Tag Archives: Southern New Jersey


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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WCRE Expands Philly Team with Joe Nassib

Wolf Commercial Real Estate (WCRE) is pleased to announce the hiring of Joe Nassib as the firm’s newest sales associate. Nassib is a former commercial construction project management specialist who will be a valuable partner to clients seeking expertise in development and understanding the potential of a space. Nassib will work closely with WCRE’s team of sales professionals to generate new business relationships and create opportunities for clients in Philadelphia and its suburbs.

For four years Nassib was a defensive back and special teams player for the Syracuse University Orange football team. He began as a walk-on, and through his perseverance, earned a scholarship and appeared in more than 40 games. He will bring this same type of tenacity and commitment to his clients at WCRE.

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“We believe Joe has a lot of potential as a sales associate, combining what he knows about commercial development with his can-do competitive spirit,” said Jason Wolf, founder and managing principal of WCRE. “I’m thrilled to welcome him to our company.”

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

WCRE Proudly Joins CORFAC International

CORFAC InternationalWCRE is pleased to announce it has joined CORFAC International, a network of independently-owned, entrepreneurial commercial real estate firms with 78 collaborative offices worldwide.  Under the new arrangement, the five-year-old local firm will rebrand as WCRE/CORFAC International.

Though it bears a new name, the firm remains a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties. It provides a complete range of real estate services to commercial landlords, tenants, investors, developers, banks, commercial loan servicers and companies.

Download WCRE Printable Press Release in PDF>>>>

Download CORFAC International Printable Press Release in PDF>>>>

“Our alliance with CORFAC International provides a global network of resources and knowledge that will greatly benefit our clients,” said Jason Wolf, Managing Principal of WCRE. “We’ll be able to add those resources to our tradition of individualized service and cutting-edge marketing techniques.”

Wolf founded WCRE in early 2012 after 17 years of steady growth and success at a top national commercial real estate firm. Driven by a visionary team with a wide variety of expertise, WCRE quickly took its place among the market leaders.

“We’re happy to add WCRE to the CORFAC family,” said Ray Lyons, CORFAC International president and broker with Thomas L. Johnson Realty/CORFAC International in Toronto. “Their insights and expertise in the Philadelphia region will bring even stronger service to all of our clients.”

Founded in 1989, CORFAC International’s member firms provide a full range of brokerage services across the globe. “It is an honor to have Wolf Commercial Real Estate join the CORFAC family as our newest member firm,” said Jonathan Salk, Executive Director of CORFAC International.

“WCRE is well recognized and respected as the top independent commercial real estate company in the Philadelphia and South Jersey region. Their strong full-service team with years of experience locally, regionally and nationally will be a fantastic addition to our CORFAC network,” Salk added.

“CORFAC is an excellent fit for our regional and national practices in office, retail, healthcare, and industrial properties,” said Anthony Mannino, vice president for corporate strategies at WCRE.

Learn more about Wolf Commercial Real Estate at www.wolfcre.com and CORFAC International at www.corfac.com.

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 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.

About CORFAC International

Established in 1989, CORFAC International (CORFAC) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC has 48 firms in the U.S., four in Canada and 26 in international markets, including Colombia, France, Germany, Ireland, Israel, Italy, Mexico, Romania, Russia, South Africa, South Korea, Switzerland and the United Kingdom. CORFAC firms completed more than 11,000 lease and sales transactions totaling 550 million square feet of space valued in excess of $8.5 billion in 2015. Learn more at www.corfac.com or on Twitter at @CORFACIntl.

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WCRE Honored With 2016 CoStar Power Broker Award

WCRE, a local South Jersey commercial real estate firm was selected by commercial real estate’s largest research organization (CoStar) as one of the top leasing and sales firms in the market. 

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Wolf Commercial Real Estate (WCRE) has been selected by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, to receive a CoStar Power Broker TM Award. This annual award recognizes the “best of the best” in commercial real estate brokerage by highlighting the firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases in 2016 within their respective markets.

With the largest independently researched database of commercial real estate property information available online, CoStar can easily identify the top firms and brokers in each market throughout the U.S. and Canada. All awards are based on transaction data maintained in CoStar’s commercial real estate database.

WCRE qualified as one of the top commercial brokerage firms in the Philadelphia region based on total leasing transactions closed during the year. In order to be selected for this honor, WCRE’s overall transaction volumes were evaluated by CoStar against other commercial real estate brokerage firms active in its region, and subsequently ranked among the top firms in the market.

“We are thrilled to have earned this recognition from CoStar for a fourth consecutive year. I am grateful to our entire team and to all our clients and associates. Congratulations to all the winners,” said Jason Wolf, managing principal of WCRE, who was separately honored as a Top Office Leasing Broker.

“With such an active year in commercial real estate, CoStar is proud to honor the individual brokers and firms who perform at the industry’s highest level,” said CoStar Group founder and CEO Andrew C. Florance. “These industry leaders deserve to be recognized for their expertise, hard work and superior deal-making abilities. We extend our congratulations to this year’s winners on their exceptional sales and leasing success.”

The complete list of 2016 CoStar Power Broker Awards winners can be found at CoStarPowerBrokers.com.

About CoStar Group

CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. LoopNet is the most heavily trafficked commercial real estate marketplace online with more than 10 million registered members. Apartments.com, ApartmentFinder.com, ApartmentHomeLiving.com, and Westside Rentals form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Through an exclusive partnership with Move, a subsidiary of News Corporation, Apartments.com is the exclusive provider of apartment community listings across Move’s family of websites, which include realtor.com®, doorsteps.com and move.com.  CoStar Group’s websites attracted an average of nearly 24 million unique monthly visitors in aggregate in 2016. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe and Canada with a staff of over 3,000 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com. 

About WCRE

Wolf Commercial Real Estate 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.

WCRE Third Quarter Report: Southern New Jersey Office Leasing Rebounds

WCRE Third Quarter Report: Southern New Jersey Office Leasing Rebounds, Still Lags Behind 2015 Levels

Office Leasing Posts Strongest Quarter of the Year, Investments, Sales, and Philadelphia Remain Areas Of Strength

wcre_3qtr2016_reportMarlton, NJ – Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the Southern New Jersey office market has bounced back nicely from the slow-down in commercial leasing activity that began late last year. Office leasing totals for the third quarter were the strongest they have been all year, though they are still off from the same time last year. The investment and sales market continued its hot streak, and the city of Camden is seeing progress from the Grow New Jersey program.

“The Brexit vote was something of a shock to the system during the second quarter, but this region showed its resilience and the strength of its fundamentals,” said Jason Wolf, founder and managing principal of WCRE. “The upcoming election means more uncertainty in the near term, but the overall tone is one of cautious optimism.”

There were approximately 365,224 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which represents an incredible improvement of 44 percent compared with the second quarter of the year. The quarter saw a slight decrease in prospecting, with about 225,000 SF of lease deals in the pipeline and expected to close in the near term. Still, the trend of positive absorption continued, making up approximately 195,000 square feet of total activity.

Overall market vacancy dropped as well, with Camden County leading the way.

Download the Report>>>

Other office market highlights from the report:

Overall vacancy in the market is now approximately 10.65%.

Average rents for Class A & B product continue to show strong support in the range of $10.00-$14.00/sf NNN or $20.00-$24.00/sf gross for the deals completed during the quarter. This is essentially unchanged from the previous several quarters.

All of the major private owners and REITS showed moderate leasing and prospect activity for the quarter – with Burlington County vacancies tightening up, many larger vacancy opportunities are also shifting towards Camden County, which is not controlled by these ownership entities.
On the sales and investment side, about 416,050 square feet of properties worth a total of more than $52 million were traded.

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 and the surrounding suburbs continue on an upward trajectory in terms of construction for multi-family and repositioning of older Class B/C assets to core Class A properties. Despite these trends, we are witnessing some hesitation from the banking community regarding the viability of these extraordinarily high pricing levels. With thousands of units either under construction or slated for development in the Philadelphia region, the question regarding rental rates and vacancy levels is coming to the forefront of many deals.

Aramark signed a lease at 2400 Market Street in Philadelphia for a new headquarters. The 280,000+/- square foot space will be state-of-the-art with unparalleled views of the Schuylkill River. This international entity looked elsewhere in the region for space but chose to remain in Center City, which bodes well for the future of the market.

Five Below chose the Lits Building for its new Center City headquarters. The company also plans on leasing 180,000 square feet of office space and 15,000 square feet of retail space at 701 Market Street.

Strong demand continues in the industrial market, as evidenced by increasing prices and rental rates. Though much of the institutional activity appears to be in central Pennsylvania and the Lehigh Valley, pricing for non-institutional assets, especially in Philadelphia and the surrounding counties, is stronger than ever.

WCRE also reported on the Southern New Jersey retail market, noting mixed results there. Highlights from the retail section of the report include:

Overall retail sales and spending dropped again, although restaurants, grocery stores, and clothing stores did post modest gains for the third quarter. Interestingly, consumer confidence grew at the same time, hitting a post-recession high.

Retail vacancy in Camden County stood at 11 percent, with average rents in the range of $12.20/sf NNN. This is a slight increase in both vacancy rates and average rents.

Retail vacancy in Burlington County stood at 10.2 percent, with average rents in the range of $13.15/sf NNN. This is a notable drop in vacancy, while rents stayed essentially unchanged.

Retail vacancy in Gloucester County stood at 6.9 percent, with average rents in the range of $12.01/sf NNN. This represented an uptick in vacancy with rents unchanged.

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.

WCRE SECOND QUARTER REPORT: SOUTHERN NEW JERSEY OFFICE LEASING TAKES A NOTICEABLE DIP, BUT INVESTMENT AND SALES REMAIN STRONG

Retailers Lose Ground to Online Stores while the Industrial market has stayed strong

DOWNLOAD Q2 2016 COMMENTARY PRESS RELEASE AS PDF

July 11, 2016 – Marlton, NJ –  Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the slow-down in commercial leasing activity in Southern New Jersey that began late last year may have been the beginning of a trend. Office leasing totals were down significantly compared to the same period last year, and were lower than the already slower first quarter. Mixed with this bad news were positive signs in the continued high level of activity in the investment and sales market, and an uptick in leasing in Cherry Hill and Voorhees. Overall, caution and uncertainty seem to be guiding factors.

“Several unknowns began influencing the markets during the second quarter – from the possible impact of the Brexit vote to the coming U.S. presidential election,” said Jason Wolf, founder and managing principal of WCRE. “Businesses are trying to figure out how their plans may be impacted by the uncertainties, but we still believe the overall outlook is still strong.”

There were approximately 252,121 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which represents a drop of +/- 23 percent compared with the first quarter of the year. The quarter saw an increase in prospecting, with about 250,000 SF of lease deals in the pipeline and expected to close in the near term. Still, the trend of positive absorption continued – and improved over the previous quarter – making up approximately 206,000 square feet of total activity. Vacancy rates posted slight increases, but several large assets changed hands as owners repositioned and new investors entered our market.

Other office market highlights from the report:

  • Overall vacancy in the market is now approximately 11.85%.
  • Average rents for Class A & B product continue to show strong support in the range of $10.00-$14.00/sf NNN or $20.00-$24.00/sf gross for the deals completed during the quarter. This is essentially unchanged from the previous two quarters.
  • All of the major private owners and REITS showed moderate leasing and prospect activity for the quarter – with Burlington County vacancies tightening up, many larger vacancy opportunities are also shifting towards Camden County, which is not controlled by these ownership entities.
  • New Jersey’s unemployment rate moved higher for the first time in more than a year, coming in at 4.9 percent. Like the national economic recovery, the New Jersey recovery appears to be experiencing a slight pause.

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:

  • Although not as pronounced as other “gateway markets”, the Philadelphia CBD office market is attracting attention from international institutional investors. Notable investments include the Korean Investment Fund’s acquisition of Cira Square at 2970 Market Street for $354 million from Brandywine Realty Trust  and 1700 Market Street from Shorenstein Properties for $195 million. Other transactions in progress are commanding all-time-low capitalization rates from some Middle East equity investors.
  • Beyond the CBD, the suburban market has been extremely active, including Saint Gobain’s Headquarters facility, which sold for $123 million at a sub-6% capitalization rate. Additionally, Liberty Property Trust announced a plan to redevelop in the City of Camden, which includes a master plan involving 1.75 million SF of office, parking garages, hotel, and apartments.
  • There has been a flurry of favorable retail activity in the regional market in 2016. Some major projects include PREIT’s sale of three core CBD retail properties to Post Brothers for $45 million at a sub-4% capitalization rate, RIOCan REIT’s announcement to sell 49 retail properties located throughout the Northeast, with many in the Philadelphia region, for $1.9 billion. In addition to these core assets, there is significant development of net leased properties, including Wawa/Sheetz/Royal Farms convenience stores, as well as a variety of other retailers. Finally, retail is filling in many of the ground floor spaces of multi-use properties and commanding some of the all-time highest rental rates seen thus far.
  • The industrial market is still experiencing strong activity, with increases in pricing and rental rates. One of the most significant transactions of the second quarter was the Target E-Commerce Distribution Center in York, PA, which fetched $60 million or $76/SF. While the appetite for core Class A assets continues to be strong, pricing for multi-tenanted flex assets is demonstrating great appeal and marketability.

WCRE also reported on the Southern New Jersey retail market, noting mixed results there, as well. Highlights from the retail section of the report include:

  • Overall retail sales and spending dropped during the second quarter, after an already underwhelming performance in the first quarter.
  • Retail vacancy in Camden County stood at 10.5 percent, with average rents in the range of $11.89/sf NNN.
  • Retail vacancy in Burlington County stood at 14.8 percent, with average rents in the range of $12.21/sf NNN.
  • Retail vacancy in Gloucester County stood at 6.4 percent, with average rents in the range of $12.00/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 ww.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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WCRE ADDS SENIOR ASSOCIATE AND DIRECTOR OF INVESTMENT SALES

WCRE ADDS SENIOR ASSOCIATE AND DIRECTOR OF INVESTMENT SALES

John Mozzillo to serve expanding roster of clients at regional commercial real estate firm

Mozzillo Headshot

VIEW FULL PDF HERE

June 22, 2016 – Marlton, NJ – Wolf Commercial Real Estate (WCRE) is pleased to announce the hiring of John Mozzillo, who will serve as Senior Associate and Director of Investment Sales.  Mozzillo brings more than a decade of management and leadership experience to complement the skilled team at WCRE. John joins WCRE to help lead the growth of its Investment Services and Brokerage platform.

As Senior Associate & Director of Investment Sales, John will specialize in providing best-in-class acquisition, disposition and re-capitalization services to institutional and private clients, developers, lenders and special servicers. He will also be responsible for the sale and leasing of office, healthcare, retail and industrial properties throughout Southern New Jersey and the Greater Philadelphia region, as well as various advisory and consultative services.

John Mozzillo was most recently an associate at JLL, where he provided a variety of real estate services to investors, landlords and tenants, including leasing and investment analysis. He previously served in leadership and sales roles for a technology start up and in the corporate services sector, working closely with both Fortune 1000 corporations and privately held companies.

“Each new member of our team strengthens our ability to meet specific needs and build even more successful relationships with our clients and community,” said Jason Wolf, founder and managing principal of WCRE. “John brings a valuable background as an entrepreneur, leader, and real estate professional that will allow WCRE to serve its clients in new ways.”

In addition to his professional accomplishments, Mozzillo exemplifies WCRE’s core values, especially commitment to the community.   He currently serves as a member of AQUA Corps, a regional non-profit that creates positive change in individuals from vulnerable populations and in the lives of volunteers who assist them

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 ww.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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WCRE FOURTH QUARTER REPORT: AN OVERALL STRONG 2015 IN SOUTHERN NEW JERSEY ENDS WITH A NOTE OF CAUTION

WCRE FOURTH QUARTER REPORT: AN OVERALL STRONG 2015 IN SOUTHERN NEW JERSEY ENDS WITH A NOTE OF CAUTION

Pace of Transactions Showed Signs of Slowing Down, But Investment Market Activity Provided Reasons to Stay Optimistic

OVERALL STRONG 2015 IN SOUTHERN NEW JERSEY ENDS WITH CAUTION

January 12, 2016 – Marlton, NJ – Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the fourth quarter of 2015 saw the market tap the brakes a bit for the first time in an otherwise strong year in Southern New Jersey. The report noted that there were hints of a slow-down, even while the overall market still showed gradual improvement and expansion, and bellwether companies remained active.

The fourth quarter featured a mixed bag of results, some of which may have been caused by the Fed’s recent decision to raise interest rates for the first time in nearly a decade, and/or by volatility in the financial markets. Positive news included several large leases and renewals above 40,000 SF, signs of increasing new construction for the first time in years, and new investors entering the market. In less encouraging news, there were approximately 384,906 square feet of new leases and renewals executed in the three counties surveyed, which represents a drop of +/- 20 percent compared with the fourth quarter of 2014. Along with a slower pace of transactions, there has been a drop in prospecting, with about 250,000 SF of lease deals in the pipeline and expected to close in the near term.

However, even with the drop in transactions, positive absorption continued, making up approximately 130,202 square feet of total activity. Vacancy rates continued to improve, as well.

“2015 was a strong year for our market, although we began to see more caution amid the optimism during the fourth quarter,” said Jason Wolf, founder and managing principal of WCRE. “The question for 2016 will be whether our market has rebounded to a point where it can ride out some short-term changes and remain strong.”

Other office market highlights from the report:

  • Overall vacancy in the market continues to drop, and is now down to approximately 11.6%. This is a major improvement from a year ago.
  • Average rents for Class A & B product continue to show strong support in the range of $10.00-$14.00/sf NNN or $21.00-$25.00/sf gross for the deals completed during the fourth quarter.
  • All of the major private owners and REITS showed moderate leasing and prospect activity for the fourth quarter – with Burlington County vacancies tightening up, many larger vacancy opportunities are also shifting towards Camden County, which is not controlled by these ownership entities.

Last year WCRE 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 fourth quarter Pennsylvania section include:

  • While Philadelphia remains one of the most affordable office markets, rents have been increasing due to rising demand from both users and investors. A record number of Class A office properties was traded during 2015, and investors will continue to concentrate on well located, well leased product. Class A office rents are finding support in the range of $29.40/sf in the central business district and $25/sf in the suburbs.
  • Across all property types and locations, Philadelphia’s retail market is quite strong and well positioned to maintain its strength. The retail market has seen stable asking rents overall, with sharply rising values for Center City. The King of Prussia Mall is expanding, and will be the largest shopping mall in the United States when the project is complete. The retail vacancy rate for community retail properties was at 5.8 percent for the fourth quarter, below the national average of 8.1 percent. The vacancy rate for neighborhood shopping centers was a bit higher at 9.3 percent, but that matched the national average for that sector.
  • Philadelphia’s industrial market had a strong 2015, but after record-setting positive absorption figures in the industrial market in 2014, 2015 was comparatively slow, with 149 industrial property sales totaling $563 million. Still, this was enough volume to maintain stability in rental and vacancy rates, both of which are forecasted to improve as long as macroeconomic factors remain stable. Price per square-foot for industrial sales increased to $41.47 in 2015, compared to $39.75 in the prior year.

WCRE also reported on the Southern New Jersey retail market, noting mixed results there, as well. Highlights from the retail section of the report include:

  • Overall retail vacancy in the tri-county area is hovering around 10.53%, marking an uptick from 2014, but still remarkable improvement from the end of 2012, when it was hovering in the 17-18% range.

  • Class A retail product rental rates continue to show strong support in the range of $30.00-$40.00/sf NNN.

  • The pace of retail sales growth in our area has slowed, but nationwide retail sales are up, sparking many planned expansions and store openings for 2016 and beyond.

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.