What lessons did you learn from the events of 2020?

The year 2020 undoubtedly left an indelible mark. Initially, the uncertainty in March and April induced extreme market fluctuations, causing significant disruptions. However, as things settled, resilient players emerged, as often seen during downturns. We were fortunate to enter this period with a robust portfolio comprising tenants with solid financial standings. While we supported affected tenants, particularly those in the restaurant industry, there’s a recognition that the fallout in this sector may persist. Keystone boasts a diverse tenant base spanning various industries, but there remains the query of how office spaces will transform in the future. The shift to virtual environments has amplified the importance of physical office spaces.

How does the migration from urban areas in the Northeast affect Philadelphia’s market?

The impact on Philadelphia seems less pronounced compared to other areas, particularly New York. Florida appears to be a significant destination, especially for asset managers. Philadelphia stands strong due to its burgeoning life sciences sector, fueled by the intellectual prowess of its universities. Companies in the education and medical sectors are less likely to depart from Philadelphia, providing a notable upside for the city.