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BABCPHL Special Edition E-Newsletter – Sports the Global Unifier

Written by: Kaitlyn Rampone, Coordinator, BABCPHL

Sports are not only an economic industry driver, but a global unifier. Elevating the business of sport throughout the transatlantic corridor is a homerun, and the US and UK are prominent players. Philadelphia and the UK are renown for enthusiastically supporting sports teams and legends. During the coming months and years, America, Great Britain, and the world are gearing up for a series of landmark cricket, baseball, soccer/football, and rugby events. The BABCPHL is proud to partner with individuals and organizations who make it all possible by championing, facilitating, and cultivating engagement in sport, the great connector and driver for societal change and economic prosperity. We are pleased to highlight some of these activities for you in this special edition e-newsletter.

In just 30 days, the highly anticipated International Cricket Council Men’s T20 World Cup 2024 will begin in the USA and West Indies, unfolding across three venues in the US and six in the Caribbean. Twenty formidable teams will compete for victor, with ten starting in the US, including Team USA facing Canada on June 1, 2024, marking the first ICC World Cup tournament matches on American soil. Closer to home, we are pleased to report that cricket has established its presence within the Philadelphia community, with notable contributions from Liam Plunkett serving as a pivotal stakeholder. Coming from England, Plunkett has had an illustrious career in cricket, notably contributing to the triumph of the 2019 Cricket World Cup-winning team. Presently, he assumes the role of player and lead coach for Major League Cricket USA, leveraging his experience in international cricket to rally Philadelphia’s cricket enthusiasts.

As the winter months begin to wane and the weather warms, spring training begins, and fans gear up for baseball season. This year, the MLB World Tour: London Series 2024 is set to showcase a compelling two-game regular-season series between the Philadelphia Phillies and the New York Mets, scheduled for June 8-9, 2024. This premier event promises the riveting on-field competition between National League East Coast rivals and a multifaceted entertainment experience. The excitement extends beyond the confines of London Stadium. A variety of festivities such as bus tours and boat parties, Reading Terminal Market London, a “South Philly” tailgate, etc. will be happening. If you are in London during the Series, we encourage you to go to the Passyunk Avenue pubs, Philly-branded dive bars and restaurants. These themed bars were created by South Philly native JP Teti, who got his start with the Liberty Cheesesteaks food truck in London’s Spitalfields market. Please stop in and say hello to our Philly friend, JP! To celebrate on this side of the Atlantic, we are hosting a viewing party at Founding Fathers Sports Bar & Grill in Philadelphia on Saturday, June 8th at 12:00 noon EST. Food and drink will be available for purchase, and each attendee will have the opportunity to win exciting business card raffle prizes. Click here for more information. Pre-registration is required.

Next up on the scheduled Philly/UK sports scene is soccer, or as it’s known across the Pond and in many countries throughout the world, football! Premier League soccer returns this summer on Wednesday, July 31, 2024, with Arsenal facing Liverpool at the Lincoln Financial Field as part of the Rivals in Red Tour. The thriving soccer community in Philadelphia is bolstered by the efforts of the Philadelphia Union and the Philadelphia Union Foundation. A key collaborator with a longtime connection to the BABCPHL is Mark Evans. Evans has been with the Philadelphia Union for fifteen years and currently serves as Vice President, Season Ticket and Premium Sales & Fan Services. The Philadelphia Union Foundation is a non-profit established with the goal of building safe spaces to play soccer in Philadelphia. A few years from now, Philadelphia is set to play a crucial role in the 2026 FIFA World Cup, hosting six matches at the Lincoln Financial Field from June 14 – July 4, 2026, as part of the tournament spanning sixteen cities across North America. Of particular significance, the tournament’s climactic final match is scheduled to coincide with the 250th anniversary of the United States of America, right here where it all began, in Philadelphia!

Looking further ahead, the US is set to become a significant host for global sporting events beyond the FIFA World Cup. The Men’s Rugby World Cup will be making its debut on American soil in 2031, followed by the Women’s Rugby World Cup in 2033. The sport of rugby is growing fast across the US and hosting these tournaments will allow an opportunity to broaden its popularity. In more immediate developments, the USA Men’s Rugby team is set to showcase skill as part of the 2024 American Series this summer. Marking a pivotal moment in the nation’s rugby journey, two highly anticipated matches are scheduled. AEG Rugby plays a key role in advancing the significance and commercial sustainability of rugby across the US and globally. Gabrielle Langman, Director of NBC Sports Pub Pass and Marketing & Development at AEG Worldwide, a local friend and supporter of the BABCPHL, is a central figure in the worldwide rugby community.

Overall, the US and UK play prominent roles in the sports world, leading renowned teams and athletes to stardom. The BABCPHL is pleased to recognize and partner with individuals and teams across various sports, such as those mentioned above. Our area is a dynamic hub for premier sporting events, and the region is ready to display its passion for sports on an international stage. BABCPHL member, the Philadelphia Convention & Visitors Bureau (PHLCVB) is the economic impact powerhouse that positions Philadelphia as a premier destination for these major sporting and other events that spotlight Philadelphia as a top-tier location. We congratulate and thank all the regional groups who contribute to the transformative impact of these athletic events and global camaraderie. May the best teams win!

Spring 2024 BABCPHL New Members

Club Level Members:

Johnson Matthey

Krista Johnson
US President
E: krista.johnson@jmusa.com
456 Devon Park Drive
Wayne, PA 19087

Zachery Taormina
Plant Manager – Clean Air North America
E: Zachery.Taormina@jmusa.com
P: 484-531-3567

Louise Arnold
Product Line Director, Light Duty Diesel
E: louise.arnold@matthey.com

We are Johnson Matthey, a global leader in sustainable technologies. For over 200 years we’ve used advanced metals chemistry to tackle the world’s biggest challenges.

Many of the world’s leading energy, chemicals and automotive companies depend on our technology and expertise to decarbonize, reduce harmful emissions and improve their sustainability.

And now, as the world faces the challenges of climate change, energy supply and resource scarcity, we’re actively providing solutions for our customers. Through inspiring science and continued innovation, we’re catalyzing the net zero transition for millions of people every day.

Olympus Corporation of the Americas

Neil Boyden Tanner
Global General Counsel
E: neil.tanner@olympus.com
3500 Corporate Parkway
Center Valley, PA 18034

Julian Sauvagnargues
President, Olympus Corporation of Americas
E: julian.sauvagnargues@olympus.com

Richard Reynolds
President, Medical Systems Group
E: richard.reynolds@olympus.com

Adrian Marsh
Global Head of Administrative Finance
E: adrian.marsh@olympus.com

Paul Lambert
VP, Information Technology
E: paul.lambert@olympus.com

At Olympus, we are committed to Our Purpose of making people’s lives healthier, safer and more fulfilling. As a global medical technology company, we partner with healthcare professionals to provide best-in-class solutions and services for early detection, diagnosis and minimally invasive treatment, aiming to improve patient outcomes by elevating the standard of care in targeted disease states. For more than 100 years, Olympus has pursued a goal of contributing to society by producing products designed with the purpose of delivering optimal outcomes for its customers around the world. For more information, visit https://www.olympus-global.com/ and follow our global X account: @Olympus_Corp.

Corporate Members:

Choose New Jersey

Tim Crouch
Chief Strategy Officer
P: 609-228-9026
E: tcrouch@choosenj.com
One Gateway Center
11-42 Raymond Plaza W #1420
Newark, NJ 07102

Choose New Jersey is New Jersey’s leading nonprofit economic development organization. We stimulate job creation and attract capital investment with the aim of growing New Jersey’s economy. We market New Jersey globally as the most ideal state in the U.S. to live, work, and play, and we guide businesses in establishing or expanding operations here.

Our staff, supported by a network of state agencies and private partners, provide free, confidential assistance to guide companies in establishing operations in New Jersey.

Choose New Jersey, Inc. is a recognized 501(c)(3) nonprofit organization.


David G. Jones
Global Recruiting Manager, Diversity, Equity & Inclusion (DEI)
E: david.jones@gstiusa.com
370 Richard Mine Rd
Suite 101
Wharton, NJ 07885

Government Systems Technologies, Inc., GSTi, operates as a leading diversity-certified supplier delivering staff augmentation advisory & consulting services and the management of partnered solutions. Our primary focus is to ensure delivery of top-tier talent and develop lasting relationships with clients as we bring extensive industry experience, deep analysis, and strategic capabilities to our customers as they address complex IT business challenges.

Design, Management and Analysis are at the core of our business. We recruit highly skilled professionals for our clients to deliver their strategic IT initiatives. We offer T&M consulting, contract-to-hire, full-time employment and scalable niche partnership models to service our client’s sourcing strategy.

Government Systems Technologies, Inc. was initially founded in 2000 as a commercial software vendor to the US Army. Soon after, our services offering expanded to include desktop computing hardware, imaging systems, and IT staffing to the US Army as well as state and local governments. GSTi began to take on a more commercial focus in 2008, providing IT advisory and consulting services in the private sector.

GSTi is proud to be a Minority-Owned and Woman-Owned business, and we maintain a number of certifications that highlight out diversity business status.

Today, GSTi operates as a leading diversity supplier for clients in the Mid-Atlantic market, delivering Advisory and Consulting Services, Digital Execution, and management of partnered solutions.

London Carpenters’ Company to Visit Philadelphia

The BABCPHL is excited to partner with the Carpenters’ Company of the City and County of Philadelphia to welcome a delegation from the Worshipful Company of Carpenters in London to Philadelphia this fall.

Founded in 1724, Philadelphia’s Carpenters’ Company is celebrating its 300th anniversary this year. The organization, originally a trade guild for master builders and now a professional association of architects, engineers and contractors, was modeled after the Worshipful Company of Carpenters, which dates back to the Middle Ages and is now one of the many livery guilds that govern the City of London and elect the Lord Mayor. Like the countries they are from, the two companies have enjoyed a positive relationship for centuries.

Part of that relationship involves reciprocal visits to London and Philadelphia every five years. The Philadelphia Company traveled to London in 2019, and members will welcome their London counterparts to Philadelphia this fall. Approximately 40 members of the London Company will spend four days in late October enjoying Philadelphia’s historic and cultural riches, including trips to the Barnes Foundation, Winterthur, and Longwood Gardens. They will also tour the historic sites of Independence National Historical Park and, of course, spend time in Carpenters’ Hall, the Philadelphia Company’s National Historic Landmark site at 3rd and Chestnut Streets, where the First Continental Congress took place in 1774. The visit will culminate with the London Company’s attendance at the Philadelphia Company’s 300th Anniversary Gala, on Saturday, October 26, in the Grand Ballroom at the Bellevue.

“The relationship between the two Carpenters’ Companies is a microcosm of the deep, longstanding alliance between the US and the UK,” said BABCPHL Executive Director Jane Rosenberg at a press event in February announcing the Philadelphia Company’s anniversary activities. “The BABCPHL is happy to support the London Company’s visit and looks forward to welcoming them to Philadelphia this fall.”

The 300th Anniversary Gala and some of the other London Company events are open to the public. If you are interested in tickets or sponsorship opportunities, contact Michael Norris, Executive Director of the Carpenters’ Company of Philadelphia, at michaelnorris@carpentershall.org. For information on other events related to the Carpenters’ Company’s 300th anniversary or the 250th anniversary of the First Continental Congress, visit www.carpentershall.org.

Spring 2024 President’s Letter

Dear BABCPHL Members and Friends,

I hope this newsletter finds you well with some spring in your step! Speaking of spring, one of my all-time favorite actresses was Audrey Hepburn. She once said, “to plant a garden is to believe in tomorrow.” By this she meant that if you believe in the future, you should nurture your aspirations; the effort we all put into today can bear fruit. As we enter the final quarter of our fiscal year, we reflect not only upon our success, but what we can still do to build for the future. Regular operations have permitted us to not only to stabilize but to expand. We have been able to reconnect with members and welcome new companies to the organization. During the past nine months we have offered timely and informative programs and networking events, provided valuable content, and grown membership. We are pleased to be closing the books on a high note and are already planning new fiscal year activities – we are definitely planting our garden for tomorrow!

I encourage you to read this newsletter for a recap of recent past events. Content also includes details about what we are offering during the coming weeks, and the opportunity to meet new Club Level member Johnson Matthey and regional partner, The Carpenters’ Company of the City and County of Philadelphia.

We are lucky to collaborate with many entities ranging in size from global multinationals to small and medium sized enterprises as well as regional and UK groups and government entities. Special thanks to our members and partners who have contributed to our success of building a stronger Greater Philadelphia/UK business ecosystem.

The 17th century British-American poet, Anne Bradsteet, wrote, “If we had no winter, the spring would not be so pleasant; if we did not sometimes taste adversity, prosperity would not be so welcome.” Four years have passed since Covid19 was upon us, when we were limited in our activities and events, and our ability to see each other in person. Now, four years on, April 2024 is a busy month. We look forward to seeing you often both in the near term and beyond. If you are not a member, please choose a program and check us out! Reserve your tickets today to guarantee your spot.


Howard M. Silverstone, MBE, CPA, FCA
President, British American Business Council of Greater Philadelphia

Winter 2024 BABCPHL New Members

Corporate Members:

Diversified Search Group

Judy Boreham
Managing Director & Partner, Co-Head of the Human Resources Practice
E: judy.boreham@divsearch.com
T: 215-656-3575
M: 215-219-4465
2005 Market Street
One Commerce Square
Philadelphia, PA 19103

Tyler Ridgeway
Managing Director
E: tyler.ridgeway@divsearch.com
T: 215-656-3580
M: 610-864-6405

Diversified Search Group is one of the fastest-growing executive search firms in the world. We’ve forged a new path in identifying and recruiting transformative leaders for the future.
Our firm has deep expertise through a combination of specialized brands. Together, we harness our resources to access more diverse and exceptional talent.

We work across industry sectors and functional roles and our brands are as follows;
Diversified Search: C-suite and corporate board leadership
Alta Associates: cybersecurity, data privacy, and IT risk management
BioQuest: life sciences, including medical device, biotech, diagnostics, digital health, and pharma
Grant Cooper: health systems, academic medical centers, and medical groups
Koya Partners: nonprofit and mission-driven organizations
Storbeck Search: higher education, K-12 schools, and related nonprofits
Yardstick Management: consulting, diversity, equity, and inclusion


Green Worldwide Shipping and Metro Global Ltd

Bruno Pierrat
Business Development Manager
E: bruno.pierrat@greenworldwide.com
P: 732-760-220
51 Cragwood Rd
Suite 303
South Plainfield, NJ 07080

Green Worldwide is a family of innovative problem-solvers who communicate freely to present creative solutions in an environment of trust, respect, and integrity. We are dedicated to customer service, passionate about logistics, committed to sustainable growth while inspiring others.

We combine Green’s expertise in global transportation, logistics, and technology solutions with Uplift’s environmental, social, and governance (ESG) consulting to provide shippers with comprehensive support to build more sustainable and responsible supply chains and operations.

At Green, we are committed to promoting the human rights and wellness of our employees, customers and supply chain partners and advancing sustainability across our operations.

Lewis White
Business Development Executive
E: lewis.white@metro.global
2700 The Crescent
Birmingham B37 7YE, United Kingdom

Metro is one of the UK’s leading privately owned multi-modal freight and logistics providers, transforming supply chains for leading British and international brands, with knowledge and precision, innovating international trade, with a passion for sustainability and market-leading technology.

The most effective outcomes are inspired by people and powered by technology and that’s how we manage critical logistics and international transport functions, giving our customers the freedom to unleash their potential.

Combining human ingenuity, passion and experience, our people-led, tech-powered approach to supply chain transformation, balances cost, resilience and sustainability, to build reliable, resilient and agile supply chains.

New ‘Express’ Transatlantic Sea Freight Service

Written by BABCPHL Corporate Member MetroShipping and GreenWorldwide

One of the UK’s largest privately-owned freight forwarders, Metro has been supporting Transatlantic trade with the United States in air and sea freight services since our inception nearly 50 years ago.

We are particularly proud of our long-standing association with Philadelphia, which is why we are so pleased that our new in-house ‘Express’ transatlantic sea freight service calls directly at PhilaPort, as well as New York, Norfolk and Jacksonville.

The weekly USX service by group company, Ellerman City Liners is supported by our own offices and delivers some of the fastest transit times available – direct to Philadelphia from just 13 days – and because it utilises non-congested ports and terminals, port clearance and inland movements are seamless too.

USX is the only direct service operating to and from Jacksonville, serving the Baltic, Scandinavia, Europe and the United States, with four calls on the East Coast, including Philadelphia.

Green Worldwide Shipping serves as Metro’s U.S. partner to ensure American shippers have direct communication and support from our preferred local supply chain experts.  Green offers comprehensive international freight forwarding, warehousing, and trade compliance throughout 16 locations across the United States.

If this service is of interest, please contact Bruno Pierrat – bruno.pierrat@greenworldwide.com or Lewis White – lewis.white@metroshipping.co.uk.

Winter 2024 President’s Letter

Dear BABCPHL Members and Friends,

Happy new year! I hope this newsletter finds you well and starting 2024 off on the right foot. We ended 2023 on a high note with our Signature Annual Holiday Lunch. It was a lively, festive affair focused on the business behind sports – an economic industry driver and a global unifier. The sports theme remains strong as we gear up to watch the Phillies vs. the Mets in June in London, and Philadelphia readies to host World Cup matches in addition to other major sporting events in the near term.

The BABCPHL has a fully stacked schedule including many programs as well as in and outbound trade missions. Please read this newsletter and visit our website frequently to learn what is on the docket. These resources offer current information about our activities, members, and trade policy.

In the world of global interconnectedness, we are one of 22 chapters, and members of the BritishAmerican Business network. Our group proudly supports the growth of transatlantic trade and collaboration across sectors. The network aims to act as a catalyst for innovation, opportunity, and shared prosperity. Use it to your advantage! Attend our events, read the content we share, and meet fellow members to expand your business horizons.

I don’t often quote Brad Paisley, the country music singer, but with regards to a new year, he said, “Tomorrow is the first blank page of a 365-page book. Write a good one.” We hope that as you write your book for 2024, you include the BABCPHL in many of your pages and that we see you often!

Howard M. Silverstone, MBE, CPA, FCA
President, British American Business Council of Greater Philadelphia

Fall 2023 BABCPHL New Members

Club Member:

Baker Tilly US, LLP
Robert Jaffe
Director, Growth Strategies
E: robert.jaffe@bakertilly.com
P: 215-972-2521
1650 Market Street
Suite 4500
Philadelphia, PA 19103

Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 145 territories, with 41,000 professionals and a combined worldwide revenue of $4.7 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.

Corporate Members:

ieso Digital Health Inc.
Deborah Cleary
Head of Payer Development
E: d.cleary@iesohealth.com
P: +44 (01223) 752574
101 Federal Street
Suite 900
Boston, MA 02110

Jodi Prohofsky
Chief Operations Officer (US)
E: j.prohofsky@iesohealth.com

Little is known about what makes mental healthcare successful and why. We’re blending data science and deep clinical expertise, to learn what helps people access the right treatment and recover. We use this knowledge to create fully scalable, highly personalised, digital solutions that help prevent, treat and manage poor mental health.

Our pioneering discoveries in mental healthcare are improving how the world understands and treats mental health. From the beginning, we’ve placed patients at the heart of everything we do, and believe in a world where everyone has access to effective mental healthcare that is right for them at the time they need it.

Grace Fitts
Director, Client Advisory Services | Private & Corporate Collections
E: gfitts@freemansauction.com
P: 267-414-1254
2400 Market Street
Suite 304
Philadelphia, PA 19103

As America’s oldest auction house, Freeman’s has been an active part of the auction world and art market for more than 215 years. While still ingrained within the heart of Philadelphia–a city which the house has proudly called home for over two centuries–Freeman’s stays connected to the global art scene through its extensive client network, regional representatives throughout the United States, and an ongoing marketing alliance with Lyon & Turnbull, one the longest established fine art and antiques auction houses in the United Kingdom. Freeman’s illustrious history, familiarity with the market, dedicated team of specialists, and relentless focus on service have resulted in an international reputation for achieving exceptional prices and client satisfaction. In addition to their year-round auction schedule that spans specialist departments, Freeman’s supports private and corporate collectors with additional services, including Trusts and Estates, Appraisals, and Private Sales.

Educational, Arts & Charitable Institution Member:

DBE National Society
Susan J. Gerrity
National President
E: susan.gerrity@icloud.com or president@dbenational.org
P: 610-220-6074

The Daughters of the British Empire (DBE) is a charitable, non-profit, non-political, non-sectarian, voluntary American society of women of British and Commonwealth birth or ancestry. Its members are professionals, businesswomen, and homemakers with common interests and heritage, who meet regularly for business and social events with the common cause of philanthropy. The society was founded in the United States on March 15, 1909, as the Imperial Order, Daughters of the Empire in the U.S.A., and became the National Society, Daughters of the British Empire in the U.S.A. on April 14, 1920. The National Society is incorporated in the State of Delaware.

The Society is affiliated with the Imperial Order Daughters of the Empire in Canada (IODE); the Victoria League in London, England; and the General Federation of Women’s Clubs in the United States.

For over 100 years, the Daughters of the British Empire in the U.S.A. has been a common bond for women of British heritage living in America. Members, joining together in fellowship, contribute significantly to the good of their local communities and support the retirement homes for men and women established by the DBE.

Individual Member:

David Klucsik
E: david.m.klucsik@verizon.net
P: 609-516-6764

Affiliated with TALA Communications of Oxfordshire, David Klucsik’s Same Page LLC offers marketing and communications services, specializing in complex, controversial, and emotional issues involving business, industry, science, media, and public policy, often in a crisis context.

McCann Team State of the Residential Real Estate Market

Mid-Atlantic: Continued Growth, Setting it Apart from Other National Regions

Throughout July, the Mid-Atlantic region saw a 3.9% increase in home prices, boosting the median price to $400,000. This made for the strongest price growth since the beginning of this year, going against the trends seen in other national markets.

The summer market has remained strong, a continuation of the patterns previously observed in June. The elevated mortgage rates have not discouraged competition among buyers vying for a property among the historically low levels of inventory. This is according to the Mid-Atlantic July Housing Report released by Bright MLS.

Dr. Lisa Sturtevant, Chief Economist at Bright MLS, has expressed her surprise at the market’s resilience in the face of higher rates and prices. She noted that even first-time buyers are finding ways to navigate the competitive landscape, with tactics like assumable mortgages and seller financing becoming part of the conversation.

Notably, prices saw an uptick across several metropolitan markets including Washington, D.C., Philadelphia, and Baltimore. Median days on the market, indicating the speed of property turnover, remained consistent at seven days in Baltimore, nine days in Philadelphia, and decreased by a day in the Washington, D.C. metro area, making it seven days.

While the summer season typically brings a slight market cooldown due to vacations and travel, there has been no such relief for buyers this summer. The report highlights a significant drop of over 29% in new properties listed across the region. Active listings have also decreased by 19.1%, indicating that the market pace remains rapid. This emphasizes the need for buyers to act swiftly when encountering the right property.

The report further shows that new pending sales have decreased by 13%, and closed sales experienced a 20% decline in the region for July. The limited inventory has also proven to decrease property showings, which saw a nearly 12% reduction compared to the previous year. Despite these declines, the gap in market activity between the current year and the previous year has narrowed.

Looking ahead, Bright MLS anticipates that the fall market in the Mid-Atlantic region will be characterized by ongoing low inventory, stable or potentially rising home prices, and increasing challenges related to affordability. While mortgage rates are projected to decrease slightly, they are expected to hover around 6.5%. Homeowners are less inclined to sell, fearing the loss of their favorable rates. However, listing activity is predicted to show a slight uptick in the coming months. This could be driven by “movers of necessity” and transactions involving non-standard financing options, such as assumable mortgages and seller financing.

Philadelphia Metro Area: Strong Price Growth Despite Affordability Challenges

The residential real estate market in Philadelphia has experienced a steady and promising recent performance. A steady surge in demand for housing coupled with continued low inventory, has caused property prices to continue their upward trend.

In July, the Philadelphia metro area witnessed a median home price of $369,000, just shy of June’s record at $370,000. Price surges extended to all local markets, including Philadelphia County, which had experienced a dip earlier in the year.

Despite affordability challenges, homebuyers remain actively engaged in the Philadelphia market. Although there was a 13.8% drop in showing activity compared to the previous July, the gap in buyer traffic between 2022 and 2023 is gradually narrowing.

While all of this information can be somewhat daunting, it is important to keep in mind that real estate is often a long-term investment and historically has proven to be one of the largest wealth builders amongst Americans!

State of the Commercial Real Estate Market

Philadelphia’s commercial real estate sector has shown remarkable resilience over the past decade, even navigating the pandemic and fluctuating interest rates. Let’s delve into the four key asset classes, highlighting essential terms:

Net Absorption: This measures the change in leased space over a period, showing whether more space was leased or vacated. Positive net absorption indicates lower vacancy, while negative net absorption points to increased vacant space. It’s a gauge of market demand and health.

Cap Rate (Capitalization Rate): This vital metric assesses potential ROI for a commercial property. It’s calculated by dividing net operating income by market value. A higher cap rate may mean higher returns but also higher risk. It helps compare investment options and evaluate income potential.

Vacancy Rate: This shows the percentage of unoccupied or unleased space in a market. Lower rates suggest strong demand, while higher rates indicate oversupply and weaker demand. It’s a way to assess market health and supply-demand balance.

Delivery: In real estate, “delivery” refers to a new construction or development project’s completion, marking its readiness for occupancy. It involves property transfer, signaling its operational state.

Philadelphia’s office market stands strong among top U.S. markets. Its unique employment mix in healthcare, education, and government sustains its resilience. Despite challenges, Philadelphia’s vacancy and availability rates are impressive, with Center City outperforming other central business districts.

Philadelphia’s multifamily market transformed in 2023, with demand retreat and a surge in construction. The market adjusted as projects surpassed demand, causing the vacancy rate to rise. Philadelphia is still able to maintain a lower vacancy rate compared to other metros. Supply-demand dynamics influence rent trends and sales activity.

Philadelphia’s retail market rebounded, driven by consumer savings and spending. Even still, significant retail space remains available. Converting obsolete properties to mixed-use centers is a trend. The suburban market is robust, attracting tenants. Philadelphia’s affordability lures retailers compared to nearby markets, despite challenges in sales volume.

Philadelphia’s industrial market leads the Mid-Atlantic, with high delivery and construction numbers. While annual absorption ranks third, the vacancy rate is rising due to a wave of new projects. Different warehouse sizes experience varying impacts. Financing costs affect sales volume and cap rates.

Philadelphia’s commercial real estate sector exhibits strengths across asset classes, backed by resilience and unique market dynamics.

Meet The Mike McCann Team

Our team of dynamic and motivated professionals consistently keep client satisfaction as our primary focus. Our team of licensed agents are knowledgeable and passionate about Philadelphia’s wide range of neighborhoods and properties. We have been the #1 real estate team in Philadelphia for over three decades, with over 12K homes sold, 3 billion in revenue, and more rewards from the Philadelphia Board of Realtors than anyone else in the city’s history. We target the specific needs of our clients in order to provide them with the resources and expertise they deserve and use our extensive experience to find the ideal location for their perfect home.

Whether you are interested in buying, selling or investing in Philadelphia, the surrounding suburbs, or the Jersey Shore let us be your guide—no one will work harder for you than The Mike McCann Team. Visit our website at mccannteam.com or contact us at Office: 215.607.6007 | Cell: 215.778.0901.

Source: Bright MLS July Housing Report: Mid-Atlantic Housing Market Resilient (prnewswire.com)

Fall 2023 President’s Letter

Dear BABCPHL Members and Friends,

In Sonnet 18, William Shakespeare wrote, “Summer’s lease hath all too short a date.” While I agree with the Bard and am always personally sad when summer ends, here at the BABCPHL, our fall busy season is in full swing! I hope you had an enjoyable summer, and you are ready to return to networking and business development. It was terrific to see many of you at our sold-out event in July. Please make sure you register for our September, October, and December programs. We expect full houses for our bourbon tasting and international art “back to school” night, our UK/US architecture and built-environment panel discussion, and our 2023 Signature Annual Holiday Lunch – Goal! Transatlantic Commerce & The Business Behind Sports.

We are honored to partner with local and UK leaders to offer this diverse range of programs. The themes of our events mirror exciting happenings in our region and in the UK. Join us to learn more and ensure you are current on the latest news, trends, and commercial opportunities.

The BABCPHL is your connector organization. Active engagement with the BABCPHL offers benefits you cannot attain elsewhere. Don’t miss out! I encourage you to read through this newsletter to meet our newest members, take a deeper dive into some important topics presented by regional Club Level Member, Penn Medicine, and Corporate Member the Mike McCann Team, and to learn more about our upcoming events.

I look forward to seeing you later this week at Freeman’s for our bourbon tasting, in October at Carpenters’ Hall, the oldest craft guild in America, and in December for the best holiday party of the season! An anonymous writer said of summer, “The tans will fade but the memories will last forever.” Please join us at our upcoming events and make even more memories!


Howard M. Silverstone, MBE, CPA, FCA
President, British American Business Council of Greater Philadelphia

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The BABCPHL recognizes our Club Level Members:

  • Almac
  • American Airlines
  • Baker Tilly
  • Cigna
  • Cigna
  • Duane Morris
  • EisnerAmper LLP
  • Faegre Drinker Biddle & Reath LLP
  • Forensic Resolutions
  • Johnson, Kendall & Johnson, Inc.
  • Johnson Matthey
  • Morgan Lewis
  • Olympus
  • Penn Medicine
  • Welsh Government