Tag Archives: office


WCRE 2018 SECOND QUARTER REPORT

SOUTHERN NEW JERSEY & PHILLY CRE MARKETS SEE MODERATE GAINS WHILE WAITING FOR ANTICIPATED BENEFITS FROM TAX REFORM LAW

July 11, 2018 – Marlton, NJ – Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the Southern New Jersey market remains in good shape, making moderate gains and showing strong fundamentals. The firm believes the market may be poised for strong growth as benefits of the new tax law begin to materialize.

“Our market continues to show quiet strength and may take off as consumers and businesses feel the effects of lower tax rates,” said Jason Wolf, founder and managing principal of WCRE. “We expect the new law to be a net positive for overall economic growth in 2018 and be especially beneficial to the commercial real estate industry.”

There were approximately 303,656 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which was a gain of about 10 percent over the previous quarter. Leasing picked up, and the sales market stayed active, with about 1.46 million square feet on the market or under agreement and an additional 317,961 square feet trading hands.

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New leasing activity accounted for approximately 61.4 percent of all deals. Overall, net absorption for the quarter was in the range of approximately 253,000 square feet.

Other office market highlights from the report:

● Overall vacancy in the market is now approximately 10.4 percent, which is nearly one point better than the previous quarter.
● Average rents for Class A & B product continue to show strong support in the range of $10.00- $15.00/sf NNN or $20.00-$25.00/sf gross for the deals completed during the quarter. These averages have stayed near this range for most of 2018, though they are trending a bit higher.
● Vacancy in Camden County improved dramatically, to 11.6 percent for the quarter.
● Burlington County vacancy was at 9.2 percent, which was also lower than the first quarter.

WCRE has expanded into southeastern Pennsylvania, and the firm’s quarterly reports now include a section on transactions, rates, and news from Philadelphia and the suburbs.

Highlights from the second quarter in Pennsylvania include:

● Philadelphia’s office market vacancy rate was unchanged during Q2 2018. Though positive absorption was 547,339 square feet, a 20 percent improvement over the first quarter. Vacancy rates for Class A properties stood at 10.5 percent, while Class C properties had vacancy of 5.5 percent.
● Average asking rent across all office property classes in the Philadelphia market was $22.72/SF in the second quarter. Within the CBD it was $29.64/SF.
● There are about 3.8 million square feet of office space currently under construction in Philadelphia. During the second quarter 590,632 new square feet became available via completed new construction.
● Philadelphia’s retail market is moving in the right direction. Average asking rents have jumped the past few quarters, net positive absorption was 909,884 square feet, and retail vacancy rates ticked down to 4.4 percent.
● Industrial vacancy in Southeastern Pennsylvania was down to 5.6 percent. The market saw positive net absorption of more than 6.6 million square feet.

WCRE also reports on the Southern New Jersey and Philadelphia retail market. The second quarter saw a drop in consumer confidence as well as a generally positive outlook for consumer spending, buoyed by a strong job market.

Other highlights from the retail section of the report include:

● Retail vacancy in Camden County stood at 7.7 percent, with average rents in the range of $13.75/sf NNN.
● Retail vacancy in Burlington County stood at 9.8 percent, with average rents in the range of $14.59/sf NNN.
● Retail vacancy in Gloucester County stood at 7.4 percent, with average rents in the range of $14.74/sf NNN.

The full report is available upon request.

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.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com and www.phillyretailspace.com.

How to Encourage Office Creativity

Encourage Office CreativityLet’s look at ways to encourage office creativity. Most people think that working hard is the most effective way of working. However, that is not always the case. A great way to accomplish everything on your to-do list is to do smart work instead of hard work. To encourage office creativity and welcome various thoughts from different channels at the work place, there needs to be a collaborative working environment. Here is a list of activities that will help you achieve maximum levels of creativity within your office.

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1. Arrange for some games that encourage a team-building attitude to encourage office creativity

You should plan a small game for your employees and schedule it once every few weeks. Introduce such games that are to be played between teams. This will help you to educate your staff about the importance and benefits of team work.

2. Entertain employee suggestions to encourage office creativity

You should dedicate an area where employees can come and share their creative thoughts or suggestions. You can hang a notice board in a corner so that the employees may write their thoughts on paper and pin it on the notice board or you can place a suggestion box where employees can raise their concerns without revealing their identity. Make sure that you value their suggestions and reward them for creative ideas.

A notice board is preferable, as the content on the board can be seen by other employees as well and it provides a platform to interact. Employees can pin up suggestions as well as any challenges they are facing while accomplishing any given task. This way they will get input from others to get problems solved. This improves collaboration and teamwork.

If you have a huge office with thousands of employees, you can replace notice boards with digital
collaborative platforms.

3. Encourage brainstorming to encourage office creativity

Brainstorming sessions are the best way to get the creative ideas flowing. Try to make every employee a part of the brainstorming sessions where everyone should be given freedom to express their thoughts.

4. Treat all your employees equally to encourage office creativity

A workplace is full of people with different backgrounds and thoughts. Everyone must be treated equally, and there should not be any bias to any particular group of employees. Plan a few informal get-togethers’ where all the employees gather and spend few hours together irrespective of their designation in the workplace. It is an awesome sight to see the director talking to a trainee and getting to know about him/her; an accounts person talking to a technical person and sharing thoughts; and many more such interactions. This is the sign of a great work culture within an organization.

Creativity is directly linked to the flow of ideas. The better the flow of ideas, the more creative your team will be. Creative resources are the assets of an organization and the creative atmosphere results in the best quality output. Give it a try today and let us know how successful your working environment
is.

 

Josh Smargiassi: Principal
Boomerang, Inc.
6950 Sherman Lane
Pennsauken, NJ 08110
P 856.582.0100
F 856.582.0104
www.boomerangofficefurniture.com

Anthony V. Mannino, Esq. Promoted to COO of WCRE

Wolf Commercial Real Estate (WCRE) is pleased to announce that Anthony V. Mannino, Esq., has been named Chief Operating Officer. Mannino has served as Vice President, Corporate Strategies since joining WCRE in October, 2015. As COO, Mannino will have a broader focus on the operations and growth strategies of the firm.

Mannino’s new role comes as WCRE has an expanding presence in the region, adding four new brokers and increasing its activity in southeastern Pennsylvania. Earlier this year, WCRE became a regional affiliate of CORFAC International, a network of independently-owned, commercial real estate brokerage firms in 47 U.S. markets and world wide.

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“Tony’s guidance within the firm will play a key role in managing our growth, especially as our CORFAC alliance opens up new business opportunities,” said Jason Wolf, Managing Principal of WCRE. “His efforts will ensure that our team continues to deliver class-leading real estate services to our clients.”

Mannino came to WCRE after nearly ten years serving as chief of staff to two members of Pennsylvania’s General Assembly. Prior to his years of public service, he was a litigation attorney in the private sector for more than a decade, practicing in Pennsylvania and New Jersey.

Like his colleagues at WCRE, Mannino has been an active supporter of many civic institutions in Philadelphia, from community associations to advocacy non-profits. He is currently a board member of the Philadelphia Regional Port Authority and the Preservation Alliance for Greater Philadelphia.

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 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.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com and www.phillyretailspace.com.

Why a Reception Area is Important For Your Office

reception areaThe reception area or waiting lobby plays an integral part of your office. It’s the first impression that an individual makes and can either help or deter business from you. If you didn’t know already, you spend a considerable amount of your day in your office. Being that your office is practically your home, your clients and potential clients will visit your home (office) frequently to conduct business and discuss other matters. Therefore, you must plan the architecture and interior of your office in such a way that promotes conversation and motivates you and your employees to achieve success.

The reception area or waiting lobby plays an integral part of your office. It’s the first impression that an individual makes and can either help or deter business from you. We wanted to take this opportunity to discuss a few reasons as to why your reception area is important for your business:

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YOUR RECEPTION AREA SETS THE TONE FOR THE FUTURE

This is the first place where a visitor or client is received as he enters your office. By having a look at the reception area, a visitor can develop the first impression about how well managed is the organization. Since visitors are requested to wait in the reception area, there must be proper arrangements for their sitting and refreshments. Visitors sitting in the lobby are mostly alone, so they have ample amount of time to focus on their surroundings. Therefore, it is vital to keep everything in the lobby well arranged and in a proper shape. You should hire some dynamic individuals to manage your reception area efficiently.

IT AFFECTS THE VISITORS AND YOUR EMPLOYEES’ MINDSET

Visitors come to your office from distant places. They may be a bit irritated due to traffic jams or a variety of other reasons. Therefore, your lobby should be designed and decorated in such a way that it provides comfort and relaxation to the visitor. Same is the case with your employees. They come to work daily with some or the other tension in their mind. So, the reception area should induce calmness and positivity in your employees.

IT HELPS IN IMPROVING BUSINESS RELATIONSHIPS

It is the first place where clients meet before proceeding to conference rooms. So, you should pay adequate attention to the level of comfort provided by the furniture placed in the reception area. You should make proper arrangements for air conditioning in this area and try to make the atmosphere vibrant. The talks held in this part of the office are really important and therefore its ambience can have a positive or negative effect on business relationships. The more comfortable the visitors are; the more fruitful is the communication.

HIRE A PROFESSIONAL RECEPTIONIST

You should appoint a competent receptionist to welcome the guests. He/she is the first person with whom the client has face to face interaction after entering your office. Hence, the receptionist should be soft spoken and well mannered. He/she should be an excellent communicator and be able to handle all the tasks carried on at the reception area. These tasks include maintaining visitors’ list, scheduling appointments, receiving calls/emails and responding to them, prioritizing the tasks, etc.

Without question, the reception desk needs to be properly designed to help the receptionist perform all the activities comfortably. The reception desk should have ample space for storage to work. Designing a space with a reception area can be tricky, if you would like advice or input, be sure to think of the perfect balance between new and preowned office furniture.

FOR MORE INFORMATION CONTACT:


Josh Smargiassi: Principal
Boomerang, Inc.
P 856.582.0100
F 856.582.0104
www.boomerangofficefurniture.com

 

Office Design Trends for 2017

office design trends

Lets explore office design trends for 2017. With the developing workforce becoming more mobile, it’s important to make your working place inspiring and fun to be inside of. With large organizations like Google, Linkedin, Facebook, and Snapchat, the modern workplace is always a topic of conversation that we see when initially designing our client’s space. Even with the popular modern style that our clients want, it’s important to make sure that your team can work more effectively and efficiently.

As a result of this, 2017 could be the year that will begin a revolution in workplace design. Here’s why:

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Office Design Trends in Interchangable Layouts

In today’s world, technology is rapidly changing to keep pace with the dynamic work environment. It is of utmost importance that the workplace is customizable and changes according to the task being done. Work Stations should be easily able to adapt to the changing work conditions and it the most important aspect which will be considered for designing office space in 2017. To design a workplace which works efficiently in future, you need to take some radical and unique decisions while choosing your office furniture.

Office Design Trends for Supporting Future Growth

For developing flexible layouts, you need to have furniture which will serve the demands of the new and changing workforce. You need to make smart choices which will help you to support an employee friendly, well-designed, and at the same time flexible workplace.

Office Design Trends for Integrated Technoology

You need to design your workplace so that can integrate with technology seamlessly. There is also the need to transform the workplace according to the modern trends such as cloud computing and wireless charging.

Office Design Trends for Development

In the recent times, modern architects and designers alike have promoted induced well-being as an integral part of the workplace design. As the health and increased productivity of the employees is of utmost importance, this sort of design will aid in the holistic development of the workforce at your office. Such innovations in workplace design make sure that the productivity of your staff is very high. 

Office Design Trends to Bring In the Outdoors

You need to create a workplace which brings in all the benefits of the outdoor environment into your place of work. Every office worker spends more than eight hours a day inside the four walls of your office. Hence, you need to bring the benefits of the natural environment into the workplace so that the employees do not feel cut off from the outside world. One such innovation is be living walls which add a part of nature to your workplace as a result of which there is increased air purity, freshness, and cleanliness in the office space.

Work-Based Office Design Trends

This technique combines two vital factors – The need for more privacy sometimes and improved collaboration during other times together in the same space. Some work places have open offices which promote teamwork among workers and at the same time maintains their privacy. For this reason, pods which are small, brightly colored cubicles have been introduced which help in removing background noise and prevent others from disturbing you.

For more information about Boomerang Office Furniture:

Josh Smargiassi: Principal
Boomerang, Inc.
6950 Sherman Lane
Pennsauken, NJ 08110
P. 856.582.0100
F. 856.582.0104
www.boomerangofficefurniture.com

Work Areas that Help Employees Reach Peak Productivity

employee-work-areasThis article explores the type of work areas that aid employees in reaching maximum efficiency and peak productivity in the office workplace. It was written for Wolf Commercial Real Estate by the good people at COFCO Office Furniture.

If you’ve been wondering how to help employees work to maximum efficiency and peak productivity these insights about what employees really want at work will help. New studies find that your employees have a pretty good idea of what the work environment that supports productivity looks like versus one that doesn’t. Add to that their work preferences and mix in a little cutting edge design making use of user friendly technology and your employees will vote for your office as the ideal work place.

Why is this important?

Attracting and retaining top quality skilled employees is high on the list of ‘must haves’ for organizations wanting to develop a significant edge over competitors. An organization that provides a supportive work environment that helps employees achieve their professional goals translates into loyalty and high level productivity.

Here are a few ways progressive organizations are making their offices appealing:

Responsiveness to individual needs: Office buildings are beginning to make use of artificial intelligence to monitor as well as respond to individual employee needs. For example, personalized climate control and lighting in an individual’s work station.

Practical layouts with central social hubs: Recognizing that the younger generations place a high level of importance on social interaction and collaboration by integrating social hubs and serious work areas.

edge-work-areaTHE EDGE IN AMSTERDAM:
A perfect example of this new concept working seamlessly is ‘The Edge’ in Amsterdam. It is said that this is the greenest, smartest building in the world and we have to admit that its capabilities are impressive. Here’s what it offers: Indoor climate mirrors outdoor climate as it mimics natural air currents throughout the building for your personal comfort. Too hot or too cold? Not to worry… once you reach your workstation, the building’s artificial intelligence adjusts the temperature and light to suit you.

• Natural light is always 23 feet or closer to where you work.

• The smart roof provides efficient acoustic control where indoor and outdoor noise is muted

• Smart customization is as close as your phone: People working at The Edge have an app on their
smart phone. This app tells the building what kind of work space will be needed when the person
arrives in the morning. The building’s A.I. will determine where the person needs a sitting or a standing desk, whether they’ll require a meeting room or private space for focused work.

• The building immediately readies what the person needs based on their schedule. The industry term for this is ‘hot desking’ or ‘unassigned work space’. In line with the most up to date office design philosophy, employees do not have a single work station at which they work every day, they simply move to the station best suited to the task at the time. The result is fluidity as people move between stations to access the facilities or people they need at that moment.

• It’s not all about the work though. When it’s time for a coffee break, the on campus coffee bar’s intelligent espresso equipment remembers exactly how you like your coffee. It’s like having your own personal barista. Who couldn’t get used to that?

zurich-work-areasTHE ZURICH INSURANCE COMPANY:
This organization did some impressive research before designing their new H.Q. in Schaumburg, Illinois. Not only did they work with a large number of their own employees in an on site focus group, but also with outside experts.

Here’s what they found:
• Employees preferred areas dedicated to social interaction rather than having them interspersed between serious working areas. They wanted these social hubs screened off from work areas so that ambient noise and food aromas wouldn’t disturb people working nearby. They felt that having social areas featuring casual furniture including sofas and tables with chairs, interfered with their ability to get work done.

• Employees also wanted privacy for focused work or private conference calls and meetings.
• Natural light access was a big request.
• Height adjustable work surfaces were in high demand.

The conclusions from this research is not all that surprising. It confirms the current thinking that the ideal office will incorporate a hybrid of privacy and open plan factors where employees have some autonomy over where, when and how they work.

When considering a new office design, it makes sense to take these findings into account. If you have any doubts about what your employees will find most desirable, it’s always a good idea to create a focus group or forum setting in which to propose and ask for ideas before settling on your final design. This way you’ll get maximum buy-in from employees and have a greater chance of achieving your productivity and loyalty goals.

If you’d like a little help with this, please don’t hesitate to give COFCO a call!

cofco-office-furniture