In this month’s newsletter for March 2026, we at WCRE highlight key commercial real estate activity across New Jersey, Pennsylvania, and New York. In New Jersey, industrial investment remains strong alongside continued retail expansion and healthcare demand. In Pennsylvania, redevelopment and adaptive reuse projects are driving activity, while industrial trends begin to normalize and the medical office sector shows signs of cooling. In New York, office leasing and investment activity are rebounding, supported by major repositioning projects and growing demand from technology and AI-driven companies.
New Jersey Market Updates
- EQT Real Estate acquired nearly 2 million SF of industrial space, one of the region’s largest deals
- Retail continues to expand along major corridors, including a new McDonald’s approved in Evesham
- H Mart in Cherry Hill is nearing reopening, adding to retail momentum
- Cherry Hill is advancing affordable housing planning, including potential redevelopment sites
- A legal challenge has been filed regarding a proposed Super Wawa in Voorhees
- Camden County Improvement Authority acquired a development site for the Beacon Building project
- Healthcare demand remains strong, with continued office-to-medical conversions and repositioning
Pennsylvania Market Updates
- Centre Square in Philadelphia is under agreement for redevelopment
- The Bourse project is shifting from hotel use to residential
- Children’s Hospital of Philadelphia acquired a new property for $17.5M
- Investors are working to reopen former Crozer Health hospitals as medical centers
- Retail investment continues, including shopping center acquisitions and repositioning
- Exol signed a 973,200 SF industrial lease in Bucks County
- Industrial sublease availability is rising, signaling market normalization
- Philadelphia medical office market is cooling, with declining demand and rising vacancy
New York Market Updates
- Office leasing is surging across Manhattan, driven by repositioned assets
- A $150M Times Square repositioning is attracting strong leasing activity
- Investment sales have increased for the second consecutive year
- Carlyle Group expanded its Manhattan footprint
- 520 Fifth Avenue reached over 40% leased within nine months
- 360 Park Avenue South is now over 90% leased
- AI and tech companies are driving one of the strongest leasing years in over a decade
U.S. Trends
- Service-based retailers have surpassed goods-based retailers in leasing activity
- Industrial markets continue to evolve with shifting tenant demands and design trends
