Bala Cynwyd’s office market, while not currently experiencing five percent rent growth, currently is experiencing its highest occupancy rate in 15 years – 92 percent – and has seen gradual tightening annually since 2010.
Coming out of the Great Recession, Bala Cynwyd struggled to compete for office tenants in the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – with nearby suburbs like Conshohocken or Radnor, both of which offer prospective lessees a larger stock of newer or more recently renovated office properties.
However, a gradual progression of development and renovation projects in the national and Philadelphia commercial real estate markets has helped Bala Cynwyd reassert its competitive edge.
This report on U.S. and Philadelphia commercial properties is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.
The 2007 opening of a 120,000 square foot Target across City Line Avenue from Bala Cynwyd added an additional anchor for retail traffic to the area’s national and Philadelphia commercial real estate properties. That new Target had helped support a range of popular restaurants along the periphery of the relatively new shopping center, including California Pizza Kitchen, Naf Naf Grill and Starbucks.
Since then, more than 750,000 square feet of office space comprising U.S. and Philadelphia commercial real estate listings has been renovated along the portion of City Line Ave., stretching from Interstate 76 to the Bala Regional Rail Station at Conshohocken Road. Lower Merion Township also approved new zoning ordinances to promote dense, mixed-use, and transit-friendly development, and Post Brothers renovated and up-scaled roughly 1,000 apartment units at Presidential City.
Office owners in this area of the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – are beginning to see the benefits of these upgrades as existing financial tenants such as Investedge and Allied Mortgage both chose to stay in Bala Cynywd and expand their office space within the submarket during 2017.
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.
