Comcast acquisition puts spotlight on Philadelphia

Real Estate Weekly, Jan 16, 2002

Philadelphia-based Comcast Corporation's planned acquisition of AT&T's broadband division - a move that will create the nation's largest cable company - highlights Greater Philadelphia's attractiveness as a business region and will greatly enhance its ability to attract more major companies, according to Bill Stallkamp, managing director of Bellwether Technology Partnership.

"Just as anchor tenants play a key role in the success of shopping malls, the presence of major national companies is a leading factor in a region's ability to support, attract and retain top businesses," said Stallkamp. "Greater Philadelphia has all the attributes of a leading business center - a skilled workforce, a world-class educational infrastructure, a high quality of life, a low cost of doing business and a diverse economy. Now it is the headquarters of one of the largest and most exciting companies in the country."

According to published reports, the $72 million deal will give the new company, AT&T Comcast Corp., more than 22 million subscribers, nearly twice as many as Time Warner Cable, its closest competitor.

Greater Philadelphia, comprised of the City of Philadelphia and its suburbs extending from Wilmington, Del to Princeton, NJ, has emerged as a formidable technology region. It has one of the highest concentrations of academic institutions in the country, including a number of world-class colleges and universities. It is the headquarters of some of the world's leading technology companies, in a variety of fields including life sciences, information technology, software development, and e-business. It is a highly ranked center of research and development and home to numerous successful venture capital firms. In addition, Greater Philadelphia boasts an outstanding quality of life, characterized by its historical and cultural attractions, its vibrant Center City and its unique suburbs. At the same time, it has one of the lowest costs of living and doing business of any area its size.

"Regions become known because of the advantages they offer to businesses and because of the nationallyknown businesses that make the region their home," continued Stallkamp. "Greater Philadelphia has long been the home to many leading companies, and Comcast's high level of visibility will give it a greater level of recognition for that fact - something that is certain to attract the interest of other companies as they consider their location decision."f