I-495 Closure Update




Real estate leaders 'cautiously optimistic' for growth
By Mellany Armstrong

Updated Thursday, March 14, 2013 - 3:40pm

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WDEL's Mellany Armstrong reports.

"Cautiously optimistic" is how professionals in the real estate industry describe Delaware's climate.

Larry Maister of Brandywine Realty Trust says he's not seeing deal flows that would bring the state out of a troubled environment.

"Certain pockets of the market are experiencing growth both from an occupancy perspective as well as rental rates. There are some areas that are still lagging behind," says Maister.

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Greg Pettinaro, president of the Pettinaro Company, says Wilmington could use another big employer, but he likes what he's seeing.

"The job market's starting to open up a little more; people are hiring a little more, maybe a little more eager to go out and do something, start a new business, expand a little bit, than they were a year or so ago," says Pettinaro.

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Governor Markell says his team is taking many approaches to build business, including a focus on education.

"Businesses for the most part are looking for places with a great workforce, which is why so much of our attention is focused on what's going on with our schools," Markell says.

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Markell noted some ongoing projects -- the Hercules building, Westin Hotel, and development on lower Market Street.

"We realize we've got a long way to go, and we are absolutely pedal to the medal doing everything that we can think of, encouraging companies that are already here to grow.

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Markell spoke at the Urban Land Institute conference Thursday morning at the DuPont Country Club.



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