Brandywine Realty Trust CEO Jerry Sweeney is enthusiastically upbeat about commercial real estate in 2021, writes Ryan Sharrow for Philadelphia Business Journal.
Brandywine Trust is the largest landlord of Class A office space in the Philadelphia region, including the Radnor Financial Center in Radnor.
“The greatest economy in the history of the world was on hold for 10 months. I think there will be a lot of pent-up demand. I think the standards will be even higher. So if you’re a very high-quality landlord, I think you’re going to benefit from the emerging trend lines,” he said.
Companies now see offices as a work in progress, with an expectation of real growth under an economic recovery.
What is trending is a push for higher quality office buildings.
Post-COVID design gives more space per employee, greater circulation areas, more than one kitchen and conference room, more private work areas.
Older or more utilitarian buildings will have a harder time meeting these new demands of today’s tenants. Sweeney believes many of the Class B and C buildings will be converted to residential.
Read more about the state of commercial real estate as envisioned by Brandywine Realty Trust CEO Jerry Sweeney at Philadelphia Business Journal.
