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Tag Archives: industrial space in Philadelphia


WCRE ADDS RYAN BARIKIAN TO NEW JERSEY TEAM

WCRE ADDS SENIOR ASSOCIATE

Ryan Barikian to serve expanding roster of clients at regional commercial real estate firm

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Ryan Barikian Release PDF

August 10, 2016 – Marlton, NJ – Wolf Commercial Real Estate (WCRE) is pleased to announce the hiring of Ryan Barikian, who will serve as Senior Associate.  Barikian brings eight years of sales and leadership experience in the commercial and residential title insurance industry to complement the skilled team at WCRE.

As Senior Associate, Ryan will work closely with the WCRE sales team to generate new business relationships with banks, developers, loan servicers, investors and other service professionals in the real estate industry.

A consummate business connector, Ryan has developed an extensive network of trusted relationships throughout the Southern New Jersey and Greater Philadelphia markets. He has an extensive understanding of the roles which attorneys, underwriters, accountants, and other service professionals play in commercial real estate transactions. His extensive knowledge of the title and settlement process gives him unique insights that will aid and inform clients.

“Each new member of our team strengthens our ability to meet specific needs and build even more successful relationships with our clients and community,” said Jason Wolf, founder and managing principal of WCRE. “Ryan brings a valuable background as a leader and real estate professional that will allow WCRE to serve clients in new ways.”

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 ww.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 SECOND QUARTER REPORT: SOUTHERN NEW JERSEY OFFICE LEASING TAKES A NOTICEABLE DIP, BUT INVESTMENT AND SALES REMAIN STRONG

Retailers Lose Ground to Online Stores while the Industrial market has stayed strong

DOWNLOAD Q2 2016 COMMENTARY PRESS RELEASE AS PDF

July 11, 2016 – Marlton, NJ –  Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the slow-down in commercial leasing activity in Southern New Jersey that began late last year may have been the beginning of a trend. Office leasing totals were down significantly compared to the same period last year, and were lower than the already slower first quarter. Mixed with this bad news were positive signs in the continued high level of activity in the investment and sales market, and an uptick in leasing in Cherry Hill and Voorhees. Overall, caution and uncertainty seem to be guiding factors.

“Several unknowns began influencing the markets during the second quarter – from the possible impact of the Brexit vote to the coming U.S. presidential election,” said Jason Wolf, founder and managing principal of WCRE. “Businesses are trying to figure out how their plans may be impacted by the uncertainties, but we still believe the overall outlook is still strong.”

There were approximately 252,121 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which represents a drop of +/- 23 percent compared with the first quarter of the year. The quarter saw an increase in prospecting, with about 250,000 SF of lease deals in the pipeline and expected to close in the near term. Still, the trend of positive absorption continued – and improved over the previous quarter – making up approximately 206,000 square feet of total activity. Vacancy rates posted slight increases, but several large assets changed hands as owners repositioned and new investors entered our market.

Other office market highlights from the report:

  • Overall vacancy in the market is now approximately 11.85%.
  • Average rents for Class A & B product continue to show strong support in the range of $10.00-$14.00/sf NNN or $20.00-$24.00/sf gross for the deals completed during the quarter. This is essentially unchanged from the previous two quarters.
  • All of the major private owners and REITS showed moderate leasing and prospect activity for the quarter – with Burlington County vacancies tightening up, many larger vacancy opportunities are also shifting towards Camden County, which is not controlled by these ownership entities.
  • New Jersey’s unemployment rate moved higher for the first time in more than a year, coming in at 4.9 percent. Like the national economic recovery, the New Jersey recovery appears to be experiencing a slight pause.

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:

  • Although not as pronounced as other “gateway markets”, the Philadelphia CBD office market is attracting attention from international institutional investors. Notable investments include the Korean Investment Fund’s acquisition of Cira Square at 2970 Market Street for $354 million from Brandywine Realty Trust  and 1700 Market Street from Shorenstein Properties for $195 million. Other transactions in progress are commanding all-time-low capitalization rates from some Middle East equity investors.
  • Beyond the CBD, the suburban market has been extremely active, including Saint Gobain’s Headquarters facility, which sold for $123 million at a sub-6% capitalization rate. Additionally, Liberty Property Trust announced a plan to redevelop in the City of Camden, which includes a master plan involving 1.75 million SF of office, parking garages, hotel, and apartments.
  • There has been a flurry of favorable retail activity in the regional market in 2016. Some major projects include PREIT’s sale of three core CBD retail properties to Post Brothers for $45 million at a sub-4% capitalization rate, RIOCan REIT’s announcement to sell 49 retail properties located throughout the Northeast, with many in the Philadelphia region, for $1.9 billion. In addition to these core assets, there is significant development of net leased properties, including Wawa/Sheetz/Royal Farms convenience stores, as well as a variety of other retailers. Finally, retail is filling in many of the ground floor spaces of multi-use properties and commanding some of the all-time highest rental rates seen thus far.
  • The industrial market is still experiencing strong activity, with increases in pricing and rental rates. One of the most significant transactions of the second quarter was the Target E-Commerce Distribution Center in York, PA, which fetched $60 million or $76/SF. While the appetite for core Class A assets continues to be strong, pricing for multi-tenanted flex assets is demonstrating great appeal and marketability.

WCRE also reported on the Southern New Jersey retail market, noting mixed results there, as well. Highlights from the retail section of the report include:

  • Overall retail sales and spending dropped during the second quarter, after an already underwhelming performance in the first quarter.
  • Retail vacancy in Camden County stood at 10.5 percent, with average rents in the range of $11.89/sf NNN.
  • Retail vacancy in Burlington County stood at 14.8 percent, with average rents in the range of $12.21/sf NNN.
  • Retail vacancy in Gloucester County stood at 6.4 percent, with average rents in the range of $12.00/sf 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 ww.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: SEASONAL SLOW-DOWN, SHAKY FINANCIAL MARKETS TAKE TOLL ON SOUTHERN NEW JERSEY, BUT AREAS OF STRENGTH REMAIN

Philadelphia Continues its Strengthening Trend

Q1 2016 Press Release in PDF

April 7, 2016 – Marlton, NJ –Commercial real estate brokerage WCRE reported in its latest quarterly analysis that 2016 began much as 2015 ended: with Southern New Jersey commercial real estate growth slowing down somewhat. The report included some reasons to stay optimistic, such as continuing healthy activity levels among local bellwether industries, the ongoing decline in office vacancy rates, and signs of gradual business expansion.

“The first quarter was marked by volatility in the financial markets, which seemed to have stabilized by the end of the quarter,” said Jason Wolf, founder and managing principal of WCRE. “This uncertainty, coupled with the expected cyclical slow-down due to winter weather seem to have been a drag on our market, but we believe the overall outlook is still strong.”

There were approximately 326,533 square feet of new leases and renewals executed in the three counties surveyed, which represents a drop of +/- 30 percent compared with the first quarter of 2015. The quarter also saw a drop in prospecting, with about 200,000 SF of lease deals in the pipeline and expected to close in the near term. Still, the trend of positive absorption continued, making up approximately 146,532 square feet of total activity, up about ten percent over the previous quarter. Vacancy rates continued to improve, as well, and several large trophy assets changed hands as owners repositioned and new investors entered our market.

Other office market highlights from the report:

  • Overall vacancy in the market continues to drop, and is now down to approximately 11.45%. This is a slight improvement over the previous quarter.
  • Average rents for Class A & B product continue to show strong support in the range of $10.00-$14.00/sf NNN or $21.00-$25.00/sf gross for the deals completed during the first quarter. This is essentially unchanged from the previous two quarters.
  • All of the major private owners and REITS showed moderate leasing and prospect activity for the first quarter – with Burlington County vacancies tightening up, many larger vacancy opportunities are also shifting towards Camden County, which is not controlled by these ownership entities.
  • New Jersey’s unemployment rate moved lower for the 13th consecutive month, down to 4.3 percent. It is down by two full points over the past year and is now at the lowest level since August 2007.

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 Pennsylvania section include:

  • The Philadelphia regional office market is continuing its positive trajectory from 2015 in terms of rental rate growth and decline in vacancy rates. While much of this is felt in the CBD core, some of the suburban markets are experiencing similar activity. Repositioning of older Class B product to Core Class A assets coupled with the strong investor appetite for value-add deals is anticipated to continue through 2016.
  • Center City Philadelphia, specifically Market East, is experiencing a resurgence of activity including PREIT’s “top-to-bottom” renovation at the Gallery at Market East. Rental rates in the CBD are at all-time highs while demand from both regional and national tenants continuing to flock to the market. In terms of the suburban markets, the appetite for core assets continues to be paramount from institutional investors with value-add plays on older center, similar to the office market. Target will be opening two of its TargetExpress-brand stores in Center City Philadelphia in the summer of 2016.
  • The Philadelphia regional industrial market is strong, with large distribution facilities continuing to hold the greatest demand from institutional players. Rental rates continue to increase while vacancy rates are holding steady. There have been a variety of transactions, specifically in the expanded market area with prices fetching all time high levels. Planned improvements at Philadelphia’s port over the next three years should provide continued demand for warehouse space.
  • Philadelphia’s expanding CBD is seeing new construction across all sectors. The Comcast Innovation and Technology Center and Cira South represent two of the largest office uses under construction. At 16th & Chestnut, the 700-room, dual-brand W/Element hotel has broken ground and is expected to open in 2017. Major mixed-use projects are planned for the long-vacant, block-long parcels at Broad and Washington. Several Market East projects are underway, and Drexel is planning to develop more than 6 million square feet in its University City Innovation Neighborhood.

WCRE also reported on the Southern New Jersey retail market, noting mixed results there, as well. Highlights from the retail section of the report include:

  • Overall retail and food establishment sales dropped during the first quarter, which is expected post-holiday season.
  • Retail vacancy in Camden County stood at 11 percent, with average rents in the range of $12.12/sf NNN.
  • Retail vacancy in Burlington County stood at 14.8 percent, with average rents in the range of $12.05/sf NNN.
  • Retail vacancy in Gloucester County stood at 6.9 percent, with average rents in the range of $11.52/sf 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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Philadelphia’s Land Bank Could Ease Path to Development

Philadelphia’s Land Bank Could Ease Path to Development

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Purchasing public properties for redevelopment in Philadelphia can often be a cumbersome task.   Parcels may be owned by several different City agencies, and negotiating a purchase can be complex – especially when attempting to assemble several smaller parcels for a larger development.

The Philadelphia Land Bank was established in 2013 as a more efficient way to return vacant, abandoned and tax-delinquent properties to productive use. It aims to simplify the process of transferring properties from public agencies to private owners. In addition to the convenience of one stop shopping, parcels held by the land bank will be free of municipal liens, so developers can purchase properties without the need to negotiate tax liens.

The Land Bank has taken more than two years to get up to speed, with its own board of directors and staff overseeing the process. A 2014 strategic plan lays out policies for how the Land Bank will get properties into the right hands, as well guidance on how land should be used. The first properties were transferred to the Land Bank in late 2015.

There are currently more than 1,700 properties searchable on the Land Bank’s website. Any individual, developer, or organization with no outstanding tax or property-related liens can seek to purchase a parcel. Purchasers must reuse the property in compliance with City code requirements and ordinances, have the financial ability to purchase the property, and have the capacity to complete the work associated with the reuse plan. Requirements vary depending on the property, but affordable housing is generally a highly favored use.

Purchasers of one or two parcels can submit an “Expression of Interest” for development on the Land Bank’s website, with the proposed use evaluated by staff. It is expected that first wave of sales will involve single vacant properties for residential redevelopment, or vacant parcels for use as side yards or community gardens.

The Land Bank could be particularly useful when assembling several parcels for a larger development. The strategic plan identified more than 100 “assemblage opportunities” throughout the City, defined as clusters of more than 10 vacant properties. In addition to acquiring publicly-owned parcels, the Land Bank also has the authority to acquire private tax-delinquent properties when needed.

While the Land Bank presents a new and easier way to do business, it will not completely transform land development in the entire City or eliminate the need for stakeholder consensus on uses. The District Councilperson is integral to the process, as with most development, and City Council must pass a resolution approving any sale. To date, properties have been transferred within only four of the ten council districts. Also, properties may still be disposed of by individual City agencies or through a request for proposal process.

Philadelphia is the largest city yet to create a land bank, and advocates have set goals to have the majority of public property transferred by 2018. While the initiative is still in its infancy, the Land Bank has the potential to accelerate the development of unproductive real estate in those areas of the City most in need.

If you are developing a project in the region, the professionals at Wolf Commercial Real Estate can provide advice on acquisition, use, and sources of funding.

For more information on the Land Bank:

Web: www.philadelphialandbank.org

Twitter: @PhilaLandBank @wcre1

For more information about Philly or New Jersey office space, Philly or South Jersey retail space or other Philadelphia and Southern New Jersey commercial properties, please call 215-799-6900 or 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm with expertise in Philly office space and Philly 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 Philadelphia commercial properties for buyers, tenants, investors and sellers.

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

As experts in Philadelphia and New Jersey commercial real estate listings and services, the team at our Philadelphia and South Jersey 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.

If you are looking for Philly or New Jersey office space or Philly or South Jersey retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia and Southern New Jersey 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.

For More Information Contact:

transfer-taxes
Anthony V. Mannino, Esq.

P: 215 799 6900

D: 215 799 6140

F: 856 283 3950

M: 215 470 6084
anthony.mannino@wolfcre.com

 

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Construction Not Keeping Up with Demand in Light Industrial Market

new Jason stats graphic - June 2015While huge warehouse and distribution mega-boxes get most of the attention from analysts and institutional capital, the unassuming light-industrial market in U.S. commercial properties has quietly emerged as the sleeper in today’s red-hot U.S. industrial market.

At midyear, the overall industrial sector, including industrial space in Philadelphia, led all major commercial property types in growth of investment sales and rental rate appreciation. The light industrial and manufacturing subtype between 100,000 to 300,000 square feet in the U.S. commercial real estate market boasted the highest year-over-year rent growth of any property type at 5.7%, compared to 5.4% for logistics buildings, 4% for office and 3.9% for apartments.

In fact, U.S. light industrial and Philadelphia industrial space are so hot that even older, lower-functioning buildings — many located on infill properties in supply-constrained markets — posted annual rent growth of 6.1%, the strongest rent growth within the entire industrial spectrum, according to a report from The CoStar Group that is being shared by Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm.

Another reason for the spiking rents is that the both the U.S. light industrial and the industrial space in Philadelphia sectors have seen little growth in new supply in the current cycle. Most big-name capital sources remain focused on acquiring and developing mega-logistics properties when searching U.S. commercial real estate listings. These properties are capturing the bulk of industrial net absorption, fueled by the so-called “Amazon effect” of e-commerce as retailers reconfigure their supply chains around same-day or next-day shipping.

Investors may finally be ready to take another look at light industrial development in U.S. commercial properties. As rents for these smaller buildings have ticked up, replacement rents now appear to be high enough in many markets to justify new construction.

“Finally, light industrial development is starting to pencil out,” said Rene Circ, CoStar Director of Research, Industrial Property who prepared the report that was shared with Wolf Commercial Real Estate, a top Philadelphia commercial real estate brokerage firm. “The tenants are there, the economy is fine, but the space is not.”

Replacement rents for both national industrial space and industrial space in Philadelphia have been high enough to support construction of larger warehouse and distribution properties in U.S. commercial properties for several quarters, and developers have heeded the call. While maintaining a measured pace of development in most markets, logistics construction last year finally passed the average of 120 million square feet under construction annually during the previous expansion cycle between 2002 through 2007.

That said, light industrial construction involving U.S. commercial real estate listings has remained stubbornly below its previous cycle average of 40 million square feet under construction annually.

“It’s very unusual for industrial to post this kind of rent growth and beat out the office and multifamily sectors,” Circ said in his report on national and Philadelphia industrial space that echoes the beliefs of the local market experts at Wolf Commercial Real Estate, a highly respected Philadelphia commercial real estate brokerage firm.

For more information about Philadelphia industrial space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in industrial space in Philadelphia.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, industrial 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 and services, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia industrial space with the Philadelphia commercial properties that best meets their needs.

As experts in Philadelphia commercial real estate 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 industrial space Philadelphia 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.

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Philly Industrial Space Vacancy Rate Unchanged

research-information-graphic-phlThe vacancy rate in the Philly industrial space market closed the first quarter of 2015 at 8%, according to the latest market trend report from the CoStar Group.

The first quarter Philadelphia industrial space vacancy rate remained the same as the fourth quarter of 2014, CoStar said in its First Quarter 2015 Market Report.   Net absorption totaled positive 2,325,770 square feet of industrial space in Philly in the first quarter, compared to positive 2,438,459 in the fourth quarter 2014, CoStar noted.  Vacant sublease space in the Philadelphia industrial space market dropped in the first quarter, ending the quarter at 1,928.064 square feet, according to the report.

CoStar said tenants moving into large blocks of industrial space in Philadelphia in the first quarter of 2015 included Zulily, Inc. moving into 800,250 square feet of Philly industrial space at 10 Emery Street; Amazon.com moving into 700,000 square feet of industrial space in Philly at Ames Dr, and Jacobson Companies moving into 300,000 square feet of industrial space in Philadelphia at Harrisburg Distribution Center #4.

Rental rates for Philadelphia industrial space ended the first quarter at $4.47, a decrease over the last quarter of 2014, CoStar said.

A total of eight buildings representing 2,721,284 square feet of industrial space in Philly delivered to the market in the first quarter 2015, with 10,814,461 square feet of industrial space in Philadelphia still under construction by quarter’s end, the report noted.

In comparison to the first quarter 2015 results on the Philly industrial space market, the U.S. National Industrial vacancy rate dropped to 7% from the fourth quarter 2014, with net absorption totaling positive 49.59 million square feet in the first quarter, according to the report.  CoStar also said that average rental rates for the national market reached $5.63 in the first quarter, and that 284 industrial buildings delivered to the national market, totaling nearly 37.5 million square feet.

For more information about Philadelphia industrial space or any Philadelphia commercial properties, please call 215-799-6900 to speak to Jason Wolf (215-588-8800-cell; jason.wolf@wolfcre.com), Leor Hemo (215-514-1750-cell; leor.hemo@wolfcre.com) or Lee Fein (215-206-5580-cell; lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specializes in Philadelphia commercial real estate listings and services.

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 Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new industrial space in Philadelphia 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 industrial space in Philly 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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Philadelphia Industrial Space Deliveries, Construction and Inventory

research information graphicThe Philadelphia industrial space market grew by 327,200 square feet in the fourth quarter 2014 with the completion of three Philadelphia industrial buildings, a new market trend report from the CoStar Group says.

In comparison, four Philadelphia industrial buildings were delivered in the third quarter 2014, adding 906,337 square feet to the Philly industrial space market, according to CoStar’s Fourth Quarter 2014 Market Report. 

Among the notable deliveries of Philly industrial buildings in the year 2014 were:  West Hills Business Center – Building A, a 980,000-square-foot project that delivered in the second quarter and is fully occupied, and Berks Park 78 – Dollar General, a 906,919-square-foot facility that also delivered in second quarter 2014 and also is now 100% occupied, the report said.

Another 16,734,334 square feet of industrial space in Philadelphia was still under construction at the end of the fourth quarter, according to the report.

The largest of the Philadelphia industrial buildings still under construction at year end were Liberty at Shippensburg – Building B, a 1,700,000-square-foot facility with 100% of its space pre-leased, and Majestic Bethlehem Center – Site 2, a 1,644,450-square-foot project that also is fully pre-leased, CoStar said in the report.

Total inventory of industrial space in Philadelphia equaled 1,030,722,790 square feet in 20,377 Philly industrial buildings as the fourth quarter ended, CoStar noted.  The Philadelphia flex space sector comprised 85,676,583 square feet in 3,312 projects and owner-occupied Philly industrial buildings totaled 2,650, accounting for 241,093,478 square feet of Philadelphia industrial space,  the report said.

In comparison to fourth quarter results from the Philly industrial space market, 240 new industrial buildings were delivered to the national industrial market, representing 41.79 million square feet, Costar reported, adding that construction was underway on an additional 164.7 million square feet of industrial space at quarter’s end.

Among the significant deliveries to the national market in 2014, CoStar said, were:  South Washington Park – Building 2, a 227,000-square-foot industrial project in the Northern New Jersey market, and 2150 Opdyke Road, a 168,000-square-foot facility in the Detroit industrial market.  CoStar also noted that 3507 Pasadena Boulevard, a 600,000-square-foot facility in the Houston industrial market, remained under construction at the end of the quarter.  Total U.S. industrial inventory at quarter and year end equaled nearly 21.15 billion square feet in more than 623,000 buildings, of which approximately 90,000 were flex buildings.

For more information about Philadelphia industrial space, Philadelphia flex space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker with expertise in Philly industrial space and Philadelphia flex space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm 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 Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new industrial space in Philadelphia 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 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.

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Philadelphia Industrial Space Vacancy Rate Drops

magnifying glassThe Philadelphia industrial space vacancy rate dropped to 8.3% in the third quarter 2014, according to the newest trend report from the CoStar Group.

The third quarter vacancy rate for industrial space in Philly was down from the 8.6% rate that stood at the end of both the first and second quarters 2014.  CoStar’s Third Quarter 2014 Market Report said net absorption in the third quarter was positive 3,482,534 square feet of Philly industrial space, compared to positive 3,536,167 square feet in the second quarter.  Vacant sublease space in the market for industrial space in Philadelphia was 942,647 square feet at quarter’s end, a decline over the second quarter, CoStar said.

Among the tenants moving into large blocks of Philly industrial space in the third quarter were:  Wal-Mart Distribution, moving into 1,200,000 square feet of Philadelphia industrial space at 2785 Commerce Center Boulevard; Ocean Spray, moving into 980,000 square feet of industrial space in Philly at West Hills Business Center – Building A, and Kane Warehousing, Inc., moving into 955,935 square feet of industrial space in Philadelphia at Distribution Center 6 in the Stauffer Industrial Park.

Rental rates for industrial space in Philly were unchanged from the second quarter, holding at $4.49 at the end of the third quarter, the report said.

Four buildings delivered to the Philly industrial space market in the third quarter, adding 906,337 square feet of industrial space in Philadelphia to the market.  Another 12,035,258 square feet of industrial space in Philly remained under construction at quarter’s end.

In comparison to the Philadelphia industrial space market, the U.S. National Industrial vacancy rate decreased, ending the quarter at 7.5% , the CoStar report noted.  Net absorption was positive 64.71 million square feet.  Average rental rates in the U.S. market rose to $5.47 in the third quarter.  A total of 206 industrial buildings representing nearly 28.6 million square feet delivered to the U.S. market in the quarter, the report said.

For more information about Philly industrial space or any Philadelphia commercial properties, please contact Lee Fein (215-799-6900-office; 215-206-5580-cell; lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm with expertise in Philadelphia commercial real estate listings and services.

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 Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new industrial space in Philly 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 industrial space in Philadelphia  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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Philly Industrial Space Deliveries, Construction and Inventory

magnifying glassThe Philly industrial space market saw the completion of eight Philadelphia industrial buildings in during the second quarter of 2014, bringing 3,127,992 square feet of Philadelphia industrial space to the market, according to a new CoStar report.

In comparison, the first quarter 2014 saw three Philly industrial buildings equaling 214,056 square feet completed in the Philadelphia industrial space market, said CoStar’s Second Quarter 2014 Market Report. 

Among the second quarter’s most notable deliveries of Philadelphia industrial buildings were:  9645 West Hills Court, a 980,000-square-foot building, and 30 Martha Drive, a 906,919-square-foot facility building, the report stated.  Both of these newest Philly industrial buildings are 100% occupied, CoStar said.  An additional 8,276,767 square feet of industrial space in Philly was still under construction at quarter’s end the report noted.

Liberty at Shippensburg on Olde Scotland Road, a 1,700,000-square-foot project, and 3215 Commerce Center Drive, a 1,644,450-square-foot building, were the largest of the Philly industrial buildings remaining under construction at the end of the second quarter, according to the report.  Both of these Philadelphia industrial buildings have 100% of their space pre-leased, CoStar said.

Total inventory of industrial space in Philadelphia reached 1,021,212,845 square feet in 20,149 Philadelphia industrial buildings by quarter’s end, the market report said.  The Philadelphia flex space sector consisted of 84,692,787 square feet in 3,265 facilities, CoStar stated.  Owner-occupied Philly industrial buildings in the Philadelphia industrial space market numbered 2,617, encompassing 239,826,483 square feet of industrial space in Philly.

Compared to the second quarter 2014 results from the market for industrial space in Philadelphia, the national industrial market saw 229 projects completed in the second quarter 2014, representing 28.56 million square feet, according to Costar.  Another 119.7 million square feet of industrial space was still underway at quarter’s end.  The 2.1 million-square-foot 4500 S. Dobson Road facility delivered in the Phoenix market in the second quarter 2014, while the 1.8 million-square-foot D1X Mod 2 project remained in progress in the Portland market.  Total U.S. industrial inventory equaled 20.96 billion square feet in more than 618,000 buildings at the end of the second quarter.  More than 69,000 of these were owner-occupied Philadelphia industrial buildings.

For more information about industrial space in Philly, Philadelphia flex space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in industrial space in Philadelphia and Philadelphia flex space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm 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 Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new 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 Philadelphia 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.

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