Tag Archives: office space in Philly


WCRE Rapidly Expands Exclusive Agency Relationships In PA & NJ

New Assignments Bring Additional 113,000 Square Feet Under Firm’s Control

March 1, 2018 – Marlton, NJ – Wolf Commercial Real Estate (WCRE) is pleased to announce that it has been appointed exclusive agent for 13 new projects in the Southern New Jersey and Philadelphia region.

WCRE continues to raise the bar with an aggressive marketing and branding strategy and has increased its South Jersey and Philly presence. WCRE will assume marketing, leasing and sale responsibilities for an additional 13 properties totaling approximately 113,000 SF.

The team at WCRE now oversees over 175 properties throughout the PA/NJ market encompassing over 4.2M square feet of office, retail, industrial, healthcare and investment real estate.  

“We see endless possibility in the properties our clients have entrusted to WCRE, and we are excited to connect new prospects with these assets.” said WCRE managing principal Jason Wolf.

The New Projects awarded to WCRE during the first two months of 2018 are as follows:

  • 1140 White Horse Road, Voorhees, NJ (25,000 SF Retail Building)
  • 1030 Auburn Road, Woolwich, NJ (4.2 Acres)
  • 601 Route 130 North, West Collingswood, NJ (2,113 SF Commercial Building on .35 Acres)
  • 605 Route 130 North, West Collingswood, NJ (1,200 SF Commercial Building on .27 Acres)
  • 513 Centennial Drive, Voorhees, NJ (6,700 SF Office Building on 1.31 Acres)
  • 1504 Blackwood Clementon Road, Blackwood, NJ (3,000 SF Office Building on .34 acres)
  • 297 Easton Road, Horsham, PA (.62 Acres)
  • 146 East Evesham Road, Cherry Hill, NJ (.92 Acres)
  • 133-136 Route 73, Voorhees, NJ (25,000 SF Medical Office on 2.85 acres)
  • 816 North Black Horse Pike, Gloucester Township, NJ (1.39 Acres)
  • 162 West Cohawkin Road, East Greenwich, NJ (25,000 SF Retail Property on 2.5 Acres)
  • 55-59 High Street, Mount Holly, NJ (13,000 SF Office Building on .12 acres)
  • 735 Bethlehem Pike, Montgomeryville, PA (3,234 SF Retail Building on .39 acres)
  • 700 W Browning Road, Collingswood, NJ (8,250 SF Retail Building)

A marketing brochure for each of these properties is available upon request.

Download Printable PDF >>> 

About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long-term growth and success.

Learn more about WCRE online at www.wolfcre.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyretailspace.com, www.moorestownofficespace.com, www.moorestownmedicalspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com and www.phillyretailspace.com.

Philadelphia’s Land Bank Could Ease Path to Development

Philadelphia’s Land Bank Could Ease Path to Development

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Purchasing public properties for redevelopment in Philadelphia can often be a cumbersome task.   Parcels may be owned by several different City agencies, and negotiating a purchase can be complex – especially when attempting to assemble several smaller parcels for a larger development.

The Philadelphia Land Bank was established in 2013 as a more efficient way to return vacant, abandoned and tax-delinquent properties to productive use. It aims to simplify the process of transferring properties from public agencies to private owners. In addition to the convenience of one stop shopping, parcels held by the land bank will be free of municipal liens, so developers can purchase properties without the need to negotiate tax liens.

The Land Bank has taken more than two years to get up to speed, with its own board of directors and staff overseeing the process. A 2014 strategic plan lays out policies for how the Land Bank will get properties into the right hands, as well guidance on how land should be used. The first properties were transferred to the Land Bank in late 2015.

There are currently more than 1,700 properties searchable on the Land Bank’s website. Any individual, developer, or organization with no outstanding tax or property-related liens can seek to purchase a parcel. Purchasers must reuse the property in compliance with City code requirements and ordinances, have the financial ability to purchase the property, and have the capacity to complete the work associated with the reuse plan. Requirements vary depending on the property, but affordable housing is generally a highly favored use.

Purchasers of one or two parcels can submit an “Expression of Interest” for development on the Land Bank’s website, with the proposed use evaluated by staff. It is expected that first wave of sales will involve single vacant properties for residential redevelopment, or vacant parcels for use as side yards or community gardens.

The Land Bank could be particularly useful when assembling several parcels for a larger development. The strategic plan identified more than 100 “assemblage opportunities” throughout the City, defined as clusters of more than 10 vacant properties. In addition to acquiring publicly-owned parcels, the Land Bank also has the authority to acquire private tax-delinquent properties when needed.

While the Land Bank presents a new and easier way to do business, it will not completely transform land development in the entire City or eliminate the need for stakeholder consensus on uses. The District Councilperson is integral to the process, as with most development, and City Council must pass a resolution approving any sale. To date, properties have been transferred within only four of the ten council districts. Also, properties may still be disposed of by individual City agencies or through a request for proposal process.

Philadelphia is the largest city yet to create a land bank, and advocates have set goals to have the majority of public property transferred by 2018. While the initiative is still in its infancy, the Land Bank has the potential to accelerate the development of unproductive real estate in those areas of the City most in need.

If you are developing a project in the region, the professionals at Wolf Commercial Real Estate can provide advice on acquisition, use, and sources of funding.

For more information on the Land Bank:

Web: www.philadelphialandbank.org

Twitter: @PhilaLandBank @wcre1

For more information about Philly or New Jersey office space, Philly or South Jersey retail space or other Philadelphia and Southern New Jersey commercial properties, please call 215-799-6900 or 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm with expertise in Philly office space and Philly retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia and South Jersey commercial real estate broker that specializes in Philadelphia and Southern New Jersey commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly and New Jersey office space or Philly and South Jersey retail space with the Philadelphia and Southern New Jersey commercial properties that best meets their needs.

As experts in Philadelphia and New Jersey commercial real estate listings and services, the team at our Philadelphia and South Jersey commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.

If you are looking for Philly or New Jersey office space or Philly or South Jersey retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia and Southern New Jersey commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

For More Information Contact:

transfer-taxes
Anthony V. Mannino, Esq.

P: 215 799 6900

D: 215 799 6140

F: 856 283 3950

M: 215 470 6084
anthony.mannino@wolfcre.com

 

Philadelphia Office Space Vacancies Increase in First Quarter

research-information-graphic-phlVacancies in the market for Philadelphia office space increased in the first quarter 2015, ending the quarter at 10.8%, according to the latest report from the CoStar Group.

The Philly office space vacancy rate was up over the fourth quarter 2014, with net absorption registering negative 386,143 square feet of office space in Philadelphia in the first quarter 2015, compared to positive 378,460 square feet of office space in Philly in the previous quarter,  CoStar’s First Quarter 2015 Market Report said.

Vacant sublease space in the Philly office space market rose in the first quarter, closing the quarter at 1,306,325 square feet of office space in Philly, the market trend report said.

CoStar noted that among tenants that moved into large blocks of office space in Philadelphia in 2015 were:  Incyte Corporation, moving into 191,056 square feet in the Philadelphia office space market at 1801 Augustine Cut Off; and National Penn Insurance Services, moving into 126,369 square feet of Philly office space at 645 West Hamilton Street.

Rental rates for office space in Philly closed the first quarter at $21.89, which represented an increase over the fourth quarter 2014, CoStar said.

The first quarter saw seven buildings deliver to the Philly office space market, the report said, adding 145,650 square feet of office space in Philadelphia to the market.  At quarter’s end, another 2,602,750 square feet of Philadelphia office space was still under construction, CoStar reported.

In comparison, the national office market vacancy rate declined to 10.9% from the fourth quarter 2014, CoStar said.  Net absorption stood at positive 15.4 million square feet in the first quarter, according to the report.  Average rental rates nationally grew to $22.74 in the quarter and 244 new office buildings brought more than 16.5 million square feet to the market, CoStar said.

For more information about Philly office space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm with expertise in Philadelphia office space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philly commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philly commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new office space in Philly with the Philadelphia commercial properties that best meets their needs.  As experts in Philly commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for office space in Philadelphia for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Top Philly Office Space Leases in Q4 2014

research information graphicSubaru of America’s new corporate headquarters was the select top Philly office space lease signed in the fourth quarter 2014 in the Philadelphia market, according to a new report from the CoStar Group.

Subaru signed the lease for 250,000 square feet of Philadelphia office space in the Gateway Office Campus – Building 4 in the North Camden County submarket, CoStar’s Fourth Quarter 2014 Market Report said.

The next largest lease signed in the fourth quarter in the market for office space in Philly was for 62,880 square feet at Two Logan Square in the Market Street West submarket, the report noted.

Next up was Thomas Jefferson University Hospital’s lease for 43,369 square feet at 833 Chestnut East in the Market Street East submarket of the Philadelphia office space market, CoStar said.

The report also noted that Comcast Corporation signed a lease in the second quarter for 982,275 square feet at Comcast Innovation & Technology Center in the Philly office space market’s Market Street West submarket.

In comparison to the fourth quarter trends in the market for office space in Philadelphia, CoStar said the largest new leases signed in the U.S. national office space market in the fourth quarter included the 1.89 million-square-foot lease signed by Google, Inc. in the South Bay / San Jose market; Amazon’s 422,682-square-foot office lease in New York City; ServiceNow, Inc.’s deal to lease 310,346 square feet in the South Bay / San Jose market; MITRE’s lease for 270,000 square feet in the Washington market; and Subaru of America’s lease for 250,000 square feet in the Philadelphia office space market.

For more information about office space in Philly or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in office space in Philadelphia.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new office space in Philadelphia with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philly office space and other Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for office space in Philly for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Office Space Vacancies Unchanged as Fourth Quarter Ends

magnifying glassVacancies in the Philly office space market remained steady at the end of the fourth quarter 2014, closing out the year at 10.8%, according to a new market trend report from the CoStar Group.

The Philadelphia office space vacancy rate for the fourth quarter was unchanged from the third quarter 2014, the CoStar Group’s Fourth Quarter 2014 Market Report said.

Net absorption stood at positive 408,343 square feet of office space in Philadelphia for the fourth quarter, CoStar said.  In comparison, net absorption at the end of the third quarter was 319,373 square feet of office space in Philly, according to the report.

Vacant sublease space in the Philly office space market dropped in the fourth quarter, with 1,363,785 square feet of office space in Philadelphia at quarter’s end, the market trend report said.

CoStar identified three notable tenants that moved into large blocks of Philadelphia office space in 2014, according to the report.  Those tenants were:  L3 Communication Systems-East, moving into 233,333 square feet in the Philly office space market at Camden Innovation Campus; The Vanguard Group, moving into 204,000 square feet of office space in Philadelphia at Great Valley Corp Center; and Beneficial Mutual Bancorp, Inc. moving into 95,764 square feet of office space in Philly at 1818 Beneficial Bank Place.

Rental rates for office space in Philadelphia increased in the fourth quarter, ending the year at $21.80, CoStar reported.

Two buildings delivered to the market for office space in Philly in the fourth quarter, according to the report, bringing 343,850 square feet to the Philadelphia office space market.  Another 2,966,000 square feet still of Philly office space remained under construction at quarter’s end, CoStar said.

In comparison, the national office market vacancy rate dropped to 10.9% from the third quarter to the end of the fourth, CoStar said.  Net absorption was positive 37.53 million square feet for the fourth quarter, the company reported.  Average rental rates for the national market grew to $22.65 by year end and 194 buildings comprising nearly 15.9 million square feet delivered to the national market in the fourth quarter, the report noted.

For more information about Philadelphia office space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philly office space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for office space in Philly for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

National Office Space Vacancies Stable in Third Quarter

magnifying glassThe national office space vacancy rate, which includes the Philadelphia office space market, stood firm at 16.8 percent in the third quarter 2014, remaining unchanged for the entire year at a level that is only 80 basis points below the cyclical high the market experienced four years earlier, according to a new National Real Estate Investor article.  Since the third quarter 2013, the office space vacancies have dropped only 10 basis points with the only actual decline occurring in the fourth quarter 2013.

However, the article maintains, some qualifications are needed.  Office leasing in the third quarter showed some movement with net absorption amounting to about 8 million square feet.  While this level is not that high and actually falls below fourth quarter 2013 and first quarter 2014 levels, net absorption did more than double the infinitesimal total from the second quarter 2014 and exceeded the 5.8 million square feet of completions for the quarter, according to National Real Estate Investor.

With most new office construction projects requiring significant pre-leasing commitments before lenders will provide financing for development, construction and absorption remain closely linked to one another at this point in the recovery, the article reported.  These challenges on the national level also have an effect on construction projects in the Philly office space market.

Despite these qualifications, the article said the improvement rate in office fundamentals “has truly been glacial.”  Office vacancies were 430 basis points above the cyclical low of 12.5 percent, which was last seen in the third quarter 2007.  The article added that office leasing activity has not yet strengthened to the point that it can push down office vacancies.  That change will come only when payrolls swell.

While year-to-date job growth continues to improve, employers still have vacant offices in their existing space.  Once unused space has been occupied by new hires, companies will start looking for new space if business continues to pick up.

In the long term, this should result in declining office vacancies, according to National Real Estate Investor.  But whether the office national vacancy rate — including the rate for Philadelphia office space — will drop at a significantly faster rate is uncertain, particularly if the growth rate for the economy stays in the area of 2 percent.

In related news, the article also reported that asking and effective rents grew by 0.4 percent and 0.5 percent in the third quarter 2014.  This pace was slower than that of the prior two quarters, but nonetheless maintained the slow and steady improvement that has been seen in rents, which have increased for 16 consecutive quarters.  Greater acceleration in rents will likely not occur until the vacancy rate drops below 14 percent, thereby giving landlords the leverage to increase rents at a faster rate.

Despite the third quarters sluggish results, National Real Estate Investor said the economic outlook for year end 2014 is still optimistic.  Economic growth was between 3.5 percent and 4.6 percent in three of the past four quarters, with the weakness seen in the first quarter 2014 appearing to be an anomaly.  The rate of growth is that of an economy that “is finally showing some strength,” the article reported.  Monthly job gains, which have been consistently above 200,000 and averaging about 230,000, are strong enough to start pushing down office vacancies, the article reported.

This scenario will encourage continued improvement in the market for national and Philly office space.  The article predicts slow rent growth of about 2.6 percent for the fourth quarter and then increases in 2015.  Vacancies should continue to migrate to lower levels in the final quarter of the year, but will remain “extremely sluggish” in 2015, the article said.

For more information about office space in Philly or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philadelphia office space

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing office space in Philly, as well as medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly office space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for office space in Philly for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philadelphia Office Space Vacancies Stable in Third Quarter

magnifying glassVacancies for office space in Philadelphia were stable in the third quarter 2014, ending the quarter at 11% for the Philadelphia office space market, according to a new market trend report.

The vacancy rate for Philly office space was essentially unchanged from the rate reported in the second quarter 2014, according to the CoStar Group’s Third  Quarter 2014 Market Report.

Net absorption was reported at positive 131,961 square feet of office space in Philly in 2014’s third quarter, CoStar noted.  Comparatively, at the end of the second quarter, net absorption was positive 760,857 square feet of Philadelphia office space, the report said.

Vacant sublease space grew in the third quarter, closing at 1,388,566 square feet of office space in Philadelphia, CoStar said.

There have been several notable tenants that moved into large blocks of Philly office space in 2014, the report said.  Among the tenants were:  The Vanguard Group, moving into 204,000 square feet of office space in Philly at Great Valley Corp Center; The Harrisburg University of Science & Technology, taking 149,820 square feet of Philadelphia office space at Harrisburg University Academic Center; and Beneficial Mutual Bancorp, Inc. moving into 95,764 square feet of office space in Philadelphia at 1818 Beneficial Bank Place.

Philly office space rental rates ended the third quarter at $21.62, an increase over the second quarter, according to the market trend report.

The Philadelphia office space market saw two buildings with a combined total of 219,036 square feet of office space in Philly deliver to the Philly office space market in the third quarter, according to the report.  There was an additional 3,506,297 square feet of office space in Philadelphia still under construction at the end of the third quarter, CoStar said.

In comparison, the vacancy rate for the national office market stood at 11.2% at the end of the quarter, a decrease from the previous quarter, the report said.  Net absorption stood at positive 27.56 million square feet at third quarter’s end, CoStar noted.  Average national rental rates rose to $22.38 at the end of the quarter and 233 buildings encompassing almost 13.2 million square feet were delivered to the national market by quarter’s end, according to the report.

For more information about Philly office space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specializes in office space in Philly.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Office Space Deliveries, Construction And Inventory

magnifying glassThe Philly office space market saw seven new office buildings equaling 413,734 square feet deliver to the market for office space in Philly in the second quarter of 2014, according to a new CoStar Group market trend report.  This compares to four office buildings that delivered to the Philadelphia office space in the first quarter, totaling 121,952 square feet, the report said.

CoStar’s Second Quarter 2014 Market Report also noted that an additional 2,116,720 square feet of office space in Philadelphia remained under construction at the end of second quarter 2014.

Among 2014’s significant deliveries of office space in Philly were:  the 296,025-square-foot Two City Center that delivered in the second quarter and is now 40% occupied, and the 60,000-square-foot 1401 Roosevelt Avenue, which delivered in the first quarter and is fully occupied, CoStar reported.

Still under construction in the market for office space in Philadelphia at second quarter’s end were FMC Tower / Walnut Street Tower, an 830,000-square-foot facility with 68% of its space pre-leased and 3737 Market Street, a 340,000-square-foot project with 82% of its space pre-leased, the report stated.

At the end of the second quarter 2014,  there was 401,999,668 square feet of total Philly office space inventory in 20,835 buildings, the market report noted.  The Class-A office sector consisted of 955 facilities totaling 128,991,730 square feet of Philadelphia office space.  Owner-occupied buildings in the market for office space in Philly comprised 35,997,940 square feet of office space in Philadelphia in 942 projects, CoStar said.

Compared to Philadelphia office space trends in the second quarter, 11.38 million square feet of construction in 217 new buildings was completed in the U.S. national office market in the same quarter, according to the CoStar report.  Still underway at the end of the second quarter was another 101 million square feet of office space, the report stated.  The 80,000-square-foot 3905 NW 107th Avenue delivered to the South Florida market in the quarter, while the 354,845-square-foot 520 Newport Center Drive was still under construction in the Orange County market.  There was almost 10.42 billion square feet of total office inventory in more than 500,800 buildings at quarter’s end, of which 905 million square feet were in some 20,800 owner-occupied buildings, CoStar said.

For more information about office space in Philly or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new office space in Philadelphia with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philadelphia office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.