Tag Archives: industrial space in Philly


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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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 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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