As 2024 draws to a close, Blueprint Commercial reflects on an inaugural year that has been transformational for both our clients and our firm. In just seven months since our launch in May 2024, we have already leased over 110,000 square feet and have overseen over $14.8 Million in transaction volume in the Philadelphia commercial real estate market.

What began as a vision to provide a superior experience for our clients' commercial real estate portfolios has evolved into a rapid growth story poised for further expansion in 2025.

The Theme of 2024: "Laying the Foundation for Excellence"

In 2024, Blueprint Commercial embraced the theme of "Laying the Foundation for Excellence." This guiding principle underscored our commitment to establishing a robust and client-focused presence in Philadelphia's commercial real estate market.

“Our goal for 2024 was to leverage our combined experience in the commercial real estate industry to create a world-class, boutique brokerage offering high-touch, personalized services to our clients. We recognized the importance of getting it right in our first year, and the impact of our foundational efforts is evident in our firm's growth. We are confident that our approach has set the stage for continued success.”  - Maddie Whitehead, Managing Principal

Founding Vision and Purpose

Blueprint Commercial was established with a clear mission: to redefine the commercial real estate landscape in Philadelphia by offering a boutique, client-focused approach. Our founders, Managing Principal Maddie Whitehead and Principal Gerry Smith, envisioned a firm that combines the personalized attention of a smaller brokerage with the extensive experience and resources of a larger commercial brokerage firm.

“It was our combined experience within Philadelphia’s commercial real estate market that allowed us to identify what works and what doesn't, when it comes to ensuring a first class experience for our clients. This approach has enabled us to provide tailored solutions, ensuring that each client receives the attention and expertise they deserve.”

- Gerry Smith, Principal

Expanding The Team

In a short span, Blueprint Commercial has made a significant impact on Philadelphia's commercial real estate scene. Our commitment to delivering tailored, high-touch services has resonated with a diverse clientele, from small business owners to nonprofits and investors.

The growth in transactions led to the firm’s strategic team expansion in November 2024, with the addition of two professionals that brought their expertise from their past experiences both within and outside of the commercial real estate industry to Blueprint.

Meet John Chun & Christie Hans

• John Chun, Broker Associate

  

John Chun brings over 15 years of experience in small business development and real estate acquisitions. His comprehensive approach ensures clients receive support at every stage, from identifying prime locations to navigating complex negotiations and achieving operational success.

• Christie Hans, Director of Operations and Marketing

  

Christie is an accomplished marketing, communications, and operations leader with extensive experience in the luxury real estate sector. Known for her ability to craft and execute high-impact strategies, she has been instrumental in shaping brand narratives, optimizing communications, and leading operational initiatives across diverse markets.

Their expertise has been transformational in ensuring that our firm's rapid growth does not impede the world-class experience we provide to Blueprint Commercial's clients.

Giving Back To Our Community:

One of our proudest moments in 2024, was the launch of our Non-Profit Real Estate Consulting Services, reinforcing our commitment to supporting mission-driven organizations in the Greater Philadelphia region.

Recognizing the unique challenges non-profits face in securing suitable spaces that align with their operational needs and financial goals, our dedicated team offers tailored real estate solutions to empower these organizations to focus on their core missions.

Our services include:

• Mission-Driven Consulting: Providing strategic advice to ensure real estate decisions support the organization's mission.

• Site Selection: Identifying optimal locations that meet specific operational requirements.

• Lease Negotiation: Securing favorable terms to enhance financial sustainability.

• Portfolio Management: Assisting in managing and optimizing real estate assets.
  

Principal Gerry Smith emphasizes, "With our background in brokerage, construction, and development, we bring a unique perspective to serving underserved neighborhoods, nonprofits, social service agencies, and other civic minded clients. We are committed to providing sustainable solutions and building strong, trust-based relationships that drive successful outcomes for all our clients."

Through this initiative, Blueprint Commercial aims to strengthen the non-profit sector's presence in Philadelphia, contributing to the city's vibrant community and fostering positive social impact.

Learn more about some of the non-profit organizations that we have featured in the Blueprint Commercial blog in previous articles: 

Work to Ride: Transforming Lives Through Equestrian Excellence

Empowering Philadelphia Seniors and Families: A Closer Look at North City Congress

Blueprint Commercial Transaction Highlights 

In 2024, Blueprint Commercial successfully brokered several significant transactions that underscore our commitment to excellence in Philadelphia's commercial real estate market. These deals highlight our ability to navigate complex negotiations and deliver tailored solutions for our clients.

2201 Margaret Street (Chocolate Factory)

This iconic property, known as the Chocolate Factory due to its previous life as the Blumenthal Brothers Chocolate Factory, was a landmark transaction for Blueprint Commercial. Our efforts in brokering this deal for D3 Developers were recognized by CoStar for their third-quarter Power Broker Quarterly Deal Awards for one of the top office leases in Philadelphia. Blueprint was able to secure a deal with neighborhood social service provider Concilio to occupy two floors (47,544 SF) of turnkey space in the building.

The Chocolate Factory at 2201 Margaret Street still has availability on the ground floor. 

105 W. Erie Avenue

This industrial property, featured approximately 22,500 square feet of available leasable space, which represented a prime opportunity for a larger format tenant within a strategic flex/industrial corridor with limited supply. Our team expertly navigated the transaction, aligning the objectives of both the owner and tenant to deliver a signed lease. Yale Electric will be opening in the space in early 2025.

1221-1223 N. Franklin Street

We represented the seller in the disposition of this generational asset in the Northern Liberties neighborhood of Philadelphia, showcasing our ability to navigate a complex deal and secure favorable terms for our clients. The property, located in a prime area, attracted significant interest, and our strategic approach ensured a successful sale.

555 N. Lawrence Street

Our team successfully brokered the lease of this office space to a new to the Philadelphia region non-profit tenant, Friends of the Children (FOTC). The property offers approximately 900 square feet of office space in a desirable location, which made it an attractive option for FOTC to open their inaugural location in Philadelphia for their headquarters.

See Blueprint Commercials blog highlight for Friends Of The Children: Non-Profit Spotlight: How Dr. Betty Handy and Friends of the Children are Making an Impact in Philadelphia

Company Awards & Recognitions: 

In 2024, Blueprint Commercial and its principals received several prestigious awards and recognitions, underscoring their commitment to excellence in Philadelphia's commercial real estate market.

CoStar Power Broker Quarterly Deal Award

Blueprint Commercial was honored with a CoStar Power Broker Quarterly Deal Award for facilitating one of the top office leases in Philadelphia during the third quarter. This recognition highlights the firm's significant role in brokering the 47,544 square foot lease for Concilio at the iconic Chocolate Factory at 2201 Margaret Street in Philadelphia. 

There is still remaining available space at this project, for more information please visit the Property page here: The Chocolate Factory at 2201 Margaret Street In Philadelphia 

Pennsylvania Historic Preservation Award

The firm’s client, Impact Services, was recognized with the 2024 Pennsylvania Historic Preservation Award in the Construction Category for their exemplary work on the redevelopment of 118-60 E Indiana Avenue. This award celebrates outstanding achievements in historic preservation across the Commonwealth of Pennsylvania.

PACDC Community Development Excellence Award 

Blueprint Commercial's dedication to community development was further acknowledged by the Philadelphia Association of Community Development Corporations (PACDC). The firm’s client, Impact Services, received the 2024 Community Development Excellence Award, recognizing the impactful work on the Mill Redevelopment at A & Indiana, a project that exemplifies excellence in community development.

Reflecting on these achievements, Managing Principal Maddie Whitehead stated, "These honors are a testament to our team's unwavering dedication and the trust our clients place in us to advise them on their real estate strategy. We are continuing our mission of delivering exceptional service and contributing positively to the Philadelphia community."

These accolades reflect Blueprint Commercial's unwavering commitment to delivering exceptional results, preserving Philadelphia's historic architecture, and working with clients that are contributing positively to community development initiatives.

Market Insights and Future Outlook

Philadelphia’s commercial real estate market showcased resilience and remarkable growth in 2024, positioning itself as a dynamic hub for investors and businesses alike. The industrial sector continued to thrive, with vacancy rates decreasing by 60 basis points to 8.6% in Q3 2024. This trend underscores the sustained demand for industrial spaces, driven by e-commerce, logistics, and light manufacturing sectors.

The office market also demonstrated notable recovery and adaptability, with approximately 1.4 million square feet of leases signed during the third quarter of 2024. Despite challenges posed by shifts in workplace dynamics, businesses remain invested in premium locations, emphasizing flexible and collaborative workspaces.

Philadelphia’s Commercial Real Estate Market Forecast By Sector: 

• Philadelphia’s Commercial Real Estate Industrial Market Forecast: The industrial sector continued its robust performance, with vacancy rates decreasing by 60 basis points to 8.6% in Q3 2024. This decline highlights sustained demand driven by e-commerce, logistics, and light manufacturing industries.

• Philadelphia’s Commercial Real Estate Office Market Forecast: The office market exhibited notable recovery, with approximately 1.4 million square feet of leases signed during Q3 2024. Despite evolving workplace dynamics, there remains a strong commitment to premium office spaces that prioritize flexibility and collaboration.

• Philadelphia’s Commercial Real Estate Retail Market Forecast: Center City Philadelphia stands as the region’s most vibrant retail district, with nearly 3,000 stores, service providers, and food and beverage options packed into a two-square-mile area. Its walkable, urban experience draws residents and visitors alike, offering an alternative to suburban malls.
  

The district has shown resilience, maintaining an 83% occupancy rate across 1,792 businesses and experiencing a 15% growth in retailers since 2019. New experiential retail spaces and entertainment venues have enhanced its appeal, transforming traditional shopping into engaging experiences.

Events like the Open Streets Initiative have further energized the area. In September 2024, nearly 90% of participating businesses reported increased foot traffic, with an average sales boost of 68%. This success has inspired the City of Philadelphia to plan additional Open Streets events in December, solidifying Center City's reputation as a hub of activity and innovation (Center City District, 2024).

Key retail highlights include:

• Occupancy Rate: Maintained at 83%, encompassing nearly 1,792 retail businesses.

• Retail Growth: A 15% increase in the number of retailers since 2019, indicating strong sector resilience.

• Experiential Retail: The introduction of new entertainment venues has transformed the landscape, offering experiences beyond traditional shopping.

• Philadelphia’s Open Streets Initiative: The Center City District's September event led to nearly 90% of businesses reporting increased foot traffic and an average sales boost of 68%. The City of Philadelphia as a result planned additional Open Streets dates in December of 2024. Center City Philadelphia

• Philadelphia’s Commercial Real Estate Multifamily Market: Philadelphia's multifamily sector remained stable, with a total market asset value of $75.7 billion by Q4 2024. Although vacancy rates increased slightly to 7.6%, investor interest persisted, resulting in a total sales volume of $199 million in Q4. Average rents reached $1,868 per unit, marking a 1.5% increase from the previous quarter, further reflecting the sector’s resilience.
  

The development pipeline remains robust, with over 18,000 units under construction across the region. More than 11,000 units are expected to be delivered by the end of 2024, with an additional 8,000 slated for completion in 2025. This translates to 2,000 to 3,000 new units entering the market each quarter through mid-2025, underscoring the city’s long-term appeal for both renters and investors.

Despite shifting economic conditions, the sector continues to demonstrate strong fundamentals. The market’s stability is further highlighted by a healthy cap rate of 5.8% and an increase in multifamily transactions, driven by steady demand and Philadelphia's unique position as a regional hub. As of Q4 2024, multifamily properties accounted for a significant portion of the city’s $75.7 billion total asset value, making it a cornerstone of the local real estate market.

Blueprint Commercial’s strategic focus on high-growth sectors and its ability to anticipate market trends have positioned the firm as a key player in Philadelphia’s commercial real estate ecosystem. Principal Gerry Smith commented, “We are not just adapting to the market changes; we are leveraging them to create opportunities for our clients. Philadelphia’s diversity in industries and real estate offerings along with our depth of knowledge in the region allows us to craft unique solutions for every client.”

Looking Ahead to 2025

As we move into 2025, Blueprint Commercial is poised to build upon this year’s successes. Our commitment to innovation, client-focused services, and strategic growth ensures we remain at the forefront of Philadelphia’s commercial real estate market. Key initiatives for the upcoming year include:

• Deepening Market Expertise: Leveraging data-driven insights and local market knowledge to guide clients in making informed decisions.

• Enhancing Client Engagement: Continuing to provide personalized, high-touch services while scaling operations efficiently to meet increased demand.

• Team Growth: Expanding our roster with talented professionals who align with our vision and bring valuable expertise to better serve our clients.

• Adopting the Latest in Real Estate Technology: Staying ahead by implementing cutting-edge tools and platforms to streamline processes, improve market analysis, and deliver exceptional value to our clients.

• Expanding Service Offerings: Introducing new tailored solutions that address emerging client needs, particularly in niche markets and specialized property types.
  

Managing Principal Maddie Whitehead shares, "Our success is built on the strength of our team. By expanding our roster with skilled professionals who share our vision, we are better equipped to meet the evolving needs of our clients and the dynamic Philadelphia market."

A Commitment to Excellence

Blueprint Commercial’s white-glove approach remains a cornerstone of our operations. We pride ourselves on efficiency, effectiveness, and integrity, ensuring every transaction not only meets but exceeds client expectations. From identifying opportunities to closing deals, we maintain a relentless focus on achieving the best outcomes.

Principal Gerry Smith adds, "Excellence isn’t just about getting the job done; it’s about how we get it done. Every step of our process reflects our dedication to precision, client satisfaction, and building long-term trust."

Contact Blueprint Commercial

If you’re looking to navigate Philadelphia’s thriving commercial real estate market, Blueprint Commercial is here to guide you every step of the way. Our expert team offers a full suite of services, including tenant and landlord representation, acquisitions and dispositions, real estate consulting and market analysis.

For more information, please visit our website at www.blueprintcommercial.com or contact us directly at 484-214-6001. Let us help you achieve your real estate goals with precision and expertise.