Tag Archives: Philadelphia commercial real estate


The Highest Value in Leases for Office and Industrial Real Estate

The top 1,000 corporate, government and institutional occupiers in the U.S. hold leases worth an aggregated rent value of more than $135 billion, encompassing just over 8.4 billion square feet of office, industrial, and flex space across about 115,500 properties, according to a recent analysis of CoStar Group tenant data.

The study ranks occupiers by the current value of rents paid across their U.S. real estate portfolios in CoStar’s database. Total rent value was calculated by multiplying the space occupied by tenants in each building by the estimated rent value per property in the commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – and providing a total lease value for each occupier across markets.

This CoStar report on national and Philadelphia commercial properties is being offered through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Of the top 1,000, Amazon.com had the highest overall rent value relative to its occupied square footage among U.S. and Philadelphia commercial real estate properties with a total $1.34 billion in rent value across 352 U.S. properties totaling more than 130 million square feet of industrial, office, and flex space. Amazon controls large blocks of office space in Manhattan, San Francisco and its headquarters city of Seattle, among other markets.

The high dollar value of the internet retailer’s lease obligations can be attributed to its robust absorption of office space in the U.S. and Philadelphia commercial real estate markets in recent years, along with its growing network of hundreds of fulfillment, customer service, and other distribution facilities.

For purposes of the study, which did not include retail properties, Amazon also has broadened its property footprint with the non-grocery assets in its June acquisition of Austin-based Whole Foods Market, Inc. Amazon occupancy is sure to grow even larger in coming years with the anticipated announcement of the site for its proposed $5 billion HQ2 corporate headquarters campus, which will have capacity for 50,000 employees and 8 million square feet.

The internet seller’s request for proposals (RFP) announcement set off arguably the largest economic development and business attraction scramble involving national and Philadelphia commercial real estate listings in modern corporate history last summer, with Amazon revealing that it received proposals from 238 cities and regions across 54 states, provinces, and local or regional jurisdictions throughout North America. Rumors are swirling that Amazon will soon announce the short list of contenders or even the winning city.

“The number of banks and tech companies among the largest rent payers was revealing,” said CoStar Senior Research Director Corey Durant. “Who would have thought the Dept. of Justice would have the fourth-highest rent value among the 1,000 largest tenants? Amazon, Apple, Google and Microsoft were all near the top as one might expect. However, DaVita Healthcare, with its network of dialysis treatment centers stood out as a definite riser at #21.”

Other significant findings in the study included the high rent value in the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – contributed by federal government agencies and other state, local and regional jurisdictions. Of the top 25 occupiers in total rent value, the U.S. Dept. of Justice ranked just behind Wells Fargo at #4, representing total rent value of $822 million in more than 850 facilities totaling 24.5 million square feet.

After Amazon, the #2 and #3 spots involving U.S. and Philadelphia commercial real estate listings are held by two of the nation’s largest banks, Bank of America and Wells Fargo. Other financial institutions in the top 25 include JPMorgan Chase, Morgan Stanley, Citigroup and the U.S. Treasury Dept., which occupies nearly 300 properties for a total of nearly 13.5 million square feet with a rent value of about $347 million, ranking #22 among the top 1,000 occupiers.

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

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and 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, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly retail space or Philly industrial 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, Philly retail space or Philly industrial 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.

Analysts: Closing of Weakest Stores to Benefit Shopping Center Performance

The national retail vacancy rate ticked up 10 basis points for the second consecutive quarter to reach 5.2% in the third quarter of 2017 as retail leasing and net absorption slowed despite continuing improvement in the broader economy and growing consumer spending power, according to CoStar analysts.

The slower leasing performance in the third quarter for the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – reflects the ongoing store closures announced by several major retailers. In total, retailers have announced a record 101 million square feet of store closings this year, on top of 83 million square feet of store space that went dark in 2016.

However, despite signs of decelerating leasing demand for the national and Philadelphia commercial real estate markets, some analysts speculate that record levels of store closures will eventually have a ‘healing effect’ on the market as the weakest shopping centers shut down or are repurposed.

This report on U.S. and Philadelphia commercial properties is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Analysts argue that recent weakening of fundamentals does not necessarily justify the doomsday scenario suggested by gloomy headlines warning of a “retail apocalypse” or “Armageddon,” and the focus on the ongoing purge among national and Philadelphia commercial real estate properties masks the best-performing centers, many of which are adding stores and maintaining occupancy.

“Store closures have become a headline risk, and I think it is impacting the capital markets and pricing of retail property. But for shopping center owners and investors, these closures may be a necessary means to healing the market,” observed CoStar director of U.S. retail research Suzanne Mulvee in presenting the latest quarterly data during CoStar’s State of the Retail Market Q3 2017 Review and Outlook.

“Consumer spending (at the closed stores) needs to go somewhere, usually to another physical retailer, so we look at this trend as somewhat positive for the overall market,” Mulvee said. Surviving stores in the right locations “will ultimately come through this period even stronger than before,” added CoStar managing consultant Ryan McCullough.

One major issue contributing to concerns on Wall Street about U.S. and Philadelphia commercial real estate listings is the staggering amount of debt held by retail chains, incurred in part during the wave of leveraged buyouts by private-equity firms in recent years. For example, giant shoe retailer Payless Inc., which filed for Chapter 11 bankruptcy in April, incurred more than $700 million in new debt, including buyout borrowings, after being acquired in 2012 by Golden Gate Capital and Blum Capital Partners.

“If retailers can’t refinance the debt at reasonable rates, they will be forced into bankruptcy, and that gives them cover to break leases,” said Mulvee. “Capital is still positive on high-quality retail, but it is becoming even more bearish on weaker retail.”

The best-performing malls and shopping centers populating the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – will continue to attract tenants and retain value. Average and lower-performing properties will continue lose value and eventually close or be repurposed, according to the report.

U.S. retailers dealing with national and Philadelphia commercial real estate listings expect to open nearly 4,100 more stores than they will close in 2017, a conveniently overlooked fact in many news headlines focused chiefly on the number of store closings, according to “Decluttering the Retail Landscape,” a recent report by TH Real Estate. Competition from online sales is pushing weaker retailers out of business faster than ever before, but the report posits that should ultimately result in a financially healthier and more adaptable set of retailers and shopping centers that provide more appealing experiences and a compelling product mix for shoppers.

“When we subtract those non-competitive malls with vacancies of 40% or higher, we see a far different picture,” said CoStar’s McCullough. “It’s the troubled properties that lose a key tenant and set into motion an exodus of defections,” skewing the retail vacancy picture, he added.

For more information about Philly office space, Philly retail space and Philly industrial space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space, Philly retail space and Philly industrial 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, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly retail space or Philly industrial 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, Philly retail space or Philly industrial 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.

Off-Price Department Stores Rethinking Locations

Off Price Department Stores

After being one of the few retail bright spots for several years coming out of the great recession, off-price department stores — such as Macy’s Backstage and Nordstrom Rack — appear to be reassessing their business models and making changes to their location strategies following several quarters of declining sales.

In an article written by Mark Heschmeyer for the real estate information firm CoStar, a recent rating agency survey showed several contributing factors for the recent sales declines in same-store performance.

  • Retailers rushed to open more off-price stores when demand was strong leading to the sector being “over-retailed” and prompting more competitive pricing and discounting within the sector.
  • Aggressive sales, promotions and coupons seem to have become a pervasive part of the full-line store strategy.
  • Rapid growth and convenience of e-commerce shopping is also taking its toll on off-price store sales, as it has with other bricks-and-mortar formats.

This report on the reason for recent sales declines in off-price outlets in relation to national and Philadelphia commercial properties is being offered through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

“The internet has bred a smarter customer: she knows where to get the best price; she knows if a bag is made for the outlets — or is the real deal. Sometimes she cares, sometimes she doesn’t, but she does want a great experience, whether it is easy parking, unique stores she can’t find everywhere, or amazing dining,” said the head of one retail advisory firm. “She also wants a smart, educated and engaged store associate. If she can’t get that, she gives up and goes to another store, or shops online.”

How this all plays out in the commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – is still too early to tell, but it seems to be clear that retailers are reassessing their off-price business models as far as store locations are concerned, the study noted.

Macy’s recently announced a change in location strategy for its Macy’s Backstage concept with all the announced openings for new Backstage stores slated to be located within full-line Macy’s stores rather than as standalone stores among other U.S. and Philadelphia commercial real estate properties.

“We are pleased with the performance of our Backstage stores within our Macy’s stores and are excited by the potential of this concept. It is the only mall-based, off-price concept which we now are realizing gives us a competitive advantage,” Karen M. Hoguet, CFO of Macy’s told analysts during the company’s recent quarterly earnings conference call. “Details are still being developed, but we plan to expand it aggressively next year.”

Macy’s executives added that they planned to start experimenting by positioning Backstages in “larger doors” in the future, and were looking at different parts of the online stores where they could be placed throughout both U.S. and Philadelphia commercial real estate listings,

It’s a smart concept, said the retail advisory firm source. “Having Macy’s incorporate its off-price channel into its stores is smart, given that its off-price concept name doesn’t have a lot of brand equity. Their customer is used to the ubiquitous couponing in its stores, and many of its boxes are over-sized and could use a merchandising refresher.”

In contrast, Nordstrom is opting to increase the distance between its Nordstrom Rack locations throughout the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – and the retailer’s full-line offerings, according to the study’s results.

Approximately 42% of its off-price stores among national and Philadelphia commercial real estate listings are currently located within five miles of the nearest full-line Nordstrom store. That’s changing as only 17% of new Rack stores scheduled to open will be located that close to an existing Nordstrom.

While the change in distance between stores when considering all U.S. and Philadelphia commercial real estate listings, could be the result of available real estate, it could also signal that the retailer is trying to mitigate the potential for cannibalization and brand dilution.

“Having plans that were now in hindsight too aggressive caused our teams to have to pull back a little bit,” Blake Nordstrom, president of Nordstrom’s told analysts in a recent conference call. “We think that culminated a little bit in that downward trend that we saw in the third quarter.”

Nordstrom Rack remains a meaningful part of the business, he added.

“Overall, our total off-price business is $5 billion,” he said. “It’s a healthy business and we see lots of opportunities and we are encouraged by it.”

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

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and 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, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly retail space or Philly industrial 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, Philly retail space or Philly industrial 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.

A Look at the Impact New Fed Activity Will Have on Real Estate Valuations

Numerous times over the past several years, rising Treasury yields have prompted commercial real estate investors to speculate how the end of historically low interest rates would influence property values. Invariably, the yields reversed course — even after the Federal Reserve Board of Governors (The Fed) began, in late 2015, to ‘tighten’ monetary policy — and allowed capitalization rate compression to continue.

Investors, however, are once again pondering the question amid the Fed’s announcement earlier this month it would begin to unwind its nearly $4.5 trillion balance sheet. The Fed also indicated it expected a steady rise in the federal funds rate in the coming years affecting the nationwide commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – including a possible hike of 25 basis points in December that would take the benchmark rate to a range of 1.25 percent to 1.5 percent.

The actions are expected to move real interest rates involving U.S. and Philadelphia commercial real estate properties into positive territory, representing a “significant shift” from the negative rate environment that has fueled the recovery, according to an industry economic commentary issued in September.

This report on upcoming Fed action in relation to the valuation of national and Philadelphia commercial properties is being offered through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Real estate observers suggest while the Fed remains methodical and transparent, interest rates in the U.S. and Philadelphia commercial real estate markets will likely inch up in an orderly fashion and won’t shock the market into a credit freeze. Additionally, waves of real estate equity and debt searching for yield should continue to fuel the low cap rate environment, albeit in a choppier fashion, they add.

“If I’m a buyer and I know my return on a piece of real estate is lower than it was a year ago, but there are no better investment alternatives, what am I going to do?” was the question posed by one leading real estate finance expert.

Given the lack of an alternative, this individual added, “Eventually, I’m probably going to go into the marketplace and participate.”

Even contrarians admit it’s tough to envision what could derail the market. Even so, one such noted naysayer said his firm is more frequently turning down investment opportunities involving national and Philadelphia commercial real estate listings after assessing the property’s performance under stressed interest and cap rate scenarios.

“It’s really hard to see how this party ends,” he said. “Investors look into the future and try to see how property values will drop from 20 percent to 30 percent, but at this point nobody sees disruption. I certainly don’t see it, and I’d like to. We do better in those environments.”

While real estate experts say they don’t necessarily welcome higher interest rates throughout the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – they acknowledge the Fed needs to tighten and unwind so it has tools to use in the next recession. With that in mind, the Fed’s timing is particularly critical.

This is because the current eight-year growth in the value of U.S. and Philadelphia commercial real estate listings is less than a year away from becoming the second-longest positive cycle in the post-World War II era, a distinction that is weighing on the psyche of investors.

“The Fed is going to have to be a little bit careful about pushing too hard on interest rates relative to the underlying growth of the economy,” one expert said. “I don’t know when the next recession is coming, but I’m willing to bet we’re closer to it than we are to the previous recession.”

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

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and 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, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly retail space or Philly industrial 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, Philly retail space or Philly industrial 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.

CRE Investors Make Fewer Big Deals, But Raise More Money

The amount of uncalled or undrawn real estate investment capital, or “dry powder,” has grown to staggering levels. This increase has come at a time when the investment climate remains decidedly mixed, with top-quality assets in core markets commanding high valuations after a sustained up-cycle. As a result, investors are increasingly searching elsewhere for properties that offer potentially higher yields.

The effects are showing up in deal volume. The total dollar volume for real estate sales of $100 million or more in the commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – was 19.5 percent lower in the first half of 2017 compared to the same period in 2016. However, the deal volume for properties at prices of $100 million or less was just 2.3 percent lower, according to CoStar COMPs data.

Meanwhile according to Preqin, a leading source of information for the alternative assets industry, investors in U.S. and Philadelphia commercial real estate properties are finding it increasingly challenging to find attractive opportunities for allocating that raised capital, according to Oliver Senchal, head of real estate products for Preqin.

This report on the disruption of new capital flowing into existing investment funds in relation to national and Philadelphia commercial properties is being offered through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

“This [trend] places pressure on less-stablished fund managers, who are facing greater competition for the remainder of investor commitments and will have to find ways to stand out from one another to attract capital,” Preqin’s Senchal added.

Even as the volume of big real estate deals drops in the U.S. and Philadelphia commercial real estate markets, CRE continues to attract more institutional capital allocations. In fact, 2017 represents an important milestone in this regard, according to Cornell University’s fifth annual Institutional Real Estate Allocations Monitor survey.

The survey revealed that for the first time, global institutional investors’ average target allocation involving national and Philadelphia commercial real estate listings surpassed the 10 percent threshold.

Over the past five years, institutional portfolios throughout the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – have increased their exposure from 8.5 percent to 9.1 percent invested. This implies that real estate portfolios have increased by approximately $0.5 trillion in total value, through a combination of capital appreciation and new investments.

Although real estate has enjoyed a steady uptick in target allocations, the report reveals the pace of target allocations is moderating among U.S. and Philadelphia commercial real estate listings. Approximately 22 percent of institutional investors surveyed indicated they expect to increase their target allocations over the next 12 months, down from 30 percent in 2016.

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

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and 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, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly retail space or Philly industrial 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, Philly retail space or Philly industrial 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.

Despite A National Disappearing Act, U.S. Bank Branches Still Matter

The rate of consolidation among bank branches has increased in the past two years as customers continue to embrace digital banking. Simultaneously, the number of new branch openings continues to fall. Analysts, however, view this as part of a larger shift in how retail branches are being utilized by customers and where those brick-and-mortar institutions need to be located.

Through the first nine months of this year, U.S. banks serving, among other business segments, the commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – have closed more than 2,600 branches. That is about 10 percent more than during the same time frame in each of the two previous years, according to statistics from the Federal Deposit Insurance Corp.

At the same time, U.S. banks involved with such assets as U.S. and Philadelphia commercial real estate properties have opened just 873 new branches this year. That number has steadily fallen each year from nearly 1,300 in the first nine months of 2013.

This CoStar report on the viability of physical bank facilities in relation to national and Philadelphia commercial properties is being offered through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Over the past five years, the net number of bank branches has decreased by nearly 7,900 locations, representing approximately 19.74 million square feet of closed bank space.

Leading the closures list so far this year are:

  • JPMorgan Chase — 143 closures;
  • Wells Fargo — 138;
  • First-Citizens Bank & Trust — 135;
  • KeyBank — 117;
  • SunTrust — 117;
  • PNC — 114;
  • The Huntington National Bank — 109; and
  • Bank of America — 98.

Most of them show up on the list of banks closing the most branches in the last five years, including:

  • Bank of America — 810 closures;
  • JPMorgan Chase — 712;
  • PNC — 615;
  • Wells Fargo — 526;
  • SunTrust — 392;
  • Capital One — 338;
  • Branch Banking and Trust — 312; and
  • Citibank — 309.

Even having closed more than 140 branches this year in the U.S. and Philadelphia commercial real estate markets, and more than 700 in the last five years, JPMorgan officers were asked this week during the firm’s earnings conference call why they weren’t doing more to trim their 5,200-branch network given that mobile banking was up another 12 percent year-over-year.

Marianne Lake, chief financial officer of JPMorgan Chase, was quick to answer: “Because branches still matter.”

The fact is, branches play a significant role for U.S. banks – they are a cheap source of capital.

“Seventy-five percent of our growth in deposits came from customers who have been using our branches,” Lake said. “On average, a customer comes into our branches multiple times in the quarter. I know that all sounds like old news, but it’s still new news or current news, so the branch distribution network matters.”

Still, there’s no doubt customer needs for a physical branch are changing, Lake added.

“We’re not being complacent to the consumer preference,” she said, “We’re building out all of the other sort of omni-channel pieces, as you know, so that we have the complete offering. If the customer behaviors start changing in a more accelerated fashion, we will respond accordingly.”

At Bank of America, customers dealing with national and Philadelphia commercial real estate listings – among other areas of business – and performing mobile banking transactions have increased 47 percent in the past 12 months. Mobile deposits now account of 21 percent of all check deposit transactions, according to Brian Moynihan, chairman and CEO of Bank of America.

“We processed nearly 14 million transactions, and the growth continues,” Moynihan said. “We recently processed a half of billion dollars in a single week.”

But, Moynihan added, the deposits of people that walk into a branch can be typically 10 times higher than the amounts people deposited digitally while dealing with various business segments such as the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space.

“Each day three-quarters of a million people come into our branches, and our teammates serve them well, and our scores at those branches are at all-time highs in terms of satisfaction, and 80 percent of the sales go on in that space,” he added.

That’s why he noted Bank of America would continue to invest in its physical branch network as it relates to U.S. and Philadelphia commercial real estate listings.

“We have been and we will continue to open centers and markets where you have a strong commercial banking wealth management client base,” he said.

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

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and 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, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly retail space or Philly industrial 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, Philly retail space or Philly industrial 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.

WCRE Third Quarter Report: Fundamentals Remain Strong

SOUTHERN NEW JERSEY & PHILLY CRE MARKETS PERFORMING STEADILY

October 6, 2017 – Marlton, NJ – Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the Southern New Jersey market is in good shape, but remains in somewhat of a holding pattern.

“For most of 2017 we have seen an overall positive tone and conditions that usually indicate a period of strength,” said Jason Wolf, founder and managing principal of WCRE. “The national economy has been adding jobs, the financial markets are on a hot streak, and our market continues to attract outside investors – yet increased activity and enthusiasm are tempered by trouble in the retail sector and uncertainty related to current events.”

There were approximately 421,113 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which represents an increase of approximately 6.6 percent compared with the previous quarter, and a 15 percent increase over the same period last year. While leasing showed moderate gains, the sales market was quite active during the third quarter, with more than 1.76 million square feet worth more than $105 million of completed sales transactions trading hands.

New leasing activity accounted for approximately 43.3 percent of all deals. Overall, net absorption for the quarter was in the range of approximately 91,600 square feet.

Download The Report (PDF) >>>

Other office market highlights from the report:

  • Overall vacancy in the market is now approximately 9.75 percent, which is a solid improvement over the previous quarter.
  • Average rents for Class A & B product continue to show strong support in the range of $10.00-$14.50/sf NNN or $20.00-$24.50/sf gross for the deals completed during the quarter. These averages have stayed within this range for most of this year.
  • Vacancy in Camden County maintained its dramatic improvement, standing at 10.8 percent for the quarter, down from 13.3 percent at the beginning of the year.

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 first quarter in Pennsylvania include:

  • The Philadelphia industrial market continues its hot streak, and the outlook is positive. Vacancy rates for flex and industrial properties in Philadelphia are well below the regional and national averages, and this is expected to continue.
  • Philadelphia’s office market continues to gain strength across the board, with far lower vacancy rates than regional and national averages for both Class A and Class B properties in the Central Business District and the suburbs. We see increasing employment and new construction, both of which bode well for continued strength.
  • The Philadelphia retail sector is the one area that is not performing well. It has been affected by the same challenges facing retail businesses everywhere. Namely, the massive shift to online retailing and away from brick-and-mortar. Still, there were some positive signs amid the announced store closings and bankruptcies. Community shopping centers remain an area of strength in the market, with vacancy rates nearly half the national average.

WCRE also reports on the Southern New Jersey and Philadelphia retail market, noting slight declines in consumer confidence and related metrics as the third quarter wound down. Overall retail sales were 3.2 percent higher this year compared to 2016, and were likely impacted by the major hurricanes affecting Texas and Florida in late August and early September. Highlights from the retail section of the report include:

  • Retail vacancy in Camden County stood at 9.5 percent, with average rents in the range of $12.47/sf NNN.
  • Retail vacancy in Burlington County stood at 10.7 percent, with average rents in the range of $13.38/sf NNN.
  • Retail vacancy in Gloucester County stood at 7.9 percent, with average rents in the range of $14.10/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 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.

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A Quarter of Houston CRE Properties Suffer Flood Damage

As the flood waters continue to recede in Texas and Louisiana, officials caution the storm waters continue to pose threats to life and property. However, the region is shifting into recovery mode and beginning to take a full measure of the unprecedented destruction brought by Hurricane Harvey.

An assessment of the potential impact of the epic storm on the Houston commercial real estate market indicates 27 percent of the market’s gross leasable area, representing approximately $55 billion in property value, was likely affected by flooding.

This report is being offered through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm, based on information collected and studies conducted by the by the CoStar commercial real estate information company.

Included in the estimated is 175 million square feet of commercial real estate market space located within the Houston metro’s 100-year flood zone that appears to have been inundated by the epic floodwaters, including some 72,000 apartment units and 20 million square feet of office space.

Harvey, which first made landfall at Rockport, TX, as a Category 4 hurricane early August 26 and then stalled over the Texas coast, broke all records to become the wettest tropical cyclone in the contiguous United States. Weather experts have estimated that through the middle of last week, the storms had dumped an estimated 20 to 25 trillion gallons of water on Texas and Louisiana.

The greater Houston commercial real estate market ranks as the sixth-largest metro area in the U.S. by total CRE space at 1.6 billion square feet. According to CoStar data as presented Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm, $16 billion of the $55 billion in property at risk is comprised of apartment buildings within the 100-year flood zone.

The densely populated Southwest Houston submarket segment of the overall Houston commercial real estate market, home to more than 66,000 apartment units, is likely to be the district most affected by flooding. Nearly 30 percent of the submarket’s apartment units are estimated to be impacted, with the Braeburn, Greater Fondren and Sharpstown neighborhoods having the largest number of units within the 100-year flood zone.

For more information about Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm specializing in Philly office space, Philly retail space, and Philly industrial space, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space, Philly retail space and Philly industrial space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings, Philly office space, Philly retail space, Philly industrial space, 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, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly retail space or Philly industrial 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 Philadelphia commercial real estate listings and services – including Philly office space, Philly retail space, and Philly industrial space – 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.

Chinese Government Moves to Reduce Overseas Real Estate Investments

The U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space –  could soon find out what happens when the government of the world’s largest country tightens the spigot on overseas investments from its citizens.

Last week, the State Council of the People’s Republic of China officially announced measures to curb outbound investment – a move Chinese officials had been hinting at all year.

Announcing the new measures were intended to promote the “healthy growth of overseas investment and prevent risks,” the new directives from China’s State Council cover all overseas investments including U.S. and Philadelphia commercial real estate properties, companies, and projects.

This report in relation to national and Philadelphia commercial properties is being offered through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm, and was provided by the CoStar commercial real estate information company.

Prominently featured on the restricted list of the new investment guidelines now in effect worldwide – and in the U.S. and Philadelphia commercial real estate markets – are real estate, hotels, casinos, entertainment, sport clubs, outdated industries, and projects in countries with no diplomatic relations with China, as well as “chaotic regions” and nations that should be limited by bilateral and multilateral treaties concluded by China.

In addition, China said it would redirect overseas investment currently in national and Philadelphia commercial real estate listings specifically to support the framework of its 2013 “Belt and Road Initiative.” More specifically, China said it would encourage domestic investors to put their money into eligible projects in Southeast Asia, Pakistan and Central Asia, and beyond to the Middle East, Europe and Africa. The State Council said it would encourage companies to invest up to $1 trillion in that initiative, with the goal of strengthening China’s trade links in those regions, which have surged this year.

Mergers and acquisitions by Chinese companies in countries that are part of the 68 countries officially linked to the Belt and Road Initiative – and are not among U.S. and Philadelphia commercial real estate listings – totaled $33 billion year to date, surpassing the $31 billion tally for all of 2016.

At the same time, Chinese investment in the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – has plunged by 50 percent in the first half of 2017. However, despite the huge drop, the amount of Chinese money flowing to the U.S. is still likely to be the second-highest for Chinese investment in the U.S. on record, including mergers and acquisitions, it was reported.

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

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and 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, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly retail space or Philly industrial 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, Philly retail space or Philly industrial 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.

Philadelphia Industrial Vacancy Increases to 5.9 Percent

The Philadelphia industrial market ended the second quarter of 2017 with a vacancy rate of 5.9 percent.

The vacancy rate in the region’s commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – was up over the previous quarter, with net absorption totaling positive 1,782,519 square feet in the second quarter. That compares to positive 9,931,174 square feet in the first quarter 2017. Vacant sublease space increased in the quarter, ending the quarter at 1,193,014 square feet.

The flex building segment of the Philadelphia commercial real estate market recorded net absorption of positive 428,315 square feet while the warehouse building market recorded net absorption of positive 1,354,204 square feet in the second quarter 2017.

This report on Philadelphia commercial properties is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Tenants moving into large Philadelphia commercial real estate properties in 2017 include: Uline moving into 1,070,000 square feet at Liberty Business Center III – Building 1, Mattel moving into 1,002,000 square feet at 575 Old Forge Road, and PepsiCo moving into 502,754 square feet at 545 Oak Hill Road.

Rental rates among Philadelphia commercial real estate listings ended the second quarter at $4.84, a decrease over the previous quarter.

Fourteen buildings totaling 5,075,807 square feet were delivered to the commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – in the quarter, with 15,226,755 square feet still under construction at the end of the quarter.

This trend is compared to the U.S. national industrial vacancy rate, which decreased to 5.1 percent from the previous quarter, with net absorption positive 71.76 million square feet in the second quarter. Average rental rates connected to Philadelphia commercial real estate listings increased to $6.22, and 537 industrial buildings delivered this quarter totaling more than 64.4 million square feet, with almost 272.4 million square feet still under construction.

For more information about Philly office space, Philly retail space and Philly industrial space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space, Philly retail space and Philly industrial 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, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly retail space or Philly industrial 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, Philly retail space or Philly industrial 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.

National Price Indices Trending Upward at Midyear

Midyear 2017 pricing trends continue to rise steadily across all U.S. regions and types of properties as the equal-weighted U.S. Composite Index rose by 1.4 percent in June, contributing to a second-quarter gain of 5 percent, as the value-weighted U.S. Composite Index advanced by a similar 1.3 percent for the month and by 4.1 percent for the quarter.

Driven by the second-quarter and recent monthly advances, the value-weighted U.S. composite index, reflecting larger asset sales common in core segments across the commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – erased losses earlier in the year, and expanded by 5.4 percent over the 12-month period ending June 2017.

This report in relation to national and Philadelphia commercial properties is being offered through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Pricing momentum, however, remains strongest in the lower end of the market in 2017. The equal-weighted U.S. Composite Index, reflecting the more numerous but lower-priced property sales typical of secondary and tertiary U.S. and Philadelphia commercial real estate properties, increased 17.5 percent over the past year, the strongest 12-month period on record.

Of note among property types studied by Costar Realty Information Inc. is the U.S. Office Index, where stable fundamentals supported 11 percent growth, the only double-digit growth rate among the four major property sectors over the 12-month period. The four major property-type indices in the U.S. and Philadelphia commercial real estate markets recorded price growth of an average 2 percent during the second quarter.

The Prime Markets Indices, dominated by transactions in the largest core coastal metros, have generally increased more slowly than the broader national property type indices, in keeping with the larger pricing index growth rates in non-core markets involving national and Philadelphia commercial real estate listings.

Continuing a trend of declining investment sales transaction activity that began last year and is likely to last through 2017 in the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space, composite sale pair volume totaled $128.7 billion in the 12-month period ending in June, down 2.2 percent from the previous 12-month period.

Steady pricing growth also increased across all four major U.S. regions in the second quarter as did those involving U.S. and Philadelphia commercial real estate listings. Regional indices advanced by an average of 1.9 percent. The Northeast Index saw the strongest growth over the 12-month period at 11.7 percent while the South Index advanced 9.9 percent. The West Index increased 8.2 percent and Midwest Index rose 7.4 percent during the same period.

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

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and 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, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly retail space or Philly industrial 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, Philly retail space or Philly industrial 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.

E-Commerce Comes to Food Shopping as Amazon Buys Whole Foods

Grocery stores, once considered more immune to risks from online competition compared with its clothing and department store counterparts, may not be as resilient as many have long thought.

After Amazon dropped the recent bombshell news that it plans to buy Whole Foods Market Inc. for $13.2 billion, some investors and analysts in the commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – are reassessing the prospect for e-commerce to make more rapid incursions into the food retail business.

This CoStar report in relation to national and Philadelphia commercial properties is being offered through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Other skirmishes between grocers and online retailers involved with U.S. and Philadelphia commercial real estate properties that have been growing over the past couple of years are now intensifying. National name-brand food product makers are redirecting millions of dollars into e-commerce efforts to boost sales directly to consumers.

This month, Campbell Soup Co. announced plans to accelerate the company’s digital and e-commerce capabilities by forming an e-commerce unit in North America and setting a goal in its U.S. and Philadelphia commercial real estate markets of generating $300 million per year in e-commerce sales over the next five years.

“E-Commerce is a significant growth opportunity for Campbell, and it represents the future of food commerce,” said Mark Alexander, President – Americas Simple Meals and Beverages, for Campbell Soup. “Only those who get there in a fast and smart way will win, and Campbell intends to do just that. We have an accelerated strategy to invest and grow in this space.”

The move is also seen as a response to slumping organic sales in the U.S. Campbell’s sales, which decreased 1 percent over the last nine months, which were driven by a 1 percent decline in organic sales, reflect higher promotional spending and lower volume in relation to its national and Philadelphia commercial real estate listings. In its Americas Simple Meals and Beverages division, the most recent sales numbers were down 2 percent.

In fact, equal weighted comparable grocery store sales growth within the industry is decreasing across the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space. Year-over year grocery sales were increasing a little more than 4 percent annually three years ago; that flattened to about 0.3 percent in fiscal year 2016, according to analysis by CoStar Portfolio Strategy.

Campbell’s goal to reach $300 million in e-commerce sales would represent 3.6 percent of the brand’s annual sales. Studies project online grocery spending related to U.S. and Philadelphia commercial real estate listings could grow during the 2016-2025 forecast period from 4.3 percent. Last year, online grocery sales were about $20.5 billion.

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

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and 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, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly retail space or Philly industrial 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, Philly retail space or Philly industrial 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.