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Building Successful Relationships

Monthly Archives: July 2018


WCRE 3rd Annual Celebrity Charity Hockey Event-Coming Soon!!!

WCRE and The Philadelphia Flyers Alumni have teamed up to raise money for local charities that support OUR LOCAL COMMUNITY EVERY SINGLE DAY!

Come out and cheer your friends and co-workers on as they hit the ice to raise money and support the charities below! After watching the game, join the teams for fun, food, raffle, silent auction and autograph/photo opportunities at Victory Bar & Grill in Berlin, New Jersey!

 

Wolf Commercial Real Estate (WCRE) announces its third annual Celebrity Charity Hockey Event, in which several former Philadelphia Flyers will play alongside area business leaders to raise money for a variety of local causes. All proceeds from the event will be shared among seven area charities: The Rowan Medicine CARES Institute, the Alzheimer’s Association of the Delaware Valley, the American Cancer Society, the Susan G. Komen Foundation-Philadelphia, the Jewish Federation of Southern New Jersey, Samaritan Healthcare & Hospice and The Philadelphia Flyers Alumni Association-Snider Youth Hockey.

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WHO: Philadelphia Hockey Legends Todd Fedoruk, Doug Crossman, Kjell Samuelsson, Andre Faust, Brad Marsh, and Brian Propp (who is also Director of Strategic Relationships at WCRE). Lou Nolan, the legendary public address announcer of the Philadelphia Flyers, Kerry Fraser, Retired NHL Referree, more than 30 local business leaders, and 85 sponsors.

WHAT: See six former Flyers back on the ice, playing alongside our friends and sponsors. The game will be followed by dinner and an auction to raise even more money for these great organizations.

WHEN: Saturday, September 22, 2018

  • Celebrity Charity Hockey Game begins at 5:00 P.M.
  • Dinner and auction at 7:30-10:00 P.M.

WHERE: The game will be at the Flyers Voorhees Skate Zone, 601 Laurel Oak Road, Voorhees, New Jersey

Dinner and auction will be at Victory Bar & Grill, 795 Route 73, Berlin, New Jersey

WHY: WCRE is passionately committed to the health, well-being, and success of the people of this region. We work closely with all of the charitable organizations who will benefit from this game as part of our Community Commitment initiative, and encourage our associates and clients to do the same. The firm donates a portion of the proceeds from each transaction to a charity of our client’s choice. Learn more about our Community Commitment at https://wolfcre.com/community-commitment/.

MORE: Visit our ticket link for more information. https://bit.ly/2Kelynv

(Members of the media covering the event do not need a ticket.)

Video From 2017 Event

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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Industrial Real Estate Sales Lead All Property Sectors

Industrial property sales outperformed other major commercial sectors across the country in the second quarter, driven by the popularity of online retailer Amazon and the migration of brick and mortar retailers to consumer-driven, e-commerce strategies.

While sales in all four sectors of the national and Philadelphia commercial real estate market — office, industrial, retail and multifamily — fell from the same quarter of 2017, industrial sales slid just 2 percent. That compares to sales falling 18 percent for retail, 17 percent for offices and 3 percent for multifamily, according to CoStar Group’s quarterly State of the Industrial Market webinar.

This report involving 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.

Industrial sales in the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – are coming off a record year, contributing to the slight second-quarter drop as many larger industrial portfolios available for purchase already changed hands, CoStar analysts said. The good news is that prices for industrial properties are still climbing and investor appetite is voracious.

“The quantity of bidders has been surprising to us and to the listing brokers,” industry expert Marshall Loeb said in a conference call this past week. “You are getting well over a dozen to 20-something bidders. There is a lot of global capital chasing constructively leased industrial product.”

It is getting difficult to find value in some portions of the national and Philadelphia commercial real estate properties market, Loeb added, particularly outside the five largest segments. In markets such as Phoenix, Denver, Houston, Tampa, FL; and Charlotte, NC; yields have slipped to the upper 4 percent range.

Industrial rent growth outperformed office, retail and multifamily, according to CoStar analysts. Rents for distribution and warehouse space among U.S. and Philadelphia commercial real estate listings rose 5.9 percent from the second quarter of 2017. Rents for food processing, manufacturing, refrigeration/cold storage, showroom, truck terminal, and industrial service space came in even higher, at 6.5 percent. Rents for flexible industrial space that also includes some office space rose 4.7 percent.

Rents in three industrial segments of the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – increased more than their counterparts. Office rents were 1.8 percent higher, while retail rents rose 1.5 percent. Multifamily was up 3 percent in the quarter.

E-Commerce has been the best gift the industrial market could have asked for, CoStar industrial analysts said.

“As more and more shopping has been done online, that has been unequivocally positive for the industrial market, particularly the logistics sector,” said Shaw Lupton, senior managing consultant for CoStar.

Logistics construction is running on all cylinders throughout national and Philadelphia commercial real estate listings. About 210 million square feet of space has been delivered in the past four quarters. Demand has kept up with the supply. Vacancies in the sector are decreasing across the board even as new supply has poured in.

“Logistics has seen the most supply not only of any industrial subtype but indeed of any major commercial property sector,” Lupton said. “But demand has also been extremely strong — 2.1 percent demand growth in logistics in excess of supply.”

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.

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First Annual WCRE Celebrity Charity Golf Tournament Raises $30,000

In its first year, built on the remarkable success of WCRE’s community commitment and annual celebrity charity hockey event, The WCRE Foundation has successfully raised $30,000 to be shared equally by 6 charitable causes within the Philadelphia and Southern New Jersey region.

The First Annual WCRE Celebrity Charity Golf Tournament which was held at Ramblewood Country Club in Mount Laurel this past Friday afternoon, is the brainchild of Philadelphia Flyer legend and WCRE director of strategic relationships Brian Propp and WCRE’s vice president and principal, Chris Henderson. WCRE welcomed 120 area business leaders and many guests to an afternoon of great golf, fun, competition and contests.

All proceeds from the event will be shared among the CARES Institute at Rowan University, the Jewish Federation of Southern New Jersey, the Alzheimer’s Association Delaware Valley Chapter, the American Cancer Society, Susan G Komen-Philadelphia and Samaritan Healthcare and Hospice. Each of these organizations benefits from WCRE’s long-standing practice of donating a portion of its proceeds from every transaction to an area charity. Learn more about this program at https://wolfcre.com/community-commitment/.

“This event was another successful gathering for The WCRE Foundation and our community partners. Special thanks to the entire WCRE team, our incredible sponsors, donors, golfers, friends and Ramblewood Country Club who all helped make our 2018 Celebrity Charity Golf Tournament a victory for 6 incredible non-profits in our community,” said Jason M. Wolf, founding principal of WCRE. “It is a credit to our friends, neighbors, and business associates that we are able to come together to improve the lives of others.”

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.

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Tips to Improve Comfort and Ergonomics at Work

Let’s look at tips to improve comfort and ergonomics at work. Sitting at a computer for the majority of your workday can negatively affect your health if your workstation isn’t properly adjusted. Follow these suggestions to make your workstation work for you.

Download Printable PDF >>>

Ergonomics at Work – ADJUSTING YOUR CHAIR

• Adjust the seat height so your feet are flat on the floor and your knees equal to—or slightly lower than—your hips.
• Adjust your armrests so that your shoulders are down and relaxed. If your armrests are in the way, remove them.
• Sit in the chair with your hips positioned as far back as possible. Use a foot rest if your feet don’t touch the floor.

Ergonomics at Work – MONITOR PLACEMENT

Placing your monitor in an appropriate position helps prevent excessive fatigue, eye strain, and neck or back pain.

• Center and position the top of the monitor approximately 2 to 3 inches above seated eye level.

• Sit at least an arm’s length away from the screen, making adjustments to suit your vision.

• You can reduce glare by positioning your screen away from windows, adjusting blinds or using a filter.

• Position source documents directly in front of you, between the monitor and the keyboard, using a copy stand.

Ergonomics at Work – KEYBOARD AND MOUSE CONSIDERATIONS

If your keyboard and mouse are not adjusted properly, it can lead to discomfort in your wrists, arms and shoulders.

• Place the keyboard directly in front of you at a distance that allows your elbows to stay close to your body and your forearms approximately parallel with the floor.

• Use the keyboard feet to adjust the tilt of your keyboard. If you sit in a forward or upright position, try tilting your keyboard away from you at a negative angle. If you are reclined, a slight positive tilt will help maintain a straight wrist position.

• A wrist rest can help you to maintain neutral postures and pad hard surfaces, but resting on it while typing is not recommended.

Ergonomics at Work – TAKE A BREAK

Regardless of how well your workstation is set up, sitting still and working in the same posture for prolonged periods is not healthy. Try to change your working position frequently throughout the day.

• Take a break or change tasks for at least 5 to 10 minutes after each hour of work. Try to get away from
your desk during lunch breaks.

• Avoid eye fatigue by resting and refocusing your eyes periodically.

• Make small adjustments to your chair or backrest.

For more information, contact:

Brian BlastonPartner
Hardenbergh Insurance Group
phone: 856.489.9100 x 139
fax: 856.673.5955
email: brianb@hig.net
www.hig.net

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Rigging Services – Remove the Compressor from Your Roof When You Move

rigging servicesHow Do You Move The Compressor Off Your Roof When You Relocate Your Office? You Need Rigging Services. Here’s a little-known secret that movers won’t tell you: rigging services are critical to many moves, and not many companies are certified to do it. So what is rigging, and why would you need it? Here’s a quick tutorial.

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Q. What on earth are rigging services?

A. Rigging services are necessary when you are moving an exceptionally large, heavy, or sensitive piece of equipment — production equipment, hospital equipment, or safes and bank vaults are just some of the unique items that should only be moved by a rigging specialist. Vetted rigging specialists also have the expertise necessary to move equipment where the logistical access points are limited — from industrial machinery on a
production line to the compressor on the roof of a building. Rigging services are also necessary if you need to
crate and skid large items for transport or export, or if you’re moving industrial machinery or equipment that
needs leveling, aligning, and anchoring. Very specialized equipment (crane lifts, engineered and critical lifts,
gantry lifts to 300 tons, forklifts to 100,000 lbs, hydraulic jack-and-slide systems, unified structural jacking systems, cantilever insertion tools, etc) and very experienced move specialists are needed to conduct a rigging job safely and efficiently.

Q. So aren’t rigging services just heavy lifters with cool equipment?

A. NO! Turn-key rigging contractors provide the riggers, machinery, heavy-hauling movers, millwrights, electricians, and crafts persons to dis-assemble, transport, re-assemble and erect machinery and equipment properly. An experienced hauler with a proven match-marking system will provide the most efficient reinstallation and problem-free startup to keep your business running smoothly.

Q. What if I have just one tricky item to move, and not a whole plant?

A. An experienced provider of rigging services focuses on the size of the item, not the size of the project. Just make sure the contractor you hire is a CERTIFIED AND INSURED rigging specialist, not just movers who think they can do rigging projects.

Q . So what kind of certifications should a company have if they are providing rigging services?

A. Any logistics management company quoting on rigging services should provide OSHA qualified or  CCCOCertified riggers and signal persons. You want to take every precaution so that your job site is operating safely at all times.

Q. What’s the difference between trans-loading, heavy hauling, and freight forwarding?

A. Trans-loading is the process of transferring a shipment from one mode of transportation to another. It is most commonly employed when one mode cannot be used for the entire trip. Heavy hauling is moving oversized loads too large for road travel without an escort and special permit. Freight forwarding is getting goods from the manufacturer or producer to the final point of distribution. All three processes require handling of goods, which leaves your items at much higher risk of damage. That is why you need a rigging specialist that can provide these specialized types of transport services with integrity.

Q. What if my move is complex, and I can’t reinstall my compressor, boiler, or other heavy equipment at the new site right away?

A. A rigging service provider should be able to offer you secure, heated, and crane-served warehousing for short-term machinery and equipment storage, or containerization for long-term storage. They will deliver your equipment as your project requires.

Q. What if my relocation involves moving an entire industrial warehouse or manufacturing plant, and I need to keep manufacturing lines up and running during the transition?

A. A vetted service provider should be able to choreograph all of the various relo priorities in a single logistics plan. They can phase one manufacturing line out at the old location, and get it up and running at the new location as you transition through the move. Keeping multiple manufacturing lines productive throughout a
transition is complex, but certainly attainable with detailed planning.

The bottom line is rigging services are a critical part of any move, and you need an experienced, certified provider to tackle this part of your transition. Rigging is just too much for you to shoulder on your own.

ABOUT ARGOSY MANAGEMENT GROUP, LLC
Argosy Management Group (AMG) is a leader in office relocation and logistics project/move management. AMG services companies throughout the U.S. and worldwide. AMG delivers a wide range of comprehensive services: move management and transition planning, space planning and furniture needs, office and industrial relocation and liquidation, storage solutions and asset management, furniture disassembly and installation, IT/data center relocation, and rigging.

For more information, contact: Shawn O’Neil at 609-744-4112 or visit www.argosymg.com

argosy

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Are Your Rooftop Solar Panels Protected from Ground Fault

Solar powers largest growth period in New Jersey was in 2011 and 2012 with many roof top installations being installed. These installations were constructed prior to the adoption of the most recent code (National Electric Code NEC 2014) and most likely were not designed with the newly required arc/ground fault specifications.

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SO, WHAT DOES THAT MEAN FOR YOU?

Most likely, nothing if your system is well maintained on a monthly basis. But there are no guarantees that a fault might not occur even on a well-maintained system. Chances are that the solar panel system was designed and installed in accordance with the code at the time of the installation and the system is safely operating. But with the adoption of the new code came new requirements that has added levels of protection that can detect faults in the system. In addition, code changes added a rapid shut down system that acts as a panic button and can disconnect certain parts of the solar array to provide a better and safer system and help avoid potential roof fires that could lead to structure fires and extensive damage.

DO YOU NEED TO UPGRADE YOUR SYSTEM NOW?

It’s not currently code-required, but if you want that comfort level of knowing that there is more protection, it may warrant an upgrade. But upgrades do not come cheap; some of the hurdles that one may face can range from replacing inverters and associated wires and strings, to just swapping out combiner boxes. Many previously-installed solar panel arrays are typically 600-volt systems using a 600-volt inverter. Unfortunately, many of the inverter manufacturers do not currently offer a line of 600-volts inverters because systems have generally been increased to 1000-volts and 1500-volts. Therefore, if the system would require an inverter change, selections may be limited and an alternate design might be required.

IN SUMMARY

If your building has an older solar array built prior to the new electric code, chances are that arc/ground fault protections may not be in place; however, the system may be able to be modified to provide some or all of the new protections. Whitman has experience in reviewing and designing upgrades to existing arrays and provides full turnkey design and support services. Whitman has more than 270-megawatts of solar design experience
in multiple States, that’s about 43,200 houses.

If you have any questions regarding solar panel systems or would like a quote to review an existing solar array, please contact Carey Ruetsch, Vice President of Engineering at 732-390-5858, or cruetsch@whitmanco.com.

carey-ruetsch

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WCRE 2018 SECOND QUARTER REPORT

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

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

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

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

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

Other office market highlights from the report:

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

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

Highlights from the second quarter in Pennsylvania include:

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

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

Other highlights from the retail section of the report include:

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

The full report is available upon request.

About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long term growth and success.

Learn more about WCRE online at www.wolfcre.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyretailspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com and www.phillyretailspace.com.

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Commercial Construction Surges as Demand Counters Higher Labor, Materials Costs

Robust commercial construction is projected to carry through the second half of 2018 and into next year, overcoming a shortage of skilled workers and any effects of tariffs on the cost of lumber, steel, and other building materials.

Total spending on new construction and engineering in the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – is projected to rise six percent and surpass $1.3 trillion for the first time by the end of this year, exceeding the four percent increase for all of 2017, according to construction management and consulting firm FMI Corp. The gains will be powered by an almost 10 percent increase in transportation, residential, and office projects, FMI reports.

Building on that forecast, the Commerce Department recently reported total construction spending in the national and Philadelphia commercial real estate markets rose 0.4 percent in May from the previous month, with spending at a record $1.31 trillion on an annual basis. Multifamily construction jumped 1.6 percent in May, while single-family building rose 0.6 percent.

This report involving 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.

“As we enter the dog days of summer, the weather isn’t the only thing getting hot. Construction spending is heating up just as much, about a 50 percent increase in total growth from last year,” said FMI Managing Director Jay Bowman. “What’s even more impressive is this will mark the seventh-straight year of growth since 2011, one of the longest sustained periods we’ve ever seen.”

About 150 million square feet of offices in the national and Philadelphia commercial real estate properties market were under construction as of June 30, up slightly from the 144 million square feet under way a year earlier, according to CoStar data. That’s more than the historical annual average of 126 million square feet under construction, the data show.

Nonresidential building starts were up 18 percent in May, boosted by transit projects in Los Angeles and Boston that each are valued at more than a $1 billion, and the start of a $1 billion Facebook data center expansion in Nebraska. Other large projects include the $764 million expansion of the Washington State Convention Center in Seattle and a $740 million airport terminal project at Salt Lake City International Airport, according to Dodge Data & Analytics.

Total new construction starts included among U.S. and Philadelphia commercial real estate listings rose 15 percent in May from the previous month to a seasonally adjusted annual rate of $783.6 billion, according to Dodge. The increase follows a 12 percent decline in April, with total construction activity reaching an eight-month high.

There are, however, signs of slowing for next year. Annual new office construction starts are declining and deliveries are forecast to peak this year. With supply largely in check with demand in most cities, average U.S. rents grew at roughly a 2 percent rate while occupancy hovered near 90 percent during the first quarter, according to CoStar Portfolio Strategy data.

Ken Simonson, chief economist for Associated General Contractors, warned growth in private nonresidential spending remains modest and inconsistent. Rising costs for materials and shortages of qualified workers “may stall all kinds of projects,” he said. The rising cost of steel and aluminum, which could stem from higher government tariffs may make some projects unaffordable, according to Associated General Contractors.

Even so, total construction spending in the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – is projected to increase by double digits in Nevada, Arizona, New Mexico, Missouri, Florida, Maryland, and Virginia in 2018, according to FMI’s Bowman. In addition, this spending is increasingly concentrated, with 20 U.S. markets representing half of all expenditures over the next five years. At the state level, California, Texas, Florida and New York comprise 50 percent of total construction spending.

Total spending next year in relation to both national and Philadelphia commercial real estate listings is forecast to increase at a slightly lower 5 percent, still well above the historical rate of inflation, Bowman 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.

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The Emergence of Generation Z in the Workplace

Generation ZThe rise of Generation Z, the typical workplace is bound to undergo a drastic evolution. According to the Pew Research Center, Generation Z amounts to about 35% of the workforce, which means that this group is possibly the largest group present in the US workforce.

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Although this generation of upcoming, respectable members of society have gotten their share of unfavorable criticisms for being ill-equipped, entitled and excessively dependent on their parents, research conducted by ManpowerGroup has shown that they make exceptional employees, as they seem to work harder than the other generations of people. In addition, their unique upbringing and characteristics mean the way they work will be different than their predecessors.
It is safe to say that the workspace will eventually change if it is not changing already. The generations before weren’t always as expressive, creative or tech savvy, as I’m sure they could recall a time where Google, Twitter and the iPhone (which we all know and love today) didn’t exist.

In an interview with CEO of APPrise Mobile, Jeff Corbin, he stated that “Gen Z can help millennials by teaching adaptability in the face of change and how to embrace new communications and collaboration tools. A plethora of new tools is invading the workplace, many more suited to a mobile device than a desktop. The workplace needs to change to accommodate the fact that members of Gen Z expect that information will be made available to them and consumable through the small screens of Apple and Android devices and may make them more effective and efficient in their work.”

On the other hand, a productive and innovative workspace which involves digital media will continue to require the professional skills and instincts that have been possessed by the older generations, such as critical thinking (something we were practically forced to learn in college), a desire to solve problems and a thirst for constructive feedback. A quality team consists of individuals who are able to work together, properly assess a situation and demonstrate exceptional problem solving and critical thinking skills.

However, aside from the impending concerns, this generation is also known for their creative and innovative prowess, and at the end of the day, this is something that is also necessary for any good work environment.

Fresh, new, inventive ideas are what a company really needs, and Generation Z can offer this. Jeff Corbin also ended his interview with great, motivational words for individuals seeking advice on how to really deal with Generation Z employees in the office, saying: “Be patient. Be excited. Embrace them. Learn from them. At the same time, be prepared to teach them. Ignore stereotypes. Remember that there once was an older generation that viewed you with the same concerns. And, be open to learning from everyone, younger and older.”

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