OMNI Realty Group
  • Email
  • Facebook
  • Linkedin
  • Twitter
  • Rss
  • Home
  • Omni Advantage
    • Success Stories
    • Our Clients
    • Completed Deals
    • In the News
  • Services
  • Resources
    • Market Reports
    • Local Market
    • Office Space Calculator
    • CCIM Advantage
      • User Investment
      • CCIM Brochure
      • Total Expertise
      • Distinguish Yourself
      • How Would You Rate
  • Global Reach
  • Property Search
  • FAQ
  • Blog
  • Contact Us

Community

Home» Community

A Decline in International Students Will Hurt a Lot More than Colleges and Universities

Posted on March 22, 2019 by Mike Kushner in Blog, Community, Trends No Comments

According to a report by MarketWatch, the number of overseas students coming to the U.S. for grad school declined for the second year in a row. There is much speculation as to what could be causing this trend; however, one reappearing theme ties back to the current political climate here in the United States.

As you likely remember, President Donald Trump initiated a ban on people entering the U.S. from multiple Muslim-majority countries, all of which have a track record of sending students to America for higher education. It’s not difficult to see a near-immediate impact. For example, U.S. graduate school applications from Iran, one of the countries targeted by the travel ban, fell 27% between fall 2017 and fall 2018. The travel ban isn’t the only blamed culprit. President Trump has floated changes to student visas that would reduce the amount of time international students can stay in the U.S.

Naturally, colleges and universities in the U.S. who rely on international students to make up a significant portion of their admissions are concerned. If the U.S. continues to present hurdles that make it unappealing, if not impossible for certain international students to study in the U.S., our colleges and universities are not the only pillars of our community who should be concerned. A decline in international students will have a ripple effect on our economy which will flow into many different industries, including real estate.

How significant is this impact and what industries should be most concerned? Let’s take a closer look at the economic impact of fewer international students coming to the U.S.

International Students Drive Economic Growth

Simply put, international students are pivotal to our economy. First, they often pay the highest tuition rates which is why colleges and universities carefully account for enrolling so many international students to keep their budgets in line. Next, while international students are studying in the U.S., they are spending money on food, clothing, living essentials, as well as renting space to live. Many smaller colleges have built on-campus apartments primarily for the use of their international students. Compared to students that reside with their parents and commute to school, international students have a markedly different economic impact on the school and the surrounding community.

To put a value on this point, the Institute of International Education, an organization that promotes research and international study, estimates that international students contributed $39 billion to the U.S. economy in 2017. In fact, some colleges and universities rely so heavily upon their international students that they have gone as far as taking out an insurance policy to protect themselves against the drop in international enrollment!

A Local Look

The facts and stats reporting the decline in international students coming to the U.S. takes a national look, but what about locally here in Central Pennsylvania? Are we seeing the same trends? One of the area’s leading universities for international enrollment is Penn State Harrisburg. College Factual ranks Penn State Harrisburg as 114th out of a total 1,300 colleges and universities for popularity with international students. And the pool of international students is diverse. At least 50 countries are represented on the Penn State Harrisburg campus with the most being from China, India, and, South Korea.

Interestingly from 2011 to 2016, enrollment of international students has been steadily increasing with 716 international students being enrolled at Penn State Harrisburg in 2016. What this doesn’t account for is the most recent travel ban and change to student visas implemented in 2017-2018 that would not be reflected in this data; however, it is likely to be released soon. With international students making up about 14.2% of the student body at Penn State Harrisburg, should the University also experience the decrease in international enrollment that has been sweeping the nation, it will join the ranks of so many other educational institutions hurting due to this downward trend.

As It Relates to Real Estate

It’s clear how international students impact the colleges and universities in which they are enrolled, but what impact do they really have on real estate and is this decline enough to cause any significant changes to our residential and commercial real estate markets?

International students arriving in the U.S. to study are in immediate need of semi long-term housing, typically at least two years and up to 6+ years depending upon the type of degree they are pursuing. International students can technically choose to purchase real estate on their student visa, but mortgages and lending have a whole host of challenges, making cash to most desirable and feasible option for purchasing home a home. Most commonly, international students decide to rent real estate either from the college or university that they are attending or from a landlord in the community.

Depending upon the demand for off-campus student housing, some real estate investors have created a significant business around owning and renting out real estate to students, including international students. Should there be a severe enough decline in international students, this could cause a decrease in demand for real estate. Property owners will need to make a strategic decision to either ride this wave, with a decreased income for an unknown period of time, or sell off some of their properties if they feel this trend could last a while.

Additionally, should a decline in international students persist, colleges and universities whose campus housing is mostly occupied by international students are not likely to invest in renovating or adding to this real estate until the decline stabilizes and/or reverses.

Key Things to Keep in Mind

All-in-all, this trend in decreasing enrollment from international students is one we must keep an eye on for a variety of reasons. When our colleges and universities are economically impacted, it is highly likely that other businesses and the community as a whole will also feel an impact. Should this provide to be a short-lived trend that passes as the political climate changes, there is the probable outcome that things will return to normal and possibly better than before.

However, we would be shortsighted to not think beyond forces within the U.S. To compound the issue, other counties are also competing for international students and are surely making every effort to market themselves as the most attractive option. It will be a constant battle for the U.S. to retain and grow its international students. Given our country’s reputation for high-quality education, this is not an impossible feat, but we must remain strategic to stay ahead of the curve!

What do you feel are the most critical areas to be impacted by a decline in international students? Beyond colleges and universities what other industries will be most significantly impacted?

Share your ideas by leaving a comment below!

 

[Online Resources] Real Estate, aborad, admissions, businesses, central pa, colleges, community, economic impact, Economy, enrollment, harrisburg, international students, landlord, Mike Kushner, money, Omni Realty, overseas, penn state, pennsylvania, property, real estate investor, renting, students, study, trends, universities

Growing Demand for “Live-Work-Play” Communities in Central PA

Posted on December 4, 2018 by Mike Kushner in Blog, Commercial Real Estate, Community, Guest Blogger, Local Market, Trends No Comments

Photo: Walden in Mechanicsburg, PA

If you’ve been a resident of Central Pennsylvania for more than a few years, you’ve likely seen various live-work-play (LWP) communities – maybe you even live in one. What we’re talking about it mixed-use commercial and residential real estate where people have the opportunity to live, work and play (shop, dine, etc.) all in a relatively close distance to one another. A great example is the Walden community in Mechanicsburg, but there are many others that we will examine in this article.

To help us explore this growing trend, we turned to Chris LeBarton who is a Senior Market Analyst with CoStar Group. Chris covers commercial real estate data in Western Maryland, including the Baltimore metro area, up through Central Pennsylvania for CoStar’s Market Analytics platform.

Chris joins Mike Kushner of Omni Realty Group for a Q&A series where we specifically look at the growing demand for LWP communities in Central PA – and what this means for CRE professionals. Here is how Chris answers our most pressing questions.

Omni: When did the LWP trend begin and how has it grown?

Chris LeBarton: The earliest usage of LWP spaces I can find was in 2005. The trend really started to grow in popularity leading up to the market crash, but there’s no correlation between the two that I can see. The term “live-work-play” was very likely used prior to that, but I’m guessing the branding of mixed-use development really took off as concepts of ‘walkable urbanism’ and ‘Transit Oriented Development’ (TOD) exploded across the country.

According to the Urban Land Institute’s Mixed-Use Development Handbook, which was published in 2003, mixed-use development: provides three or more significant revenue-producing uses (such as retail/entertainment, office, residential, hotel, and/or civic/cultural/recreation); fosters integration, density, and compatibility of land uses, and; creates a walkable community with uninterrupted pedestrian connections.

Omni: Describe a LWP community in Central PA.

Chris LeBarton: First, let’s clarify what a LWP community really is, and what it is not. Some economic development entities and marketing types play pretty fast and loose with the term. An area can be a really nice place to live, work and play in, but if there’s over a mile or so between one element of the triad and the other two legs of the stool aren’t in the same building/development, it’s not really a LWP dynamic. Of course, the likelihood that most people who live in one of these communities also works in the same office/industrial park nearby is fairly low. But being able to do all three and be largely reliant on public transportation or your own two feet is really the spirit of the LWP concept.

Another key element to understand is that LWP is not at all relegated to a city environment. In fact, part of these projects’ collective appeal is that they can recreate a city environment without being in the hustle and bustle of a CBD. Specifically in Central Pennsylvania, there are a number of LWP developments. Here are just a few:

  • Lime Spring Square (Lancaster/Hempfield Township): A multi-phase, mixed-use campus being developed by Oaktree Development Group, the end result will include over 100,000 SF of retail, several hundred high-end apartments, and components of office, medical and industrial space. Penn State Health has a 76,000 SF medical office building there, while PDQ Industries is expanding operations into an 80,000 SF building.
  • North Cornwall Commons (Lebanon/North Cornwall Township): Another phased project that has been delayed off and on since being proposed in 2004, North Cornwall Commons is finally seeing movement at what would be the largest mixed-use development in Lebanon County history. A retail strip center with at least one confirmed tenant (a local coffee business) is underway at 148-acre site that includes plans for roughly 165 townhomes, office space and a hotel.
  • The 1500 Condominium (Harrisburg): An example of how you don’t have to have everything in one place, 1500 has 43 units (mostly rentals) that sit over top of two restaurants and is within walking distance to the Broad Street Market and several small-to-medium sized employers.
  • Wyomissing Square (Reading/Wyomissing Borough): A quintessential brownfield redevelopment, Wyomissing Square now consists of 250 4 Star apartments, a Courtyard by Marriott, small-scale retail, restaurants, and a 60,000 SF medical office building.

Omni: Who is the target demographic for this type of community?

Chris LeBarton: As with anything that deals with where people live, shop/eat or work, I think the answer is “All of the Above.” We hear all too often about Millennials, or Boomers, or Downsizers, or Divorcees. Honestly, the more conversations I have with leasing agents and brokers the more I’m convinced the rule is diversity and the exception is homogeneity. Granted, most of these LWP sites cater to the more upscale or educated among society, but that doesn’t mean there can’t be families with two working blue collar parents who make a decent living and who want to save money on a car/parking and live close to work.

Omni: What advice could help commercial real estate professionals capitalize on the LWP trend?

Chris LeBarton: I don’t give investment advice, but here are a couple thoughts. First, find a way to make it authentic. Be it the retail mix, or a unique concept to the green space, or simply having the “town center” not look boiler plate, be conscientious of that buzz word “place making.” If you’re going to basically spend the majority of your waking life in a small area, it can’t be boring or cookie cutter.

Next, think ahead. What will you need to provide 3-5 years from now? Who would have thought that cities would be crawling with scooters?! Or even just electric vehicles. People looking to walk or be publicly transported or drive as little/cheaply as possible will likely demand options and flexibility. Things to consider are multiple charging stations, bike share platforms, car-share parking lots, etc.

Finally, identify fairly gentrified but not-yet-there locations that are retail/grocery deserts. LWP in the middle of a depressed community won’t work in many places (there are exceptions, of course). But cool/changing areas that are the next ‘it place’ often still need the food and fun to complete the shift.

Omni: Looking to the future, how do you predict LWP communities to evolve in Central PA?

Chris LeBarton: I think you can expect to see more of these types of projects turn up around dying malls or outlet centers that have to repurpose big blocks of space. Another interesting new trend that I could see taking off is the rise of co-living and co-working spaces in the same building.

The LWP trend stands to have a significant impact on Central PA’s commercial real estate market. Because LWP communities rejuvenate the local community, drive business and create employment opportunities, Central PA should be encouraged that so many of these communities are popping up across the region. Additionally this type of real estate appeals to a wide variety of demographics, making it a valuable investment opportunity for commercial real estate professionals. Looking to the future, LWP communities could be among the most powerful tools to breathe new life into struggling areas, and spur a burst of new economic activity that is greatly needed.

What are your thoughts on the growing demand for live-work-place communities in Central Pennsylvania? Is this type of community attractive to you? Why or why not?

[Online Resources] Real Estate, analyst, buyers agent, camp hill, carlisle, central pennsylvania, chris lebarton, Commercial Real Estate, costar, CRE, harrisburg, hershey, lancaster, live work play, local, LWP, mechanicsburg, Mike Kushner, mixed use, office, Omni Realty Group, pennsylvania, real estate agent, real estate broker, real estate investor, residential, retail, tenant representative, trends, york

Cumberland County Focuses on Commercial Real Estate Redevelopment Projects to Sustain Growth

Posted on April 4, 2017 by Mike Kushner in Blog, Commercial Real Estate, Community, Local Market No Comments

Cumberland County Focuses on Commercial Real Estate Redevelopment Projects to Sustain Growth

Cumberland County continues to be the fastest growing county in Pennsylvania. For the most part, this is a great thing for the County and the businesses and residents who reside in its borders. However, the impact of this growth brings with it the concern that there may not be enough available land or workers to sustain it long-term.

In August 2016, Cumberland County decided to create a new affiliate to the Cumberland Area Economic Development Corp (CAEDC). The Real Estate Collaborative LLC (known as the REC) is made up of a five-member board and focuses on buying, redeveloping and selling older industrial, commercial and public building sites. By seeking out smaller redevelopment projects, the goal is to fill in gaps and rehabilitate underused, vacant and brownfield sites that private developers shy away from due to heavy upfront remediation costs.

It’s a smart concept and one that is already gaining traction. We spoke with Jonathan Bowser, CEO of the Cumberland Area Economic Development Corp., to learn more about the REC’s progress in just a little more than seven months. Here’s what’s going on!

Omni Realty: What are some of the projects the REC is taking on right now?

Jonathan Bowser: Since formation of the REC, we have purchase options on three key sites for redevelopment throughout Cumberland County. The first location is the Domestic Castings site in Shippensburg, an old casting industrial facility that has been around since the 1800’s. As a result, there is suspected environmental contamination and REC was successful in obtaining a state grant to assess any environmental concerns. The preliminary conceptual plan is a mixed use site of residential and commercial space.

The second site is a United Methodist Church in Carlisle. This is a 60,000 SF facility that is presently home to three United Methodist Churches that have merged into one and need more space to accommodate their growth. At this point, we are unsure of how to best repurpose the space and our currently completing a feasibility analysis. The site offers many possibilities! It’s situated in downtown Carlisle, close to Dickinson College and Penn State Dickinson Law School.

The third site is the former Lemoyne Middle School on Market Street in Lemoyne Borough. The school dates back to the early 1900’s and has been closed for almost four years. At this point, it is too early to discuss our development plans, but the REC will conduct a feasibility study to flush all concepts out. In all three projects, these are old buildings, with many barriers that make it conceptually difficult for a private developer to undertake without public resources and support.

OR: Have you been successful in accessing additional local, state, and/or federal funding to further leverage these projects?

JB: Yes, up to this point, we have been successful in obtaining Industrial Sites Reuse Program (ISRP) to assess the environmental concerns at the Shippensburg site. This program is a grant of 75% state funds and 25% local match for all assessment work. Also, we have identified other economic development programs for each site that we plan to make applications for in the near future. Some of those programs include Redevelopment Assistance Capital Program (RACP), Multi-Modal Transportation Fund (MTF), Business in Our Sites (BOS), New Market Tax Credits (NMTC), and Historic Tax Credits. There are a lot of opportunities available, and we plan to take advantage of as many that make sense

OR: Do you find that you are competing with private developers and how has the consideration of private developers, if at all, impacted the projects you pursue?

JB: The objective of the REC is to not compete with private developers. Our focus is on difficult sites that private developers typically do not want to take on due to the project not being financially viable as a result of extraordinary development costs. This could be the demolition of a large structure, repurpose of a challenging structure, or a site with environmental contamination. These types of challenges add significant costs to any project and often go vacant for a significant period of time before being redeveloped. In addition, we look to collaborate with private developers on these sites, so the REC is not the sole investor/developer of the site.

OR: What assets would you say we don’t currently have in the local area that you’d like see come to Cumberland County as a result of REC’s efforts?

JB: Cumberland County, and our region as a whole, is very diverse in amenities, business types, and assets. For the REC, the focus is on creating sustainable jobs and increasing capital investment and the tax base through these projects. There seems to be a real move towards mixed use projects. As we continue to see retail change and big box stores downsize, the void is being picked up by smaller retailers and small business owners. In addition, millennials also want mixed use housing options that provide convenience and less reliability on cars for modes of transportation. As a result, most of our initial projects are looking at repurposing existing historic sites into mixed uses of residential and commercial tenants.

OR: Can you summarize the long-term vision CAED/REC has for Cumberland County?

JB: On a percentage basis, Cumberland County is the fastest growing county in the Commonwealth of Pennsylvania. This continued growth becomes a balance between growth and quality of life of the county’s residents. As an agency, we continue to support “greenfield” development (building new industrial facilities in vacant lots or farmland), but we also want to focus on redevelopment and repurpose of existing infrastructure in developed communities that are landlocked from future growth.

This means, collectively we have to collaborate, be creative, and have an open mind to the future development of our communities. Every community is fighting for quality jobs and people to reside in their neighborhoods. Our job at CAEDC and REC is to ensure we are doing our part to move the County forward and that existing residents, or prospective residents and visitors, have employment opportunities, recreational opportunities, access to quality healthcare, and a high overall quality of life.

Which one of the REC’s current projects would you be most excited to see redeveloped? Or is there another location in Cumberland County that you thin would make a good prospect? Share in the conversation by leaving a comment!

[Online Resources] Real Estate, brownfield, CAEDC, central pa, CRE, cumberland area exconomic development Corp, cumberland county, economic, Economy, greenfield, growth, industrial, jonathan bowser, Mike Kushner, mixed use, office, onmi realty group, pennsylvania, redevelopment, retail, space

Success Story: Pennsylvania Coalition Against Domestic Violence Finds New Space to Transform Work Flow

Posted on October 29, 2014 by mike.kushner in About Us, Blog, Community, Local Market, Success Stories No Comments

Every day I work exclusively with different businesses and organizations to help them improve their efficiency and work flow by finding an office space that better meets their needs – and budget. It’s worth taking a moment to reflect on some of the success stories of my clients and the difference their new work environment has made for their organization as a whole.

This month, let’s look at the Pennsylvania Coalition Against Domestic Violence and how their change in office space has improved their ability to better serve their constituents. Peg Dierkers, PCADV’s Executive Director, was kind enough to offer some insight into her experience working with Omni Realty Group and the comparison between her old office space versus her new location.

But first, some Background…

The mission of the Pennsylvania Coalition Against Domestic Violence (PCADV) is to eliminate personal and institutional violence against women through programs providing support and safety to battered women, direct services, public information and education, systems advocacy and social change activities. This honorable organization has helped hundreds of local women escape violence and improve their quality of life.

PCADV’s old office was located in the Gateway Corporate Center on Route 22 and was originally flex space that had been converted into office space. It was easy to see that the industrial space was not made for an office environment. It was a maze of space that limited workflow and segmented staff, not to mention its inefficient use of energy that raised heating and cooling costs.

Fortunately, I was connected with PCADV and was excited to jump right in to help solve the problem.

Finding a new “home”

“Mike took special care to first understand our organization,” said Peg Dierkers, Executive Director. “He wanted to know about our company culture, workspace needs, where employees were commuting from and also considered our desire to stay easily accessible to people who need our services.”

Finding the right workspace for a business or organization is about so much more than simply square feet. There are countless options that can accommodate size, but what you really need to consider when choosing the perfect office space for your business are the various things that contribute to your efficiency, functionality and ultimately your culture.

I identified a variety of spaces well-suited to PCADV’s unique needs and toured each space, offering expert advice on both the benefits and limitations to consider.  When the ideal space was identified, I then negotiated hard for a good deal and provided market research for comparison. I also negotiated a detailed work letter with the landlord on behalf of PCADV to ensure the space would be customized to fit their needs.

The result

It took about one year from the time we began looking for new space to move-in, but the process was certainly worth it! PCADV’s new “home” is located at 3605 Vartan Way, Suite 101, Harrisburg, PA 17110 and the staff couldn’t be happier. They have been able to update and modernize nearly everything – even including their IT infrastructure. The space is much more communal and promotes cross-collaboration among employees. Most importantly, especially for a non-profit, is that the new lease is saving PCADV a ton of money which is more resources they can put back into the community.

This was Peg’s first time working with a commercial broker that is exclusively tenant rep/buyer agent and the experience is one she will always remember. Her biggest piece of advice for any other business seeking new office space is, “Never go it alone! Omni is a built-in expert consultant that can proactively eliminate problems and increase the value of the space you select.” Identifying the right space and negotiating a favorable lease enabled PCADV to move to the space they are in today.

The view of PCADV's new office space via Google Maps.

The view of PCADV’s new office space via Google Maps.

The view of PCADV's new office space via Google Earth.

The view of PCADV’s new office space via Google Earth.

Are you a business or organization looking to expand into a bigger commercial office space? I can help match you with the perfect location just as I did for PCADV. Contact me today for a free lease review and office space assessment!

business, buyer agency, central pa, client, collaboration, commercial, efficiency, exclusive, harrisburg, lease, Mike Kushner, negotiation, nonprofit, Office Space, Omni Realty, pcadv, pennsylvania, pennsylvania coalition against domestic violence, story, success, Tenant Representation, work flow

Why All Real Estate is Local

Posted on March 21, 2014 by mike.kushner in Blog, Commercial Real Estate, Community No Comments

The late Thomas P. (Tip) O’Neill, Jr., former Speaker of the House, once said, “All politics is local.”  From campaigning for election to signing a bill into law, the most informed decisions are made when local voices are taken into consideration. The same could be said of real estate.

Take a moment to really think about this statement. Sure, real estate spans the globe and analyzing the data from broad markets allows us to see overarching trends, but the most valuable real estate information exists at the local level. When making the decision to rent or buy, local market data provides the most accurate and relevant information needed to understand your options and what’s best for you and your business. But finding this information isn’t as easy as you might imagine.

Often real estate market data comes in the form of various graphs and tables that, while they offer valuable information, don’t often break the data down to the most local level.

That’s why we do.

Omni Realty is the only Commercial Real Estate Broker that offers local market data on all commercial real estate investment classes: Industrial; Office; and Retail. Every quarter, we take the lastest market reports and break them down into local summaries that we share on our blog each month, highlighting the most interesting and important trends. Sure we’re passionate about real estate, but the real reason we take the time to provide these market reports is for our clients. Real estate decisions can be stressful and confusing, but when equipped with knowledge, you can gain a sense of control and confidence.

Here’s how we do it. In analyzing metropolitan areas, we use geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets.  Markets  are  the  equivalent  of metropolitan  areas (or  areas  containing  a  large  population nucleus) that, together with adjacent communities, have a high degree of economic and social integration. Markets are then divided into Submarket Clusters. These are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Submarket Clusters are further subdivided into smaller units called simply Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group.

You can see how this very specific data might be hard to track down and analyze – which is why many of the large market reports only go as local as the “Philadelphia Market.” This is a huge territory that includes everything from urban to rural submarkets. This broad data is less than helpful when making a local renting or buying decision here in Central Pennsylvania. So for the benefit of our clients, we break down the data to make it more relevant. And based on our expertise, we also offer insight on the trends and what they mean for you.

President of Omni Realty, Mike Kushner has been actively involved in the local commercial real estate market for over 28 years as an investor, developer, broker and manager. Nearly three decades of working in this industry provides Mike with a specific and unique expertise in local commercial real estate. And he is passionate about sharing this knowledge with the community. Check back each month or subscribe to our blog in the top corner of this page for Omni’s local market reports and other insights into local commercial real estate.

central pennsylvania real estate, Commercial Real Estate, data, harrisburg real estate, local, local market data, local real estate market, market reports, Mike Kushner, Omni Realty, reports, trends

Real Estate Financing Programs Available Through CREDC

Posted on June 20, 2012 by mike.kushner in Blog, Commercial Real Estate, Community No Comments

The Capital Region Economic Development Corporation (CREDC) has a variety of programs available to help area businesses purchase real estate.These programs can be used by businesses to purchase property or equipment for their operations.  CREDC’s Business Finance staff works directly with the applicant to guide him/her through the application process, while working hand-in-hand with the applicant’s financial institution. CREDC also works with businesses to help them find the best option for their situation. Overall, CREDC can help you close the deal.

A typical loan is structured in the following manner:

  • 50% Financial Institution Loan
  • 40% CREDC loan (subordinate to Financial Institution’s 1st lien loan)
  • 10% Client Equity Injection

CREDC’s involvement helps to close the deal by reducing the Financial Institutions risk through lower exposure and improved collateral position.  CREDC’s loan also benefits the client through lower interest rates, long-term fixed interest rates that stabilize a portion of the debt payments, and keeping cash in the client’s pocket to finance working capital and/or growth needs.

To qualify for real estate projects, the property must be owner-occupied. For more information about the programs or to discuss options, contact Shaun Donovan at (717) 213-5033 or go to credcpa.org.

[Online Resources] Real Estate, building, Central PA Real Estate, commercial lease, Commercial Real Estate, commercial real estate financing, Commercial Realtor, Construction, CRE, CREDC, Going Green, loan programs, Mike Kushner, office lease, office leasing marketing, Office Space, office space camp hill, office space Harrisburg, office space in central pa, Omni Realty Group, rent office space

How CREDC Aids in Site Selection

Posted on June 6, 2012 by mike.kushner in Blog, Commercial Real Estate, Community No Comments

By Shaun Donovan, CREDC Economic Development Specialist

The Capital Region Economic Development Corporation (CREDC) serves as a catalyst for business development within Cumberland, Dauphin and Perry Counties by offering services such as loans, economic development incentives and business location support. Many of the programs are aimed at helping existing businesses within the region grow and prosper.  We do, however, help businesses find the appropriate location for their business through our site selection program.

The site selection program is a way for businesses to confidentially search for properties that meet their criteria.  Whether it is an existing building, or a lot for development, CREDC helps guide the process in matching potential businesses with their ideal location.  Our incoming projects come from four sources: direct calls from companies, the Governor’s Action Team, Pennsylvania’s Offices of International Business Development, and site selection consultants.  We help these groups by working with the commercial real estate community.  CREDC does not directly benefit from site selection activities. We act as a conduit for matching companies with the correct site and encouraging the business to stay in the region or locate here from other places.

To assist with the site selection prospecting we have access to a statewide database of available commercial and industrial properties through http://www.pasitesearch.com.  Properties listed in this system can be viewed by the public and is the first place that the Governor’s Action Team looks whenever a new project is created.  Many of our incoming projects already have preferred locations listed on the PA Site Selector website.  Commercial Real Estate agents are encouraged to include information about their properties to the site which is available at no cost.  The website directs any questions about building or lots to the real estate agent that has the listing posted.

One reason that companies come to CREDC for site selection is to remain anonymous through the initial phases of their search.  There are many reasons that companies prefer to remain anonymous such as labor concerns, competitive forces, and publicity concerns.  Often these companies are in the very initial stages of their search and do not want to be known until they can evaluate the opportunity and make a preliminary decision.   Some companies eventually reveal who they are but many remain anonymous.

CREDC works with companies from around the globe that are looking to find a location.  Some of the projects involve comparing our region to other places around the country. Other projects have a more local focus in which companies are only looking at several counties.  In addition to locating the site, we provide information to the company about the region and help the company find resources to make the project work.  This includes adding regional information to RFI requests and working with the Governor’s Action Team on developing packages for a company looking to locate here.  By working together with the commercial real estate community, we have been successful in attracting both large and small businesses.  Some of the most recent businesses include Lennox Industries, Quality Bicycle Products and       WorldPantry.com. Last year, we completed three site selection projects in our region.  Currently, we have a few projects that are in the final stages.

[Online Resources] Real Estate, building, Central PA Real Estate, commercial lease, Commercial Real Estate, Commercial Realtor, Construction, CRE, CREDC, Going Green, Mike Kushner, office lease, office leasing marketing, Office Space, office space camp hill, office space Harrisburg, office space in central pa, Omni Realty Group, rent office space, site selection

As Office Property Nears Completion, Builder and Buyer Chime In

Posted on May 22, 2012 by mike.kushner in Blog, Community, Construction No Comments

Two months ago, we published an interview from the perspectives of both the builder and the owner of an office construction project in Harrisburg. The project is nearing completion and we thought it would be a good time to check in on their progress.

Here’s a follow-up interview with David Martin of Michael L. Martin, Inc. and Robert Beachy, property owner.

David Martin (Builder):

When do you anticipate completion of the property?

Our goal is to deliver the project the last week of May (after Memorial Day).

Has the recent rain impacted this project’s timeline at all?

The rain has hindered our progress this past week and is forecasted to do the same this week.

How else does weather impact the progress of constructing a property?

Rain can really slow down the progress at this point in the project.   Typically this is the time when we are doing the exterior finishes like curbing, parking lot paving, sidewalks, etc.  This work cannot be done while it’s raining.

Have any significant unexpected challenges arisen in this project?

There have been a few, some of them were related to constant changes being made to building codes and ADA requirements.  Getting a sewer hookup to the property has been the biggest challenge on this project.

For you, what’s the most enjoyable part of the construction process?

For me, the entire process is rewarding.  If I had to pick one part it would be the design phase.  Creating a plan that works best for the client is a challenge that I enjoy.

Bob Beachy (Owner)

Is this property turning out the way you envisioned it when you began this project?

Yes, for the most part with some minor differences such as having to change some of our kitchenette cabinetry to comply with ADA guidelines.  We had also hoped to have two windows in the basement but had to change it to one window because of the grade of the lot.

What do your existing clients think about the re-location?

No one has been in the space yet but clients that have driven by the building say it looks very nice and several of them commented about how nice the stone exterior looks.

What value would you place on the role of a commercial real estate agent in the process of completing a new build?

It was very helpful to have someone knowledgeable about the building process to advise us and who had prior relationships with other agencies and professionals that we needed to involve in our project.

Now that the property is near completion, what are you thinking and feeling about this experience?

We are pleased with how the project is turning out, but we’re also glad to be nearing the end!

What recommendations do you have for others who might be looking to build?

Spend time developing a thorough project budget with the assistance of a commercial realtor/developer. Know someone who has a lot of connections with other agencies and professionals. Be patient. Check on the progress of your project regularly. Hire a good builder with an excellent reputation.

[Online Resources] Real Estate, Bob Beachy, building, Central PA Real Estate, commercial buying, commercial lease, Commercial Real Estate, Commercial Realtor, Construction, CRE, David Martin, Going Green, landlord, leasing rates, Michael martin builder, Mike Kushner, NAR, office lease, Office Leasing, office leasing marketing, Office Space, office space camp hill, office space Harrisburg, office space in central pa, Omni Realty Group, planning and developing, rent office space, tenant advocate

Healing Children Through Generosity

Posted on December 28, 2011 by mike.kushner in Community No Comments

This month, we’ve featured several companies and organizations who are giving back for the holidays and all year round.  It’s easy to see that Central PA is filled with groups and companies willing to lend a hand.

PinnacleHealth is no exception.

The PinnacleHealth Foundation recently launched the PinnacleHealth Children’s Fund to support numerous programs for children in our hospitals and community. With a gift of $25, $50, $100 or more, you can help provide medical screenings for abused children, cover a portion of a child’s hospital bill, or support childhood obesity prevention programs.

With children’s services ranging from surgery to counseling and  from early disability intervention to primary care ,PinnacleHealth is committed to developing strong families and taking care of children from birth to adulthood. Below are a few of the programs that donations to the PinnacleHealth Children’s Fund help support:

Children’s & Teen Center – At the Children’s and Teen Center, children and adolescents from birth to age 18 receive quality healthcare regardless of their ability to pay.

Children’s Resource Center (CRC) – The CRC is dedicated to helping infants and children under the age of 18 recover from abuse so that they may develop and grow into healthy, productive, and non-violent adults.

Childhood Lead Poising Prevention Center – PinnacleHealth’s Childhood Lead Poising Prevention Program provides comprehensive lead poisoning prevention, testing and control services.

Bereavement Programs for Children – Camp Dragonfly is a free weekend bereavement camp for children ages 6-12. Together Laughing and Crying is a six-week spring and fall support group for children ages 6-12 who have lost a parent or other family member to illness, accident, suicide or homicide.

Infant Development Program – Early intervention helps children born with a diagnosed disability or medical condition reach their fullest potential.

Wellness and Prevention Programs – Girls on the Run is a life-changing learning program for girls ages 8-13. The program combines training for a 3.1-mile running event with self-esteem enhancing, uplifting workouts. KidShape is a nine-week fun-filled program that helps overweight children and their families become healthier. KidSahpe teaches the entire family how to eat more nutritiously, make exercise a fun part of their daily routine, form new healthy habits, and like themselves regardless of size.

The Children’s Fund will maintain and improve the health and quality of life for all children of Central Pennsylvania through PinnacleHealth programs or services. Click here to make a donation or to learn more.

[Online Resources] Real Estate, Central PA Real Estate, commercial lease, Commercial Real Estate, Finding a Commercial Realtor, Helping Others, Mike Kushner, office lease, Office Leasing Market, Office Space, Office Space in Camp Hill Harrisburg office space, Omni Realty Group, PinnacleHealth Foundation

Join me in Supporting a Great Local Cause

Posted on December 21, 2011 by mike.kushner in Community No Comments

Last week, we talked about how some local businesses are giving back to the community. This week, we’ll discuss another local opportunity for giving:  The Bethesda Mission’s Medical/Dental Clinic program.

Bethesda is raising money to build a new Medical/Dental clinic as part of its “Rescue. Redeem. Restore. $2.9M Capital Campaign.” With a $600,000 price tag, the 3,000 square foot clinic will have five exam rooms and two dental chairs according to current plans.  This space will be an addition to their current location at 611 Reilly Street.   Bethesda has raised $400,000 and is soliciting the remaining $200,000, hoping to begin construction in the summer of 2012.

For two decades the Bethesda Mission has treated those who are uninsured or underinsured.  Doctors and medical students from the Hershey Medical Center volunteer to work at the clinic, which is also staffed by Bethesda’s nurses. In 2010, the clinic’s staff handled 3,000 patient visits.

Just over a year ago, the mission opened a dental clinic that is open every Friday and provides care to 100-150 people each year.

Currently, modular units are being utilized for the medical clinic while the dental clinic is utilizing dormitory space on the second floor of the men’s shelter. The plans for the new medical/dental facility will move the clinics to the south side of the men’s shelter.

You can help make this facility come to life by making a pledge or cash donation toward this new and improved clinic. Three-to-five-year pledges are encouraged. You can also help by referring Bethesda to other potential funding sources. Omni Realty Group is excited to get involved. Will you join me in supporting this great local cause?

[Online Resources] Real Estate, Bethesda Mission, Central PA Real Estate, Charity, commercial lease, Commercial Real Estate, Finding a Commercial Realtor, Giving Back, Holidays, Mike Kushner, office lease, Office Leasing Market, Office Space, Office Space in Camp Hill Harrisburg office space, Omni Realty Group
  • 1
  • 2

Subscribe To Our Blog

  • This field is for validation purposes and should be left unchanged.

Mike J Kushner, CCIM

  • Contact me for a FREE Lease Review!
  • This field is for validation purposes and should be left unchanged.

Categories

  • About Us
  • Blog
  • CCIM
  • Commercial Real Estate
  • Community
  • Construction
  • CPBJ Articles
  • CREDC Articles
  • Feature
  • Featured Opportunities
  • Guest Blogger
  • Healthcare
  • In the News
  • Industrial
  • Local Market
  • Office Leasing
  • Retail
  • Success Stories
  • Tenant Representative/Buyer Agent
  • Trends

(c) 2019 OMNI REALTY GROUP- Website Design by The John Webster Company