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Building Successful Relationships

Monthly Archives: January 2015


Philly Office Space Vacancies Unchanged as Fourth Quarter Ends

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

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

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

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

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

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

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

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

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

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

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

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

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WITH NEW HIRE, WCRE NETS A WINNER

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WITH NEW HIRE, WCRE NETS A WINNER

Former Philadelphia Flyer, NHL All Star Brian Propp Joins Growing Firm as Director of Strategic Relationships

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January 23, 2015 – Marlton, NJ – Wolf Commercial Real Estate (WCRE) is pleased to announce the hiring of Brian Propp, who will serve the fast-growing firm as director of strategic relationships. Though he brings a wealth of business acumen and experience to this new position, Propp may be best known for his highly decorated NHL career, during which he spent 11 seasons playing for the Philadelphia Flyers, and another nine years as radio color analyst for the Flyers. He is a member of both the Philadelphia Sports Hall of Fame and the Flyers Hall of Fame.

As director of strategic relationships, Propp will be a C-level brand ambassador for WCRE, introducing the firm to new markets and industries. He will work closely with the firm’s sales professionals to promote the brand widely and help the business continue to grow in southern New Jersey and especially in Philadelphia.

After his playing and broadcasting years, the five-time NHL All Star made the transition to a successful business career. Previously Propp was vice president of strategic account management at an international training and consulting firm, and has worked as a health benefits consultant as well as in the financial services industry. He is also an active volunteer and supporter of several charities, which fits nicely with WCRE’s core value of commitment to the community.

“Brian Propp has the ideal mix of skills and experience to help lead WCRE to the next level,” said Jason Wolf, managing principal of WCRE. “He values building successful relationships as much as we do, and having performed at the highest level of sports, Brian brings a competitive spirit that makes him an excellent fit for our professional staff.”

The hiring of Propp is the latest success for the three year-old firm. WCRE firm hired two additional full-time associates in 2014, and opened a Pennsylvania office last October.

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 @WCRE1, and on Facebook at Wolf

Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com,  www.southjerseyretailspace.com, and www.southjerseymedicalspace.com.

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South Jersey Commercial Real Estate Market Sails from Strong 2014 into Strong 2015

magnifying glassWith several large employers planning to relocate to Camden, NJ and improvements in key indicators across the board, South Jersey commercial real estate market experienced an overall strong year in 2014 and was well-positioned for another strong year in 2015, according to a new quarterly market analysis from Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specializes in South Jersey and Philadelphia commercial real estate listings and services, including Philadelphia office space and other Philadelphia commercial properties.

The fourth quarter featured a very busy commercial market, with a 20 percent increase in deal activity over the third quarter 2014, and a 30 percent increase over the fourth quarter 2013, as well as a high volume of transactions expected to consummate in the early part of the new year, the market analysis by the Philly commercial real estate broker said.

Approximately 481,761 square feet of new leases and renewals were executed in the three counties surveyed – Burlington, Camden and Gloucester counties, the report noted.  Positive absorption spiked, making up approximately 222,618 square feet of total activity. The sales market also was quite active during the fourth quarter, with eight significant sales transactions taking place, totaling approximately $95 million in value and in excess of 1.25 million square feet, according to the report issued by Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in South Jersey and Philly commercial real estate listings and services, including Philly office space and other Philadelphia commercial properties.

The report noted that the tightening of the 3M markets in Burlington County, coupled with incentives offered under the GROW NJ initiative, caused a surge of demand for space in Camden County, specifically in the city of Camden.

“Burlington and Camden have been in a horse race, with Burlington moving ahead the past few quarters, but on the strength of GROW NJ, Camden County clearly won this round,” said Jason Wolf, founder and managing principal of Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker.

Taking a combined $525 million in tax incentives, Subaru, Holtec, Lockheed Martin, and Cooper Health all announced plans to relocate corporate headquarters to the city of Camden. The Philadelphia 76ers ownership organization had previously announced plans to build a new team headquarters and practice facility in Camden, and a new 20-acre retail center anchored by a supermarket has been announced for 2016.

Other office market highlights in the report from Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in South Jersey and Philadelphia commercial real estate listings and service, including Philadelphia office space and other Philadelphia commercial properties:

  • Overall vacancy in the market continues to drop, and is now down to approximately 14.3%.
  • 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-$24.00/sf gross, with an overall market average showing strong support in the $10.00-$12.00/sf NNN or $20.00-$22.00/sf gross for the deals completed during the fourth quarter.
  • Despite strides made in the city of Camden, Burlington County continued to maintain a significantly lower vacancy rate than Camden County. Burlington’s vacancy rate sits at 9.8 percent, while Camden County’s is at 18.8 percent, the Philadelphia commercial real estate broker said.
  • 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.

The retail report from the Philly commercial real estate brokerage firm that specializes in South Jersey and Philly commercial real estate listings noted that consumer confidence reached a nearly seven-year high, and retail sales activity was up. Highlights from the retail section of the report include:

  • Overall retail vacancy in the tri-county area is hovering around 10.3%, marking tremendous improvement from the end of 2012, when it was hovering in the 17-18% range, according to the Philadelphia commercial real estate brokerage firm.
  • Class A retail product rental rates continue to show strong support in the range of $30.00-$40.00/sf NNN.
  • Several new retail development projects throughout the tri-county area are underway or have been announced.

The full report on the South Jersey commercial real estate market is available upon request from Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in South Jersey and Philadelphia commercial real estate listings and services, including Philly office space and other Philadelphia commercial properties.

For more information about Philadelphia office space or any Philadelphia commercial properties, please call 215-799-6900 to speak to Jason Wolf (215-588-8800-cell; jason.wolf@wolfcre.com), Leor Hemo (215-514-1750-cell; leor.hemo@wolfcre.com) or Lee Fein (215-206-5580-cell; lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a Philadelphia commercial real estate broker.

Wolf Commercial Real Estate is a premier Philly commercial real estate brokerage firm that provides a full range of South Jersey and Philly commercial real estate listings and services that include Philly office space and other Philadelphia commercial properties.  We market commercial offices, medical properties, industrial properties, land properties, retail buildings and other South Jersey and Philadelphia commercial properties for buyers, tenants, investors and sellers.  Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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WCRE Works With Local Food Pantry

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WCRE FOURTH QUARTER REPORT: 2014 ENDS ON A HIGH NOTE, FUELED BY GROWTH IN CAMDEN

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WCRE FOURTH QUARTER REPORT: 2014 ENDS ON A HIGH NOTE, FUELED BY GROWTH IN CAMDEN

Government Incentives, Big Announcements From Major Players Shore Up 2014 and

Hint at a Strong 2015 for Southern New Jersey CRE Market

January 7, 2015 – Marlton, NJ – Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the fourth quarter of 2014 saw the culmination of several positive trends, adding up to an overall strong year in Southern New Jersey. The firm highlighted the success of GROW NJ leading to announcements by several large employers that they planned to relocate to Camden, NJ, and cited improvements in key indicators across the board.

According to WCRE, the fourth quarter featured a very busy market, with a 20 percent increase in deal activity over the third quarter, and a 30 percent increase over the fourth quarter of 2013, as well as a high volume of transactions expected to consummate in the early part of the new year. There were approximately 481,761 square feet of new leases and renewals executed in the three counties surveyed. Positive absorption spiked, making up approximately 222,618 square feet of total activity. The sales market also was quite active during the fourth quarter, with eight significant sales transactions taking place, totaling approximately $95 million in value and in excess of 1.25 million square feet.

The report noted that the tightening of the 3M markets in Burlington County, coupled with incentives offered under the GROW NJ initiative, caused a surge of demand for space in Camden County, specifically in the city of Camden. “Burlington and Camden have been in a horse race, with Burlington moving ahead the past few quarters, but on the strength of GROW NJ, Camden County clearly won this round,” said Jason Wolf, founder and managing principal of WCRE.

Taking a combined $525 million in tax incentives, Subaru, Holtec, Lockheed Martin, and Cooper Health all announced plans to relocate corporate headquarters to the city of Camden. The Philadelphia 76ers ownership organization had previously announced plans to build a new team headquarters and practice facility in Camden, and a new 20-acre retail center anchored by a supermarket has been announced for 2016.

Other office market highlights from the report:

  • Overall vacancy in the market continues to drop, and is now down to approximately 14.3%.
  • 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-$24.00/sf gross, with an overall market average showing strong support in the $10.00-$12.00/sf NNN or $20.00-$22.00/sf gross for the deals completed during the fourth quarter.
  • Despite strides made in the city of Camden, Burlington County continued to maintain a significantly lower vacancy rate than Camden County. Burlington’s vacancy rate sits at 9.8 percent, while Camden County’s is at 18.8 percent.
  • 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.

WCRE also reported on the local retail market, noting that consumer confidence reached a nearly seven-year high, and retail sales activity was up. Highlights from the retail section of the report include:

  • Overall retail vacancy in the tri-county area is hovering around 10.3%, marking tremendous 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.
  • Several new retail development projects throughout the tri-county area are underway or have been announced.

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 @WCRE1, and on Facebook at Wolf

Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseyretailspace.com, and www.southjerseymedicalspace.com.

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