will not be a triggering event; however, economic struggle resulting from unforeseeable events may be sufficient.

On March 18, 2020, the Pennsylvania Supreme Court ordered a temporary moratorium on residential nonpayment evictions in the Commonwealth until April 3, 2020. The Order specifies this moratorium was enacted because of the economic impact COVID-19 is having on residents. At present, neither the Court’s Order nor the Landlord-Tenant Act excuses tenants from their rental obligations; however, it is more than likely that this Order will be updated and revised as the pandemic spreads.

Although the Order does not provide for any current rental abatement, if a Landlord is unable to provide tenants with the full intended benefit of the Lease, the monthly Rent should be appropriately adjusted. Congress is also considering relief for the housing providers in addition to renter assistance. Housing providers are experiencing the same health, safety and economic concerns as renters, such as an inability to pay their mortgage, employee payroll and benefits, insurance premiums and tax obligations in the current environment. Congress has been asked to provide much needed relief to both landlords and tenants in the midst of this pandemic; therefore, subsequent updates on this topic are likely.

Force Majeure clauses are typically only enforced as expressly agreed by the parties, but the pandemic may continue to affect this general statement. Since the PA Supreme Court is already entering equitable orders related to residential nonpayment of rent evictions at the beginnings of the pandemic, it is safe to say the Order will be updated and further extended as the pandemic evolves, possibly even affirmatively ordering a rent holiday, partial or full abatement or deferrals.

Many Pennsylvania businesses have been ordered to cease operations as they are not classified as life sustaining; therefore, commercial landlords and tenants are faced with additional concerns. The current list of business deemed to be life-sustaining is listed here.

Commercial leases are controlled by contract law in Pennsylvania; consequently, the express terms of the lease will provide the primary source of guidance. While landlords should retain an open dialogue with tenants, they must also be careful to not promise accommodations they are not able or willing to provide.

We expect landlords to be empathetic during this pandemic, but we do not believe landlords have a unilateral obligation to “foot the bill” for these problems they did not create. Further, if landlords and tenants have any verbal communications regarding rent accommodations, landlords and their agents must be extremely careful to specify that the parties will not be bound by the negotiations and will only be bound when a subsequent agreement is reduced to written form and signed by all parties. Force majeure clauses may be applicable to COVID-19 because of the governmental and court orders forcing closure beyond the control of the landlord or tenant; therefore, landlords must carefully comply with any notice or other procedural requirements set forth in the applicable lease.

Tenants will likely attempt to use a force majeure clause, assuming one to exist in the lease, or seek equitable relief, to excuse their rental obligations; however, most commercial leases preclude the use of force majeure clauses to abate rent and/or terminate the lease even if the tenant is unable to access the leased premises and operate. The terms of each lease and the local jurisdiction’s administrative Orders will affect this. Moreover, if the tenant does not actually vacate the leased premises, Courts will also have to take into account whether it is equitable on either a short-term or long-term basis for the landlord to continue to provide shelter and to incur costs without any compensation, notwithstanding the current prohibition on residential evictions for non-payment.

Mandated closures, like those resulting from Governor Wolf’s recent Order, may require landlords to shut their facilities, which prevents tenants from accessing their premises, making performance impossible whether or not there is a force majeure clause. In cases where the lease does not expressly include a force majeure clause, the concept of impossibility of performance may further provide some protection to landlords as well as tenants.

Force majeure clauses in most commercial leases preclude commercial tenants from withholding rent following an “act of god.” It is inevitable that a commercial tenant will seek rental abatement/deferrals/rent holiday if it is unable to occupy and operate. While the applicable lease may not require the landlord to engage in negotiations, it may be in the commercial landlord’s best interest to get creative and provide short-term relief to struggling tenants rather than suffer the alternative of losing tenants for the long-term and incurring substantial litigation expenses attempting to enforce the lease as written to compel occupancy and/or collect rent. Creative options for negotiations include but are not limited to, temporary rent reductions, payment of percentage rent only (if a retail store remains open; note, however, that the retail stores which do remain open are often grocery stores, which one would expect will be doing substantial business and should not have a problem paying rent), CAM-only monthly payments, application of security deposit to unpaid rent, rent deferrals, temporary rent forgiveness, lengthening the lease term by a time equivalent to the rent deferral period or requiring personal guarantees of future rent payment.

Because nearly everything about COVID-19 remains uncertain and consistently evolving, neither landlords nor tenant should make an assumption that COVID-19 will be declared an event of force majeure. It is of the utmost importance for landlords and tenant to comply with any and all force majeure provisions in the lease, including but not limited to the notice provisions, which may be critical to protecting their respective rights once this pandemic ends. Understanding the rights and obligations of your lease is key to long-term success.

Further, all commercial landlords need to consult their insurance advisors and review the specific terms of their policies, including but not limited to business interruption insurance and rent loss insurance as implicated by this pandemic. Landlords should also recommend that each tenant consult with its insurers regarding the same. Certain states are considering passing legislation expressly prohibiting insurers from denying claims relating to the pandemic, but that hasn’t occurred yet.

We urge all landlords, both nonresidential and residential, to assure that there is a pandemic plan and potentially engage counsel to review all leases for the following purposes: creating an addendum applicable to all tenants in the event of default; review of all force majeure clauses and updating them to include diseases, epidemics, and/or quarantines; review any other applicable contracts with tenants, residents, and suppliers to ensure they understand their rights in the instance of a force majeure.

Many landlords are current experiencing vacant retail centers, malls and buildings. One may think your job gets easier because there are few (or no) tenants in your building, but nothing could be further from the truth. In fact, even if your building is completely vacant for now, there is still plenty of work that needs to be done.

Please make sure that your team considers the following:

• Make sure your HVAC system is running properly.
• It’s ok to reduce regular thermostat settings (perhaps 55 degrees for heating and 80 degrees for cooling), but don’t turn off completely – just don’t turn them off completely!
• Make sure your outside air and exhaust fans are running to keep the air circulating.
• Make sure someone if putting water in the “p-traps” – particularly in sinks and floor drains – to keep sewer gases from backing up into the space.
• Make sure someone from your team is walking every inch of the building every workday.
• He/she should be looking for potential issues – like leaks, unsecured doors, equipment left running, etc.
• Make sure exterior doors and, where operable, exterior windows are locked.
• Work with your tenants to shut off equipment that is not in use. Remember that equipment (like a copier) is still drawing power even when it is in the power-saving mode.
• Water that is sitting still in the plumbing system will develop biofilms – which can cause disease (including Legionella, pseudomonas, and mycobacterium).
• Make sure someone is running the water through the system every day.
• Consider working with an industrial hygienist to test the potable water before letting tenants back into the building. The very last thing you want – after going through COVID19 – is to have an outbreak of Legionella when the tenants return!
• Consider posting a sign with your contact information on exterior doors in case someone needs access to the building.
• If the building is truly vacant, consider posting security guards on-site to deter vandalism and theft. Or, consider installing remote access cameras so you can keep an eye on common areas and the exterior.
• Make sure the roof access is secured – to keep people from accessing the roof and from accessing the building from the roof.
• Consider closing the miniblinds – or at least putting them down and angling them to minimize solar gain (which will reduce energy consumption).
• Review your insurance policy and notify your insurance provider. Even if the closure is only temporary, there might be insurance requirements to consider.
• Make sure building systems (pumps, motors, elevators, etc.) are exercised/run on a schedule. When these pieces of equipment sit idle, they can degrade quickly.

We suggest that you and your teams, colleagues and tenants sign up to receive up-to-the-minute text alerts from the city communications system by texting the word COVIDPHL to 888-777.

Finally, the CDC (Center for Disease Control & Prevention) has provided advice and guidelines for Landlords in the pandemic, specifically that Landlords keep Tenants informed on best practices.

If you have any questions, please contact Kierstin Lange at kmlange@zarwin.com from Zarwin Baum Devito Kaplan Schaer & Toddy PC.

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(COVID-19 Update) Congress Agrees to $2 Trillion Coronavirus Relief Package

$2 Trillion Coronavirus Relief PackageOn Wednesday, March 25, 2020—after days of debate—Congress agreed to a $2 trillion economic relief package designed to provide financial assistance to Americans and their families, and billions of dollars in loans for businesses. Voting is expected midday. The package is the largest fiscal stimulus in modern U.S. history and is the government’s most recent response to coronavirus disease 2019 (COVID-19).

What is included in the stimulus package?

While the final bill has yet to be released, there have been some publicly debated points. The economic rescue package includes a plan to provide two waves of direct financial assistance to Americans, a plan to stabilize the airline industry, a plan to provide small businesses with funds and a plan to issue loan guarantees to other hard-hit sectors in the economy. The package also includes provisions to extend unemployment insurance, increase funding for Medicaid and add additional assistance for small businesses throughout the country.

“This is not a moment of celebration, but one of necessity.”
Sen. Chuck Schumer

Direct Financial Assistance to Americans

The stimulus package would provide two waves of direct payments to all Americans, coming weeks apart. American adults making up to $75,000 would receive $1,200 each and $500 per child. Married couples earning up to $150,000 would receive $2,400. Adults making more than $75,000 but less than $99,000 would receive less, and adults making more than $99,000 would not receive any government financial assistance.

Stabilizing the Economy

The economic relief package proposal includes the following funds to stabilize various sectors of the economy:

  • Airline industry: $50 billion
  • Small businesses lending program: $350 billion
  • Hospitals: $130 billion
  • State and local governments: $150 billion

What’s next?

The economic relief package has been agreed to by Congress, but not yet passed. We will continue to monitor the situation for developments and provide updates.

– by Hardenberg Insurance Group

 

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Despite Bleak Near-Term Outlook, Philadelphia Economy Should Survive Coronavirus

The coronavirus spread has reintroduced factors absent from in the national and Philadelphia commercial real estate markets economy for almost a decade: widespread fear and uncertainty.

As we are early in the onset, and short on government data points collected after the virus’ spread, any market analyst in the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space –  worth his or her salt will admit there will be a deluge of question marks hanging over the economic outlook during the next month or two.

However, it’s still constructive to take stock of what we do know, in order to build up as clear a picture of the road ahead as possible for U.S. and Philadelphia commercial real estate listings.

This CoStar Realty Information Inc. report involving U.S. and Philadelphia commercial properties is being made available through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

First off, a painful near-term decline in Philly’s economic figures in relation to national and Philadelphia commercial real estate properties is all but certain for this spring. To curb the virus’ spread and prevent hospitals from being overwhelmed with patients, Pennsylvania and New Jersey governors both ordered all nonessential businesses to close on March 16.

How long are these monumental measures likely to stay in place? China’s aggressive lockdown measures lasted about two months. The CDC recently recommended cancelling or postponing any gatherings of 50 scheduled through mid-May. Johns Hopkins University School of Medicine’s infectious disease expert Morgan Katz expects meaningful improvements by early May.

Meanwhile, Treasury Secretary Steven Mnuchin is at the center of the White House’s economic response to this crisis and says Republican senators’ proposed Coronavirus Relief Bill, now under debate in the Congress, aims to cushion businesses for 10-12 weeks of serious disruption. That would take us through early- to mid-June.

Regardless of how long these shutdowns last, the leisure/hospitality sector and retail trade sectors in the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – will likely be some of the worst-affected major industries. They represent 10 percent and 8 percent of Philadelphia total employment, respectively.

Hit by department store closures and the shift to automated or online checkout, Philadelphia’s retail employment already was on the decline before the onset of the virus. Considering how many national retailers’ balance sheets had already been eroding prior to the onset of this crisis, the road ahead looks like a painful one for the retail markets related to national and Philadelphia commercial real estate listings.

Leisure and hospitality employment, supported mostly by restaurants, bars, and hotels, had been one of the metropolitan area’s fastest-growing employment sectors. Center City’s blossoming nightlife has been a key ingredient to Philadelphia economic revival over the past 15 to 20 years. The fact that the industry is now at such high risk is probably the biggest existential threat posed by the coronavirus to Philadelphia’s ongoing revival.

But overall, the coronavirus and its accompanying economic shock do not pose major threats to the fundamental drivers of Philadelphia’s economic renaissance over the past 15 to 20 years.

Philadelphia’s industry mix positions it better than most major U.S. cities to weather the negative economic impact of the coronavirus. Very few major U.S. markets have higher concentrations of the sector including healthcare, professional and business services which will likely remain most resilient in the months ahead.

Meanwhile, Philadelphia has relatively lower concentrations of the sectors now most at risk such as leisure and hospitality, retail and oil and gas extraction.

The city’s status as a powerhouse of healthcare innovation only gains renewed importance as a result of the current tragedy and will be a key economic benefit as the number of U.S. residents aged 70 and older grows by 40 percent over the course of this new decade.

Meanwhile, the cost of living differential between Philadelphia and its nearby competitors, New York, Boston and Washington, D.C., remains massive. Philadelphia will continue to attract large net inflows of college-educated young adults moving from these places in search of more spacious housing and higher savings/disposable income.

In other words, for firms able to remain on offense during what will undoubtedly be challenging months ahead, Philadelphia remains an attractive destination for real estate investment capital seeking stable long-term growth, especially when stacked against other major metropolitan areas in the U.S. uncertainty. – By Adrian Ponsen, CoStar Analytics.

For more information about Philly office space, Philly retail space, and Philly industrial space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space, Philly retail space and Philly industrial space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly retail space or Philly industrial space with the Philadelphia commercial properties that best meets their needs.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space, Philly retail space or Philly industrial space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need – a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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U.S. Economy Records Another Month of Job Growth

For the second month in a row, U.S. firms active in the national and Philadelphia commercial real estate markets blasted past hiring expectations, adding 273,000 net new jobs in February according to last week’s national employment report released by the Commerce Department.

The unexpectedly strong report, culled from a variety of corporations in the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space –  was further bolstered by revisions to December and January payroll data that added an astounding 85,000 jobs in those months combined, bringing the three-month average job gain to 243,000 per month, a rate not seen since September 2016. Meanwhile, the unemployment rate ticked back down to its 50-year low of 3.5%.

This CoStar Realty Information Inc. report involving U.S. and Philadelphia commercial properties is being made available through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

The survey of employers related to U.S. and Philadelphia commercial real estate listings used to compile this data was administered in the second week of February before it became apparent that the coronavirus outbreak in China had spread throughout much of the globe, including the U.S. A potential preventative vaccine is at least a year or more away, according to health officials, and therapeutic treatment remains uncertain and probably won’t be available until late spring at the earliest.

To avoid widespread transmission, factories in China and other Asian nations had halted operations and workers were isolated or quarantined. Several nations have closed their borders to visitors from impacted areas, and many national and international companies involved with national and Philadelphia commercial real estate properties now are restricting business travel.

This has led to interrupted supply chains for manufacturers serving the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space and a drop-off in demand for transportation services as well as travel and tourism-related services. In the U.S., as people avoid large public gatherings and events, leisure and hospitality, live entertainment and retail sectors are likely to be impacted.

While the economic impact of the virus remains unknown, the February jobs report offers insight into the underlying strength of the labor market before impacts from the virus begin to be reflected in the economic data related to national and Philadelphia commercial real estate listings. This may suggest the economy’s resilience amid continued uncertainty. – By Christine Cooper, Managing Director and Senior Economist for CoStar Market Analytics, Los Angeles.

For more information about Philly office space, Philly retail space, and Philly industrial space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space, Philly retail space and Philly industrial space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly retail space or Philly industrial space with the Philadelphia commercial properties that best meets their needs.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space, Philly retail space or Philly industrial space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need – a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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Grocers, Gyms, Discount Apparel Keeping Philly Retail Space Market Afloat

Store closures reached a record-high nationally in 2019, and the Philadelphia commercial real estate market was not spared from the fallout.

Sears and Kmart alone shuttered eight stores in the Philly retail space market, resulting in 1 million square feet of new retail vacancy. Market-wide net absorption, the difference between move-ins and move-outs, ended the year slightly in the red.

This CoStar Realty Information Inc. report involving Philadelphia commercial properties is being made available through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

The latest Philadelphia retail market video update from Adrian Ponsen at CoStar Analytics examines these trends in more detail to help investors understand the challenging and fast changing retail market they face in 2020. Please click here to view the video.

Market trends in the Philly retail space market, however, would have been far worse if not for the range of tenants that faced less pressure from Amazon and continued to expand.

More than 12 new grocery store locations opened in the Philadelphia area last year, along with several new fitness centers. In addition, discount clothing retailers, such as Burlington, Marshalls, TJ Maxx and Old Navy, also continue to grow their store counts in the Philly retail space market. Despite competition from online clothing sellers, many budget-conscious shoppers still find that it’s simply quicker and more cost effective to visit brick-and-mortar locations and try clothes on, rather than ordering online and risk having to make returns.

For more information about Philly retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly retail space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly retail space with the Philadelphia commercial properties that best meets their needs.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need – a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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Bankruptcy Provisions in Commercial Leases

Bankruptcy Provisions in Commercial LeasesLet’s examine what you need to know about bankruptcy provisions in commercial leases. Each property is unique and every relationship has its own contours that will drive the path of commercial lease negotiations. While a lease cannot account for or predict every potential scenario in the course of a commercial landlord-tenant relationship, landlords can put themselves in a better position to weather a tenant bankruptcy by understanding the bankruptcy landscape, including which provisions will be enforced and which provisions will be ignored by bankruptcy courts.

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Most landlords know that commercial bankruptcy cases generally take one of two forms: chapter 7 or chapter 11. In both types of cases, the automatic stay applies. In both types of cases, the commercial lease can be assumed, assigned or rejected within a finite period of time. A chapter 7 case is a liquidating case, while chapter 11 cases are typically reorganizations.

A tenant filing bankruptcy under chapter 7 will cease doing business. There, the court appoints a chapter 7 trustee to gather and liquidate assets and to distribute the proceeds to creditors. While the debtor tenant in a chapter 7 case is unlikely to continue the lease, the trustee may sell/assign a valuable lease to a third party. Negotiations in a chapter 7 case take place with the chapter 7 trustee, rather than with the debtor tenant.

On the other hand, a tenant filing a chapter 11 bankruptcy generally continues operations as a “debtor-in-possession.” The chapter 11 case typically culminates in a plan of reorganization, through which the debtor will outline its plans to fund payments to creditors, restructure debt and continue operations as the entity emerges from bankruptcy. Often, chapter 11 debtors seek to shed debt by rejecting above-market leases or leveraging the right to assume and reject leases by extracting rent concessions from landlords as a condition to lease assumption. Absent unusual circumstances, the court will not appoint a trustee, thus negotiations take place with the debtor tenant.

While a tenant bankruptcy filing shifts the balance of power to the tenant, defensively drafted leases may allow the landlord to retain some control and negotiating advantage after the filing of a bankruptcy.

7 Bankruptcy Provisions in Commercial Leases

(1) Tenant bankruptcy triggering lease termination
Bankruptcy provisions in commercial leases that would terminate a lease or modify other rights of a bankrupt party upon the filing of a bankruptcy petition are known as ipso facto clauses and are unenforceable under the Bankruptcy Code. Bottom line: Don’t waste your leverage trying to incorporate or keep an ipso facto provision in the lease.

(2) Waiver of the automatic stay.
The filing of a bankruptcy petition automatically triggers a stay of all activities to collect a debt, including efforts to obtain possession of property. To avoid the delay associated with the  imposition of the stay, consider including a provision requiring the tenant to waive the protection of the automatic stay or a waiver of the right to contest a motion by the landlord for relief from the stay. The remedy, if enforced by a court, allows a landlord to obtain relief much sooner than it would otherwise be entitled, particularly because courts are reluctant to grant stay relief in the early days of a bankruptcy case. Bottom line: Whether this provision is worth fighting for depends on your jurisdiction. Not all courts will enforce a pre-petition waiver of the stay, and even if they will, the waiver will generally not be “self-executing”. The blessing of the court is needed. Therefore, to avoid the imposition of sanctions that accompany a violation of the stay (or the voiding of stay-violating activities), landlords with waivers in a lease should consult with counsel on filing the appropriate motion with the bankruptcy court before pursuing eviction or collection activities.

(3) Adequate Assurance Definition.
Under the Bankruptcy Code, in order for a bankrupt tenant to assume a lease, it must provide the landlord adequate assurance that it will meet its future lease obligations. The Bankruptcy Code does not define “adequate assurance”, but the parties can define the concept in the lease to narrow the issues in bankruptcy court litigation. Adequate assurance provisions often require the tenant provide assurances as to (i) the source of future rent, including that any assignee is similarly situated, financially, to the tenant at the time the lease was signed, (ii) the stability of the percentage rent, if applicable; and (iii) non-disruption to the tenant mix in the center or complex. Bottom line: A lease containing specific understandings of ambiguous bankruptcy concepts will carry greater weight with a court interpreting a tenant’s post-petition obligations to its landlord.

(4) Shopping Center Provisions.
While bankruptcy courts do not favor limitations or conditions on the assignability of a lease, shopping center leases receive special treatment and, as a result, shopping center landlords have greater leverage in post-petition assignment negotiations. Therefore, if a property can reasonably be considered a shopping center, including a provision indicating that the property is a shopping center may afford a landlord with additional leverage and protections. Any shopping center lease should require that any assignee of the lease in a bankruptcy adhere to exclusive use (or other use restrictions), co-tenancy and tenant mix requirements. Bottom line: Ensure that any
shopping center lease contains provisions that protect the future viability and maintain the integrity of the shopping center if a tenant lease is assumed and assigned in bankruptcy.

(5) Security.
Cash may be king, but, generally, security deposits become property of the debtor’s estate once a bankruptcy petition is filed, limiting the setoff rights of a landlord and requiring motion practice in the bankruptcy court. A letter of credit, coupled with a lease provision allowing the landlord to draw upon it after default and without notice to the tenant, generally falls outside of “property of the estate” and therefore provides more ready access to cash to a landlord whose tenant has filed for bankruptcy. Bottom line: Securing the tenant’s obligations under the lease by collateral that falls outside the umbrella of “property of the estate” puts the landlord in a better position to recover costs when dealing with a tenant in bankruptcy.

(6) Guarantors.
A corporate parent or affiliate guaranty provides additional security for the tenant’s lease. Frequently, however, that guarantor often files bankruptcy at the same time as the tenant, and the landlord’s claim against the guarantor becomes one of many unsecured claims that will receive cents-on-the-dollar recovery. Personal guaranties from tenant equity holders may provide more protection because of the “skin in the game” and a reluctance of many individuals to file personal bankruptcy. Bottom line: The newer the business or the more limited financial history of your tenant, the more compelling a case for obtaining personal guaranties.

(7) Forecasting Trouble.
Bankruptcy provisions in commercial leases that require the submission periodic financial statements, balance sheets and cash flow statements from a tenant and any guarantors will allow a landlord to monitor the performance of its tenant. Leases containing financial covenants provide a mechanism for a landlord to call a default if financial performance declines. Having a heads-up to financial distress can allow the landlord to exercise remedies quickly and potentially in advance of any bankruptcy filing. The automatic stay does not apply to leases terminated pre-petition, so moving quickly to terminate in a distressed situation may give the landlord a valuable edge in regaining possession of the property outside of the bankruptcy court. Bottom line: The more you know about your tenant’s finances, the better you can react to a deteriorating situation, whether by exercising remedies or bolstering the security for the tenant’s obligations under the lease.

The contents of this article are for informational purposes only and none of these materials is offered, nor should be construed, as legal advice or a legal opinion based on any specific facts or circumstances.

Have questions about about bankruptcy provisions in commercial leases?

 

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Retail Pop-Ups Evolve as Landlords Seek Fresh Appeal

The bright neon sign declares “You are magic!” as a room fills with a rainbow of lights activated by a couple, Jaime Martinez and Cristina Cave, clasping hands while touching sensors.

The two wriggle their bodies and twist their arms up, activating more lights, all while a camera behind them discreetly snaps photos of their colorful dance. Within minutes, the camera creates an Instagram-ready graphic that is emailed to their inbox for social media sharing.

Cave and Martinez are among hundreds of people who visited Color Factory, an interactive pop-up art exhibit in a former 20,000-square-foot furniture store in Houston on a recent winter afternoon. Families, couples, and children crowded the sold-out exhibit that day, jumping into the NASA-themed plastic ball pit, drawing on walls with three-foot long blue pens, munching on macarons and mochi ice cream, and sniffing works of art that have been infused with scents of freshly cut grass and butter popcorn.

Color Factory represents an increasingly important new breed of retail tenant that could provide one answer to the struggle retail property owners in national and Philadelphia commercial real estate markets have as they search for ways to lure in customers as online shopping grows. So-called pop-up shops, defined because they have temporary leases, have been around for years mostly as seasonal retail strategies around Halloween or Christmas.

This excerpt from a CoStar Realty Information Inc. report by Marissa Luck involving U.S. and Philadelphia commercial properties is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

This new wave of pop-up stores in the U.S. commercial real estate market – including Philly retail space – is a radical departure from the traditional seasonal model, and they are breaking into hybrids, according to a recent report. Many of the concepts like Color Factory don’t even bank on selling visitors goods and instead rely on admission costs and social media attention for their bottom line.

Pop-up retail is estimated to be a $50-billion-and-growing industry in the U.S. commercial real estate market – including Philly retail space – and, according to industry sources, the number of pop-ups in New York City doubled in 2019 and is now right around 200.

The pace of the pop-up boom among national and Philadelphia commercial real estate properties is expected to continue in 2020. Experts expect pop-up leases to further entrench themselves in major metropolitan cities and expand out across the country into more medium-sized cities. Though temporary in nature, the pop-up lease could become a permanent piece of commercial real estate, though the form is changing.

The rise in pop-ups is a response to the retail apocalypse as a record number of storefronts close amid changing consumer habits and the rise of online shopping, leaving millions of square feet of retail space vacant across the country. While pop-ups aren’t expected to be the solution to the rising tide of retail vacancies, they do represent an increasingly innovative way for landlords to generate income and create foot traffic at a property. – By Marissa Luck, CoStar Realty Information Inc.

For more information about Philly retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philly retail space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

A Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new Philly retail space with the Philadelphia commercial properties that best meets their needs.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need – a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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Commercial Real Estate Tax Deduction Restrictions

commercial real estate tax deduction restrictions.It’s 2020! Let’s take a quick look at some recent tax law changes affecting commercial real estate tax deduction restrictions. Below please find some insight into recent tax changes affecting commercial real estate tax deductions.

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Here are some items that come to mind:

(1) The Tax Cuts and Jobs Act enables investment real estate owners to still defer capital gains taxes using section 1031 like-kind exchanges. There were no new restrictions on 1031 exchanges of real property made in the law. However, the new law repeals 1031 exchanges for all other types of property that are not real property. This means like-kind exchanges of personal property will no longer be allowed after 2017 for collectibles, franchise rights, heavy equipment and machinery, collectibles, rental vehicles, trucks, etc. The rules apply to real property not generally held for resale (such as lots held by a developer).

(2) The capital gain tax rates stayed the same so a real estate owner selling an investment property can potentially owe up to four different taxes: (1) Deprecation recapture at 25% (2) federal capital gain taxed at either 20% or 15% depending on taxable income (3) 3.8% net investment income tax (“NIIT”) when applicable and (4) the applicable state and local tax rate.

(3) The tax law creates a new tax deduction of 20% for pass-through businesses. This gets tricky but here goes. For tax years 2018-2025, an individual generally may deduct 20% of qualified business income from a partnership, S corporation, or sole proprietorship. The 20% deduction is not allowed in computing Adjusted Gross Income (AGI), but is allowed as a deduction reducing taxable income. 

Restrictions on Tax Deductions

(1) Mostly, the deduction cannot exceed 50% of your share of the W-2 wages paid by the business. The limitation
can be computed as 25% of your share of the W-2 wages paid by the business, plus 2.5% of the unadjusted basis
(the original purchase price) of property used in the production of income.

(2) The W-2 limitations do not apply if you earn less than $157,500 (if single; $315,000 if married filing jointly).

(3) Certain personal service businesses are not eligible for the deduction, unless their taxable income is less than
$157,500 for singles and $315,000 if married. A “specified service trade or business” means any trade or business involving the performance of services in the fields of health, law, consulting, athletics, financial services, brokerage services, or any trade or business where the principal asset of such trade or business is the reputation or skill of one or more of its employees or owners, or which involves the performance of services that consist of investing and investment management trading, or dealing in securities, partnership interests, or commodities. (It appears President Trump liked real estate people but did not like professionals like lawyers, doctors, accountants and other consultants).

(4) The exception to the W-2 limit and the general disallowance of the deduction to personal service businesses is phased out over a range of $50,000 of income for single taxpayers and $100,000 for married taxpayers filing
jointly. By the time income for a single taxpayer reaches $207,500 or $415,000 for a married-filing-jointly
taxpayer, the W-2 limitation will apply in full (i.e. personal service professionals get no deduction).

(5) The new tax law increased the maximum amount a taxpayer may expense under Section. 179 to $1,000,000 and increased the phaseout threshold to $2,500,000. Interestingly, the new law also expanded the definition of Section. 179 properties to include certain depreciable tangible personal property used predominantly to furnish lodging. It also expanded the definition of qualified real property eligible for Section 179 expensing to include the following improvements to nonresidential real property: roofs; heating, ventilation, and air-conditioning property; fire protection and alarm systems; and security systems

(6) State and local taxes paid regarding carrying on a trade or business, or in an activity related to the production of income, continue to remain deductible. A rental property owner can deduct property taxes associated with a business asset, such as any rental properties. Don’t confuse such with the itemized deduction for your personal residence or vacation home which is now limited.

(7) While the prior law generally allows a deduction for business interest expenses, the new tax act limits that deduction to the business interest income plus 30% of adjusted taxable income. However, taxpayers (other than tax shelters) with average annual gross receipts for the prior three years of $25 million or less are exempt from this limitation. Real estate businesses can elect out of the business interest deduction limitation, but at the cost of longer depreciation recovery periods—30 years for residential real property and 40 years for nonresidential real property. If a real estate business does not elect out of the interest deduction limitation, then residential and nonresidential real property depreciation recovery periods are maintained at 27.5 years and 39 years, respectively.

Phew-there you have taste of what we’re going or at least as we see general changes directly or even indirectly
affecting real estate peeps. As you can see, the new law will bring a lot of changes (both good and bad) to individual and business taxpayers. On the plus side, this means more planning opportunities for many although looking for answers can be problematic as we all try to navigate through uncertain territory. These comments only touch the surface of one of the biggest tax overhauls in the nation’s history. Stay tuned and do stay close to your tax attorney and accountant.….

 

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Do You Need A Corporate Move Management Company

Move Management CompanySelecting a move management company that’s right for your business is critical for an office relocation and/or expanding business. Today, companies are so focused on moving into their new space they rarely look at their old or existing space and all the costs associated with it. Moving an office can be a huge undertaking, and move management often despises the thought of relocation due to the disruption and disorganization that often follows. In order to move an office successfully without unnecessary disruption to the daily flow of business, business owners and management should consider hiring a move management company.

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Too often companies don’t have the manpower to dedicate to manage their office relocation. And they often don’t have the time to evaluate the benefits of a move management company. Move management companies are professionals who specialize in office relocation and expansion – and these experts know how to make the process flow smoothly. They understand the process of moving in great detail, and they are able to organize the process effectively, and manage details, budgets, timelines, and people.

Selecting a move management company that’s right for you is critical for an office relocation and/or expanding business. You’ll want to select a company who has expertise in relocation and project management, outstanding planning services, and highly skilled team members to meet the client’s ever changing needs. These experts will work with the client to determine what the office already has in place and what is needed in the new location. They will also implement the plans for specific designs and layout within your new office and set up the layout for your new location with relative ease. They will also handle all of the incidentals that often get put off or forgotten until after the move is complete.

Benefits of Hiring a Move Management Company

• Industry experts who can work with architecture/design firms and construction companies when needed
• Project planners who manage everything for you
• Time savings by avoiding unnecessary delays
• Cost savings
• Flexibility
• Employee satisfaction and productivity

KEEP IN MIND YOUR BOTTOM LINE
Before you decide to tackle your relocation, keep in mind your bottom line. This is the most important reason why you would want to hire a professional move management expert. You will save time and money in the long run which is always good for business.

FOR MORE INFORMATION, CONTACT:
Shawn O’Neil at 609-744-4112 or
Paul Sipera at 609-760-8312

ABOUT ARGOSY MANAGEMENT GROUP, LLC
Argosy Management Group (AMG) is a leader in office relocation and logistics project/move management. AMG services companies throughout the U.S. and worldwide. AMG delivers a wide range of comprehensive services: move management and transition planning, space planning and furniture needs, office and industrial relocation and liquidation, storage solutions and asset management, furniture disassembly and installation, and I.T./data center relocation.

visit www.argosymg.com

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