In this month’s newsletter for April 2026, we at WCRE highlight key commercial real estate activity across New Jersey, Pennsylvania, and New York. In New Jersey, industrial leasing remains strong alongside major retail expansion and continued growth in the healthcare sector. In Pennsylvania, redevelopment and retail repositioning continue to drive activity, while the medical office market shows early signs of stabilization. In New York, office leasing momentum continues to build, supported by increased conversion activity, strengthening demand, and renewed energy across both the office and retail sectors.
New Jersey Market Updates
- A 145,000 SF industrial building in Cherry Hill sold for $8.4M and is being repositioned
- A 704,000 SF full-building industrial lease was signed in Palmyra, one of the largest in the region
- Amazon is exploring a new large-scale retail concept with potential expansion in Cherry Hill
- Tesla is planning a new service and sales facility in Voorhees along Route 73
- Ambiont Biopallets secured a new manufacturing site, relocating closer to U.S. customers
- H Mart has officially reopened in Cherry Hill following renovations with strong turnout
- Temple University and AtlantiCare are launching a new medical campus in Atlantic City
- Redevelopment continues as the former Holly Ravine Farm structures were cleared for new use
Pennsylvania Market Updates
- A retail center along Girard Avenue is being repositioned with a gym as the anchor tenant
- H Mart expanded into Montgomery County with the acquisition of a Lansdale shopping center
- Chubb sold its longtime Old City office property ahead of relocation
- Franklin Mall is under contract with plans for large-scale redevelopment
- Industrial demand continues with a 37-acre acquisition for a build-to-suit facility
- Philadelphia leads the nation in office-to-residential conversions
- Medical office sector is stabilizing after a recent slowdown
- A Warrington medical office building sold for $17.25M, highlighting continued investor demand
- Pvolve signed a lease for a new boutique fitness studio in Center City
- Additional retail and redevelopment activity continues across the region
New York Market Updates
- Fifth Avenue retail leasing activity is gaining momentum with new tenants and openings
- Office-to-residential conversions continue to accelerate across New York City
- Office leasing surged in Q1 2026, signaling continued recovery
- Office demand is strengthening despite economic uncertainty
- Leasing activity is returning along Third Avenue with new restaurant tenants
- New York’s industrial market is approaching a turning point following years of supply growth
U.S. Trends
- Office leasing surged nationwide in Q1, with approximately 120M SF of new leases signed
- Retail rent growth slowed to its lowest pace since 2014, signaling a more balanced market
- Technology sector layoffs are increasing, raising concerns about broader workforce shifts driven by AI
