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WCRE Second Quarter Report: Southern New Jersey Market Shows Strong Fundamentals

WCRE Second Quarter Report: Southern New Jersey Market Shows Strong Fundamentals, Appears Poised For Growth

July 7, 2017 – Marlton, NJ – Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the Southern New Jersey market, which started off 2017 on a cautiously optimistic note, continued picking up steam through the second quarter.

“The overall mood of the market seems to be positive, riding a wave of steady moderate growth in the national economy, increasing expansion locally, and investor interest from outside the region” said Jason Wolf, founder and managing principal of WCRE. “Office occupancy needs increased during the quarter, and we have been seeing increased capital spending and construction hiring this year for the first time in years.”

There were approximately 395,155 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which represents an increase of approximately 24 percent compared with the previous quarter, and a remarkable 58 percent increase over the second quarter last year. While leasing showed this notable rise, the sales market had a dip in volume during the second quarter, with some 554,590 square feet worth more than $46.1 million trading hands.

New leasing activity accounted for approximately 43.4 percent of all deals. Overall, gross leasing absorption for the quarter was in the range of approximately 85,000 square feet.

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Other office market highlights from the report:

Overall vacancy in the market is now approximately 10.4 percent, which is a solid improvement over the previous quarter’s 11.05 percent.

Average rents for Class A & B product continue to show strong support in the range of $10.00-$14.50/sf NNN or $20.00-$24.50/sf gross for the deals completed during the quarter. This is essentially unchanged from the previous two quarters.

Vacancy in Camden County improved dramatically, standing at 11.7 percent for the second quarter, down from 13.3 percent in 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:

The Philadelphia industrial market remains very healthy, and the outlook is positive. Vacancy rates for flex and industrial properties in Philadelphia are well below the regional and national averages, and the expectation is that supply will continue to meet demand.

Philadelphia’s office market continues to gain strength across the board, with far lower vacancy rates than regional and national averages for both Class A and Class B properties in the Central Business Districts and around the suburbs. Conditions are in place that seem to bode well for continued growth, including increasing employment and new construction.

The Philadelphia retail sector has not been immune to the systemic challenges facing retail businesses everywhere. Namely, the massive shift to online retailing and away from brick-and-mortar. Still, there were some positive signs amid the spate of announced store closings. Community shopping centers remain an area of strength in the market, with vacancy rates nearly half the national average. 

WCRE also reported on the Southern New Jersey retail market, noting that e-commerce sales were high and moving higher still, while brick-and-mortar retail sales were growing at a modest two percent. Overall retail sales were 3.9 percent higher this year compared to 2016. Highlights from the retail section of the report include:

Retail vacancy in Camden County stood at 9.4 percent, with average rents in the range of $11.33/sf NNN.

Retail vacancy in Burlington County stood at 10.5 percent, with average rents in the range of $13.35/sf NNN.

Retail vacancy in Gloucester County stood at 7.1 percent, with average rents in the range of $13.78/sf NNN.

The full report is available upon request.

About WCRE/CORFAC International

WCRE/CORFAC International 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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WCRE First Quarter Report: Southern New Jersey Market Is Weathering Global Uncertainties

WCRE FIRST QUARTER REPORT: Southern New Jersey Market Is Weathering Global Uncertainties with Characteristic Strength

April 6, 2017 – Marlton, NJ – Commercial real estate brokerage WCRE reported in its latest quarterly analysis that despite political uncertainty at home and around the world, the Southern New Jersey market has started off 2017 on a cautiously optimistic footing.

“Even with an expected winter slowdown affecting office leasing activity, and added anxiety with the transfer of political power in Washington, the overall mood of the market seems to be positive,” said Jason Wolf, founder and managing principal of WCRE. “As we’ve seen the past couple of years, several business sectors increased their occupancy needs during the first quarter, and we continue to see increased capital spending, construction hiring, and expansions.”

There were approximately 317,886 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which represents a decrease of approximately 18 percent compared with the previous quarter, but is essentially unchanged from the first quarter last year. While leasing slowed a bit, the sales market doubled in volume during the first quarter, with some 767,988 square feet worth more than $133.5 million trading hands. New leasing activity accounted for approximately half of all deals – a big increase over the fourth quarter. Overall, net absorption for the quarter was in the range of approximately 122,572 square feet.

Download The Report PDF>>>

Other office market highlights from the report:

Overall vacancy in the market is now approximately 11.05 percent, which is a nominal increase from the previous quarter.

Average rents for Class A & B product continue to show strong support in the range of $10.00-$14.50/sf NNN or $20.00-$24.50/sf gross for the deals completed during the quarter. This is essentially unchanged from the previous two quarters.

New Jersey’s unemployment rate moved down to 4.4 percent, putting it below the national rate of 4.7 percent.

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 first quarter in Pennsylvania include:

Office demand in Center City is still exceptionally strong, as rental rates continue on an upswing and vacancy levels are compressing to all-time lows.

There is a significant amount of inventory of multi-family, including recently developed, under construction, and proposed, in both the City of Philadelphia and Philadelphia suburbs. Rental rates have either remained relatively stable or decreased slightly. Concessions are becoming commonplace at many apartment communities.

While much of the pricing for commercial real estate accounts for increasing interest rates, many purchasers are showing signs of hesitation and fears of potential decreases in market fundamentals.

The industrial market in the City of Philadelphia and its suburbs is fetching price points never experienced in the marketplace. The lack of available product coupled with significant demand is putting further upward pressure on overall pricing.

WCRE also reported on the Southern New Jersey retail market, noting an incongruous mix of consumers earning more and showing a willingness to spend, and a high number of retailers declaring bankruptcy. The report attributes this to a growing shift to online shopping and other changes in spending habits. Highlights from the retail section of the report include:

The Conference Board reports that consumer confidence is at its highest level since 2000.

Nine retailers filed bankruptcy in the first quarter, which is the same as the total for all of 2016.

Retail vacancy in Camden County stood at 6.4 percent, with average rents in the range of $12.92/sf NNN.

Retail vacancy in Burlington County stood at 11.1 percent, with average rents in the range of $12.31/sf NNN.

Retail vacancy in Gloucester County stood at 5 percent, with average rents in the range of $12.01sf 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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Kaiserman Company Appoints WCRE as Exclusive Agent

KAISERMAN COMPANY APPOINTS WCRE AS EXCLUSIVE AGENT FOR 237,000 SQUARE FOOT SOUTHERN NEW JERSEY RETAIL & OFFICE PORTFOLIO

Wolf Commercial Real Estate (WCRE) is pleased to announce that it has been appointed exclusive agent by Kaiserman Company, Inc. for their Southern New Jersey office and retail holdings comprising approximately 237,000 square feet. The leasing team of Jason Wolf and Leor Hemo will be overseeing the project for Kaiserman.

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Kaiserman has been acquiring, developing, and managing real estate for more than 90 years. The privately-owned company believes in holding properties for the long term. It is headquartered in Center City, Philadelphia, and currently owns and manages more than 2.5 million square feet of premier office, commercial, and residential properties in the Delaware Valley.

“The Kaiserman Company has a nearly century-long legacy of excellence in property ownership and management in this region, and WCRE is excited to have the opportunity to represent their Southern New Jersey holdings,” said Jason Wolf, founding principal of WCRE.

Property Highlights

Kevon Office Center, Pennsauken, New Jersey

kaisermanThis well located 100,000 square-foot, four-story office building, located at 2500 McClellan Boulevard in Pennsauken NJ, has suites available from 1,596-7,632 rentable square feet.

“This property is in an excellent location, five minutes from Philadelphia via the Ben Franklin Bridge, and just a short walk away from Cooper River Park,” said Leor Hemo, executive vice president, WCRE. “It is situated near a wide array of shopping centers, restaurants, convenience stores, and service establishments, providing for an ideal office environment.” The property sits immediately off Route 70, providing convenient access to Routes 38, 70 & I-295.

Kevon Office Center is an Energy Star-certified building that offers a beautiful grand entrance, a three-story sunlit glass atrium lobby area, employee picnic area, and a beautifully landscaped exterior. This well-managed building also provides on-site maintenance personnel, an on-site café and newly renovated common areas.

The asking lease price is $17.50/sf Full Service. A marketing brochure is available upon request.

Barclay Farm Shopping Center, Cherry Hill, New Jersey

kaiserman2The Barclay Farm Shopping Center is an 83,000 square foot retail property conveniently located on the well-traveled Route 70 in affluent Cherry Hill, New Jersey, close to Kings Highway, I-295 and the New Jersey Turnpike.

A limited number of retail units are currently available in this attractive complex. Current tenants include a wide range of national and locally owned retail, service, and food establishments, including Manhattan Bagel, The UPS Store, M&T Bank, The Cherry Grill, Asian Food Markets, and Jacobs Music Company.

This highly visible retail location also offers pad sites available fronting along Route 70, a large parking lot, wide sidewalks, highly visible signage, and is within close proximity to many high-traffic retailers. Additionally, the façade and lighting are scheduled to be updated in 2017.

The asking lease price is $16.00/sf NNN. A marketing brochure is available upon request.

Barclay Pavilion, Cherry Hill, New Jersey

kaiserman3The Barclay Pavilion is a 54,000 square foot mid-rise office building offering office units of various sizes for lease. This well-located property is ideal for professionals and health care providers. The office space available for lease is wrapped around a tranquil center courtyard. The Pavilion is conveniently located adjacent to the restaurants and shops of the Barclay Farm Shopping Center. The Pavilion, supported by ample parking, is conveniently located on well-traveled Route 70 in affluent Cherry Hill, New Jersey close to Kings Highway, I-295 and the New Jersey Turnpike. A 10,000-plus square foot pad site is also available for build-to-suit leasing.

The asking lease price is $14.50/sf full service. A marketing brochure is available upon request.

About Kaiserman Company

Kaiserman Company is a full-service commercial real estate company that owns and operates a wide range of property types. Kaiserman Company strives to own, operate and manage the most carbon-responsible properties possible, yielding the greatest value for owners, tenants, and investors, while maintaining safe, comfortable, and innovative places to live and work. Kaiserman aims to provide best-in-class service, attract a skilled and ambitious workforce, and serve as a model for green operations, positive tenant relations, and efficient management. Learn more about Kaiserman Company at www.kaiserman.com

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.cherryhillretailspace.com, www.cherryhillofficespace.com, www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com and www.phillyretailspace.com.

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Philadelphia Retail Space Takes Center Stage in Market East Rebirth

From the time of the 19th century shambles and horse-drawn trolleys, Philadelphia’s East Market Street has been a center of commerce and transportation in the City. This corridor of retail space in Philadelphia has certainly seen its ups and downs. Even with the opening of the Gallery in 1977, the consolidation and demise of Philadelphia’s great department stores left a void of high-end Philadelphia retail space, and when it was filled again at the turn of the century it was Rittenhouse Row (and more recently, west Chestnut Street) that took the place of Philadelphia’s go-to shopping corridor.

Market East Rebirth revised 12-7-15The next few years will see Market East move toward regaining its status as “Philadelphia’s Main Street,” as more than 1.6 million square feet of new and renovated Philly retail space is expected to come on line.

Retailer Century 21 led the way in 2014 with its 100,000-square-foot store at 8th & Market, its first location outside New York City. The pending PREIT/Macerich renovation of The Gallery as a premium outlet center has received the most attention as current vendors and retailers are relocated for the multi-year remake. An overlooked aspect of this Philadelphia commercial real estate project is that it will break down the monolithic walls of The Gallery – literally – to create more active Philadelphia retail space uses at street level that will make Market Street more inviting to foot traffic than it has been in the nearly 40 years since The Gallery was built.

On the south side of the street, National Real Estate is in the midst of constructing a 775,000 square foot mixed-use development consisting of 322 residential units, as well as Philly commercial properties that include office space, hospitality, parking and retail. National’s Philadelphia commercial real estate development will also open up the block to provide greater pedestrian access to Chestnut Street, where Brickstone Realty is developing several Philadelphia commercial properties, the most notable being 112 apartment units and 95,000 square feet of retail on the 1100 block of Chestnut.

Although rents have remained relatively stable, occupancy rates for retail space in Philly have dramatically increased over the last 10 years. With Greater Center City now home to more than 183,000 people, and a record number of upcoming bookings at the nearby Convention Center, demand for retail space in Philadelphia should remain strong for the foreseeable future.

mannino spFor more information about Philly retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Anthony V. Mannino, Esq., Vice President-Corporate Strategies, at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specializes in Philadelphia retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker 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 Philly 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 retail space in Philly with the Philly commercial properties that best meet their needs.  As experts in Philadelphia commercial real estate listings, including retail space in Philadelphia, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about retail space in Philly and other Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly retail 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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