Did We Give Away The Store? 2004s Major Corporate Lease Deals Robert D. Lane, Jr. and Eric J. Marcuson PBIs 8th Real Estate Institute December 8, 2004
An Overview of 2004s Major Corporate Leasing Incentive Deals Leasing activity in 2004 Expiration of major leases in skyscrapers built in late 1980s Tenant-friendly market
Deciding to Move Why do companies look to move? Where do companies want to be? What kind of space are companies looking for?
Governmental Incentives Brief history; incentives rise to prominence Policy behind incentives and their development Incentives available at state and local levels
Pennsylvania Incentives Keystone Opportunity Zones Opportunity Grant Program Infrastructure Development Program Customized Job Training Program Machinery and Equipment Loan Fund PIDA Loans
Philadelphia Incentives Commerce Department and PIDC Tax Increment Financing Grants for Job Creation and Job Preservation Subsidized Loans
New Jersey Incentives Business Employment Incentive Program (BEIP Grants) Urban Enterprise Zone Program Business Relocation Assistance Grant (BRAG) Customized Training Program
Camden County Incentives Employee Recruitment Incentive Bonus Political Hotspot
Other States Incentives New York Empire Zone Program Industry-specific grants Vermont Economic Advancement Tax Incentive Program
The Process Meet with officials/request offer letter Negotiate and finalize offer Complete application Negotiate grant/loan agreement Receive grant/loan proceeds Complete follow-up requirements
Major Lease Transactions in 2004
Regional Action
2005 and Beyond
Did We Give Away The Store? 2004s Major Corporate Lease Deals Robert D. Lane, Jr. and Eric J. Marcuson PBIs 8th Real Estate Institute December 8, 2004