The Market for Commercial Development in Lansdowne
Business and Office Development in Lansdowne
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As noted earlier in this report, Lansdowne has many more service and other types of businesses within its borders than retail establishments. It is obvious that it is a good place to work, and it is clear that is a pleasant place to be. The following table summarizes data from a table found earlier in this report, edited to focus only on non-retail business establishments. It shows that the major non-retailers are business services (26), medical offices (27), building trades (20), personal services (19), and legal services (10). In addition, it is fortunate in that it has a high number of theatre and arts oriented organizations for its size.
These businesses should be an important part of any revitalization strategy for the Borough. First, most of them provide a daytime population with money that can be spent in local establishments. Second, they give the Borough a round the clock population, giving it more of a community feel than is typically found in a bedroom community. Third, because many of the businesses in the Borough are home-based, there is the potential for a number of small businesses that are already located there to grow and potentially to seek other space within the community, providing additional employment and more potential customers for local retail businesses.
BUSINESS ESTABLISHMENTS BY TYPE
| Building Trades | 20 |
| Business Services | 26 |
| Financial Services | 7 |
| Legal Services | 10 |
| Medical Services | 27 |
| Personal Services | 19 |
| Photography | 6 |
| Real Estate | 4 |
| School | 7 |
| Theater/arts | 5 |
Source: LEDC Field Survey
This office undertook a brief survey of available office space within the Borough. Findings were that small offices over first floor retail are generally asking about $10.40 per square foot per year, including utilities. The 21,000 square foot office building at 10 West Baltimore Avenue, and the adjacent shopping center, are both currently for sale or lease. The office space is new and entirely vacant. The realtor who is marketing the space hopes that both buildings will be bought, and consequently is not signing any leases so that he can sell it unencumbered if possible. If it were to be rented, he would ask $15.50 per square foot for office space, including utilities, and anywhere between $16 and $20 per square foot for the retail spaces. He noted that, although the past year has been a difficult one for all commercial real estate, and Lansdowne is no exception, he generally does not have a problem filling vacant office space in Lansdowne. These rates are substantially below those of Center City Philadelphia, and below those of the western suburbs as well.
Finally, it is unlikely that any office user in the foreseeable future will decide to move into office space that does not have high speed Internet access. The importance of fiber optic cable cannot be over emphasized, and Lansdowne is fortunate in that it currently has access to it on the railroad right of way. This alone is an important selling point for the two potential economic development sites on Baltimore Avenue (10 West Baltimore Avenue and the old Bell Telephone building), as well as the Union Avenue development proposal that has been discussed in the context of the Delaware County Renaissance Program.