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Tag Archives: Construction


US Industrial Development Starts the Plunge in the Fourth Quarter

Inflation and the higher interest rates accompanying it have finally begun to curtail the largest commercial real estate construction boom by square footage recorded for any property type in the U.S. since the 1980s.

About 134 million square feet of U.S. industrial property development began construction during the final three months of 2022. This marked a steep drop of almost 40% from the quarterly tally averaged during the preceding 12 months, and was the lowest quarterly construction-starts total recorded since the initial outbreak of the Coronavirus in early 2020.

This pullback in development activity does not appear to be a response to changes in tenant demand for industrial space, which has proven relatively resilient in recent months. U.S. industrial leasing totaled roughly 275 million square feet during the fourth quarter of 2022, a decline of just 8% from the strongest fourth-quarter leasing tally ever recorded just one year earlier in 2021.

*Article courtesy of Costar

For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis, healthcare space, office space, retail space, land and New Jersey and Philadelphia industrial space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.

A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.

As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  

Please visit our websites for a full listing of South Jersey, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philadelphia On Track For Record Construction Activity In 2022

This year, Philadelphia is about to say “Yes In My Back Yard” to new development on an unprecedented scale. Over the course of last year, the Department of Licenses and Inspections issued a slew of permit approvals that may result in the construction of approximately 10,000 new rental units, roughly triple the number of the average total per typical year. Moreover, during the same period, a total of 90 proposed developments went before the Civic Design Review (CDR) board, which makes non-binding suggestions for projects that meet certain criteria depending on size and location. The number roughly doubles the average yearly volume and has set a record for CDR submission history.

*Article courtesy of Philadelphia YIMBY

For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis, healthcare space, office space, retail space, land and New Jersey and Philadelphia industrial space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.

A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.

As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  

Please visit our websites for a full listing of South Jersey, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

The 6 Storylines That Defined 2021 In Philadelphia CRE

Though Philadelphia is finishing 2021 with the pandemic in as serious a state as it was when the year began, the city’s commercial real estate industry experienced a year of progress in several key areas.

The gene therapy and cell therapy industries have powered life sciences past the office market, initiatives inspired by the social justice reckoning of last summer took shape and Philly became a national model for keeping vulnerable people housed. The relationship between developers and government … Well, that may have actually gotten worse.

  1. Construction, Investment In Life Sciences Ramp Up
  2. The Philadelphia Navy Yard’s Next Phase Comes Into Focus
  3. Social Justice Comes Into Foreground For Philly CRE
  4. Philly Leads Nation In Rental Assistance Distribution, Eviction Prevention
  5. City Council’s Fight For More Control Over Development Escalates
  6. Amazon Expands Footprint In Region To Unheard-Of Levels

*Article courtesy of Bisnow

For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis, healthcare space, office space, retail space, land and New Jersey and Philadelphia industrial space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.

A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.

As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  

Please visit our websites for a full listing of South Jersey, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Benefits of Aerial Panoramic Photography Before Construction For Developers

Benefits of Aerial Panoramic PhotographyLet’s explore the Benefits of Aerial Panoramic Photography. Imagine that this is the amazing view from your office building – http://www.phillybydrone.com/panoramas/1301-
market/tour.html Unfortunately, 1301 Market doesn’t even exist yet. Look down on the panorama above and you’ll see it’s still just a parking lot. Aerial panoramic photography shows you the actual view from any floor or room of your building, and this benefits developers in three ways.

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Benefits of Aerial Panoramic Photography#1 VIEW-BASED PRICING

Recently we shot aerial panoramas for National Real Estate Development’s East Market project on 11th and Market. Their second residential tower, 1199 Ludlow, has just started construction. Before seeing our drone photos, the NRED team had previous underestimated the views from the south units looking towards the sports stadiums, in favor of the views towards Market Street and City Hall. After seeing our drone photos, however, they quickly realized that the south units actually had better views and should be priced higher. Additionally, the drone photos helped NRED understand the relationship between East Market and neighboring buildings.

Benefits of Aerial Panoramic Photography#2 ACCELERATED PRE-LEASING

Before One Riverside was constructed, Dranoff had commissioned aerial panoramic shots to showcase the
views from the building from various floors. They embedded these panoramas onto their website and onto a
touch screen display in their showroom. Norm Eckert, the senior sales associate at Dranoff, shared with me that before the building had even started construction, he had literally closed 50% of his sales standing in front of the monitor with clients. The tipping point was seeing the actual views that their rooms would have. While One Riverside is a residential building, the same thing applies to commercial office space as well. One of the most sought after attributes in an office space is the location, and aerial panoramic photography allows one to see an actual perspective of the surroundings before a property begins construction.

Benefits of Aerial Panoramic Photography#3 INVESTOR BUY-IN

A picture is worth a thousand words (And an aerial panorama is worth a thousand pictures). Showcasing actual
aerial panoramic shots that simulate views from specific floors is not only impressive in presentations, but also helps investors minimize risk in their investments. Especially with a growing supply of foreign investors in Philadelphia, who may have never been to the city or understand the nuances in location, these images can
quickly show them why your property will be in high demand.

Aerial panoramic photography has been around since the first hot air balloons were invented. In the past 20 years, they’ve been utilized by the most expensive properties in New York, Chicago, Miami, and Waikiki with helicopters and special equipment that cost upwards of $50,000 per project. Today, with advanced drones and our team of software engineers, your property can utilize this same tool at a fraction of the cost from several years ago.

Video version of this article here: https://vimeo.com/222032562

Photo and Philly By Drone credits