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Monthly Archives: September 2014


Philadelphia Commercial Real Estate Market Eyes Growing Manufacturing Sector

magnifying glassOptimism among Philly regional manufacturing firms continues to grow with more employers anticipating they will hire workers in the next six months.  The continued confidence among manufacturers bodes well for the Philadelphia commercial real estate market as it positions itself to accommodate this growing sector.

“The regional survey’s broad indicators were all positive this month,” said Michael Trebing, senior economic analyst for the bank. “Most indicative of the optimism was the notable increase in firms’ hiring plans for the next six months.”

Close to 44 percent of manufacturing companies expect increased employment levels in the coming six months, according to the Federal Reserve Bank of Philadelphia’s September 2014 monthly survey of manufacturing firms in the Philadelphia region, which includes South Jersey.  That finding was up almost seven percent from the 37 percent of manufacturing firms that anticipated employee growth a month earlier in August.

Fully 59 percent of manufacturers said they anticipated increases in total production growth in the third quarter, compared to only 29 percent of firms that anticipated production decreases, the Philadelphia Fed found.  An average production growth of two percent is expected in the third quarter.

The optimism for continued growth extends into the fourth quarter 2014.  The survey found that 54 percent of manufacturers anticipate increases in production growth in the fourth quarter, while only 21 percent said they expected a decrease.

“We’re getting comments that demand has picked up, and many of these firms are at the point where they have to hire additional workers to accommodate the increased production,” Trebing said.

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

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

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly office space, Philly industrial space or Philly flex 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 industrial space or Philly flex space for sale or lease, look no further than Wolf Commercial Real Estate, the Philadelphia commercial real estate broker that acts as your strategic partner, 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.

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Third Quarter Philadelphia Retail Space Deliveries, Construction and Inventory

magnifying glassFive new Philadelphia retail buildings delivered to the market for retail space in Philly in the third quarter 2014, adding 80,793 square feet to the Philadelphia retail space market, a new market trend report from the CoStar Group says.

During the past four quarters, Philly retail space  increased by 842,776 square feet, according to CoStar’s Third Quarter 2014 Market Report.  In addition, 389,251 square feet of retail space in Philadelphia remained under construction at the end of the third quarter 2014, the report added.

Included in the notable deliveries of Philadelphia retail buildings this year were:  4300 Broadway, a 59,840-square-foot facility in the Philadelphia retail space market that delivered in third quarter 2014 and is now 100 percent occupied, and 332 South Broad Street, a 45,000-square-foot facility in the Philly retail space market that delivered in first quarter and is now fully occupied, CoStar said.

Total inventory of retail space in Philadelphia at the end of the third quarter equaled 500,055,236  square feet in 41,234 Philadelphia retail buildings and 2,554 centers, according to the report.

In comparison to trends in the Philly retail space market, the U.S. retail market grew by 13.91 million square feet in 542 new buildings in the third quarter.  An additional 53.3 million square feet of retail space still was under construction at the end of the quarter, CoStar said.

Two significant retail buildings that delivered to the national market in the third quarter were a 58,200-square-foot facility at 837 Washington Street in the New York City market and the 148,000-square-foot Main Street N. Brunswick Costco in the Northern New Jersey market, the report noted.  Total U.S. retail inventory at the end of the third quarter equaled more than 12.54 billion square feet in nearly 1.1 million retail buildings, including 97,500 shopping centers.

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

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

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

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

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Good News for East Market Project in Philadelphia Office Space Market

philadelphia-skyline-300x231The highly anticipated East Market project that will bring new Philadelphia office space to Center City Philadelphia got some good news this week.

New subsidies from the state of Pennsylvania and the City of Philadelphia have been designated for the $230 million redevelopment plan that will bring new Philly office space, Philly retail space and apartment housing to the city.  Another $2.5 million in state Redevelopment Assistance Capital Program (RACP) funds and $4 million in city funds were been committed to the project this week.  East Market already was expected to receive $7.5 million in RACP funds, according to Pennsylvania Gov. Tom Corbett’s office.

The entire 1100 block of Market Street, an important piece of the Philadelphia office space market, is included in the redevelopment plan.  Site prep work has already started on the project, which is more commonly known as the old Girard Square.  Demolition for the first phase is planned for mid-October.  Construction is expected to begin early next year.  The project will add 650,000 square feet of Philly office space, Philly retail space and apartment housing to the city.

Prevailing market conditions, including those in the market for office space in Philadelphia, will drive later stages of the project both in terms of timing and how it will be redeveloped.  Plans are for all of the structures on the city block bound by Market, Chestnut, 11th and 12th streets to eventually be either renovated or replaced.

The first phase of the project calls for construction of a 17-story tower with 160,000 square feet of Philly retail space and 322 apartment units, as well as renovation of the 200,000-square-foot family court building, which will feature Philly retail space at ground level and Philly office space on the floors above.

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

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

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

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

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Philly Retail Space Deliveries, Construction And Inventory

magnifying glassThe Philly retail space market grew with the completion of eight Philadelphia retail buildings totaling 66,506 square feet of Philadelphia retail space, according to a new market trend report from the CoStar Group.

Total retail spacein Phillyincreased by 1,197,460 square feet in the immediate past four quarters, CoStar’s Second Quarter 2014 Market Report noted.  At the end of the second quarter 2014, another 203,783 square feet of retail space in Philadelphia remained under construction, CoStar said.

Among the notable 2014 deliveries of Philadelphia retail buildings in the market for retail spacein Phillywere:  332 South Broad Street, a 45,000-square-foot Philadelphia retail space building that delivered in first quarter and is now 100 percent occupied, and 1900 North 9th Street, a 30,000-square-foot Philly retail spacebuilding that delivered in first quarter and is now 93% occupied, CoStar said.

Total Philadelphia retail space inventory was 498,222,528 square feet in 40,822 Philadelphia retail buildings and 2,549 centers at the end of the second quarter 2014, the report said.

In comparison to the trends in the Philly retail space market, the U.S. national retail market had 522 buildings totaling 10.83 million square feet deliver to the market in the second quarter 2014, CoStar said.  An additional 50 million square feet of retail space remained under construction at the end of the quarter, the report added.  Notable deliveries were a 152,000-square-foot Wal-Mart that delivered in the second quarter in the Minneapolis retail market, and a 155,361-square-foot retail building that delivered in the San Antonio market in the first quarter, CoStar noted.  The U.S. market’s total retail inventory totaled more than 1.38 million buildings at the end of the second quarter, CoStar said.

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

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

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new retail spacein Phillywith 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 retail buildings 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 retail space in Philadelphia for lease or sale through our Philadelphia commercial real estate brokerage firm.

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