Tag Archives: new jersey
New Jersey’s Proposed Liquor License Reform Wins Support
New Jersey Gov. Phil Murphy’s proposal to overhaul what he described as the state’s “antiquated and confusing” Prohibition-era liquor license laws is drawing support from the real estate community and pushback from a restaurant group.
Murphy, in his first in-person State of the State address since January 2020, on Tuesday outlined in broad strokes his administration’s plan this year to relax rules that limit the number of so-called liquor consumption licenses that can be issued in municipalities.
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.
ULI Survey Predicts Modest Slowdown, Quick Economic Recovery
The Urban Land Institute’s semi-annual survey of 40-plus economists and real estate industry analysts suggest an economic and real estate slowdown are on the horizon.
The survey, released every May and November, gives median measurements among surveyed economists on how they’re forecasting 27 economic and real estate data points will fare in the coming quarters and years. The most recent survey was conducted between Sept. 28 and Oct. 12.
But some of the surveyed researchers who participated in a discussion hosted by ULI on Wednesday say the median results paint a somewhat overly optimistic picture — although, on some metrics, could be too pessimistic in the short term. An informal survey of attendees at Wednesday’s virtual talk found 56% felt the survey results were overall too optimistic.
“It’s likely too positive in general, specifically as it relates to the relative outlook for strength in the macro economy,” said Sabrina Unger, managing director of research and strategy at Los Angeles-based American Realty Advisors Inc. “We’re monitoring a lot of high-frequency data points and we’re seeing how meaningful of a deceleration we’re in, and we don’t think we’re done yet.”
Will Pattison, head of research and strategy at MetLife Investment Management LLC, said he thinks it’s more likely unemployment will trend closer to 6% in the coming years than the survey-predicted 4.5%, although GDP predictions seem accurate, he added.
*Article courtesy of Philadelphia Business Journal
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.
U.S. Return-to-Office Rates Hit Pandemic High as More Employers Get Tougher
Workers are returning to U.S. offices at the highest rate since the pandemic forced most workplaces to temporarily close in 2020, as infection rates continue to fall and more companies intensify efforts to bring employees back.
Office use on average was 47.5% of early 2020 levels for workers in the office over the five business days from Sept. 8 to Sept. 14 in the 10 major metro areas monitored by Kastle Systems. The company, which tracks security swipes into buildings, said that was the highest percentage since late-March 2020.
Midweek days were especially strong, with office use for Tuesday and Wednesday last week at about 55% of the prepandemic workforce, also a high during the pandemic for those days, Kastle said. The data through last Wednesday were the most recent weekly figures available.
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.
Retailers Still Opening in Malls Despite Potential Recession
The biggest shopping mall owners in the United States say retailers are still forging ahead with plans to open new stores in spite of growing recession fears and decades-high inflation that’s squeezing shoppers’ budgets.
, the country’s largest mall owner, said the pipeline of businesses slated to open up at its properties remains strong. The company reported an occupancy rate at its U.S. malls and outlet centers of 93.9% as of June 30, up from 91.8% a year earlier.
Fueling the openings are a mix of factors, including retailers pushing to snap up limited space and popular online brands looking to expand by opening up brick-and-mortar locations. Some retailers are eyeing real estate in markets outside of major cities as they follow people who uprooted to find bigger spaces during the Covid pandemic. And companies including that shuttered stores in recent years are now testing different formats, often with smaller footprints.
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.
WCRE SECOND QUARTER 2022 REPORT
With Omicron In The Rear-View Mirror, Southern New Jersey & Philly Markets Face New Obstacles
Uncertainty Returns to Commercial Real Estate in Q2 After a Strong First Quarter
Commercial real estate brokerage WCRE reported in its analysis of the second quarter that new challenges, including fear of a recession, knocked the post-pandemic recovery off course. Although some sectors and indicators remained strong, others were dragged down by persistent inflation, the war in Ukraine, and the ubiquity of hybrid and remote work models, among other pressures.
“Only a few months ago we were impressed by the unexpected strength of many indicators, but Q2 felt much more like a roller coaster with unpredictable twists, turns, and unfortunately some drops,” said Jason Wolf, founder and managing principal of WCRE. “As usual, industrial stayed far ahead of the pack, and retail leasing in the suburbs was strong, but the office market is still well below pre-pandemic levels, and vacancy is increasing.”
In the second quarter there were approximately 311,271 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester). This is a decrease of about 35% from Q1. New tenant leases comprised approximately 215,554 square feet, or about 69% of all deals for the three counties.
Download Printable Report (PDF) >>>
Other office market highlights from the report:
- Overall vacancy in the market is now approximately 15.7 percent, a setback compared with the previous quarter.
- The sales market-maintained momentum, with 1,296,020 square feet actively on the market or under agreement.
- Both the total dollars and square feet of completed sales increased in the second quarter, with $114,300,111 in completed sales comprising 906,903 square feet.
- Average rents for Class A & B product remain unchanged, as they continue to show strong support in the range of $10.00-$15.00/sf NNN or $20.00-$25.00/sf gross for the deals completed during the quarter. These averages have hovered near this range for more than a year.
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:
- Vacancy in Philadelphia’s office leasing market is still nearly 20% below the three-year average before the pandemic. There were modest gains in 2021, but those have largely been erased in the past few months. Net absorption was negative 300,000 SF for the past 12 months, which is a marked improvement.
- The industrial sector in Philadelphia continues its incredible run. Over the past 12 months, 17.5 million new square feet of inventory became available, and the sector saw 15.6 million square feet in net absorption. Rents grew an average 12.2%.
- Retail remains the sector most responsive to market conditions, but it has also proved to be the most adaptable. Average retail net absorption in Philadelphia continues to improve and was at 1.7 million square feet for the 12 months just concluded. Average rents grew a modest .7%.
WCRE also reports on the Southern New Jersey retail market. Retail highlights from the report include:
- Retail vacancy in Camden County posted an improvement to 9.0 percent, while average rents were essentially unchanged, in the range of $13.18/sf NNN.
- Burlington County retail vacancy ticked up slightly to 8.4 percent, while average rents increased by a dime, to the range of $14.41/sf NNN.
- Gloucester County improved slightly, to 11 percent, building on a solid improvement last year, with average rents inching up further, to the range of $16.53/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 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.
Return-to-office is flattening as companies navigate employee pushback, commutes, higher gas prices
Following the Omicron variant peak this past winter, a moment was seized upon by many U.S. companies. After many fits and starts, it was time for their employees to return to the office, at least a couple of days a week.
Companies that track office utilization and physical occupancy reported a gradual uptick in office usage this spring, as companies began to figure out the new hybrid work balance. Some have set which days those are; others, wanting to lean into the newly discovered work of flexible work, have given workers choice on when they want to come in.
But after an uptick observed this spring, office-space usage has mostly flattened in the past several weeks, prompting the question of whether current space usage is the actual new normal, or whether more ground will be made up in the coming months.
Boston-based workplace platform Robin Powered Inc. tracks office-space usage via aggregating desk-booking metrics across its customer base, which chiefly includes companies that’ve adopted hybrid-work models. The week of April 25, the percentage of available desk space being used in offices was at 21%, certainly a material rise from the 6% seen Jan. 10. Since then, it’s hovered in the low 20% range, dipping to 17% the week of May 30 before rising to 20% again the week of June 6 and June 13.
*Article courtesy of Philadelphia Business Journal
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.
REITs likely to see slowdown amid changing economy but positive growth still expected
Revenue growth for U.S. REITs is likely to slow over the next two years because of inflation and rising interest rates, say Standard & Poor’s Financial Services LLC analysts.
Michael Souers, director at S&P and a lead analyst in the real estate sector, said while he expects REIT performance to slow a bit, S&P is still forecasting positive growth for the sector. If a recession does take hold, which S&P’s economist recently gave a 30% chance of happening within the next year, how REITs performed during the global financial crisis of the late 2000s may give clues about what’s ahead.
Most REITs posted single-digit percentage slowdown in 2007 and 2008, Souers said, with office-heavy REITs the most impacted. Because of the Covid-19 pandemic, which shook up all commercial real estate sectors to some extent, it’s possible REITs are actually better positioned to withstand a downturn now, because tenant quality has likely improved since the pandemic in sectors like office and retail.
*Article courtesy of Philadelphia Business Journal
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.
New Jersey Readies Warehouse Development Guidance As ‘Sprawl’ Concerns Spread Nationally
New Jersey is drafting guidelines to help its more than 500 municipalities make decisions about the development of warehouses within their borders, as localities across the country grapple with a surge of projects that have sparked criticism for an increase in traffic, pollution and loss of open space.
The New Jersey Planning Commission is in the process of internally reviewing the proposed guidance it’s been developing, a document that would offer information that local officials could voluntarily turn to when a developer seeks to build a distribution or logistics facility within their borders.
The guidelines are being formulated roughly a year after a criticized bill that would have put dramatic controls on warehouse development in New Jersey was introduced in the Legislature. The measure, strongly opposed by the state’s commercial real estate industry and business groups, never got “across the finish line,” according to one of its co-sponsors, Democratic state Sen. Shirley Turner.
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.
WCRE FIRST QUARTER 2022 REPORT
After a Pause, Southern New Jersey & Philly Markets Appear to have Overcome Omicron
Commercial real estate brokerage WCRE reported in its analysis of the first quarter that the post-pandemic recovery is back on track.
Now that the highly transmissible Omicron variant of COVID-19 is finally declining, there has been a rapid expansion of economic activity that has had positive impacts on many CRE sectors.
Download Printable Report (PDF) >>>
“What a difference one quarter can make. Just a few months ago, the Omicron variant was dampening demand, increasing vacancy, and generally creating uncertainty. Now, we’re seeing a CRE market that is much improved on many indicators, and continuing to strengthen.” said Jason Wolf, founder and managing principal of WCRE. “Employment, retail sales, and industrial production all expanded throughout Q1, and CRE is in a strong position as a result.”
In the first quarter there were approximately 479,886 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester). New tenant leases comprised approximately 296,152 square feet, or about 62% of all deals for the three counties. These totals represent more than 50 percent improvements over the fourth quarter of 2021, which itself had improved significantly over the third quarter.
Other office market highlights from the report:
• Overall vacancy in the market is now approximately 12.15 percent, a significant improvement over the previous quarter.
• The sales market maintained momentum, with 1,167,321 square feet actively on the market or under agreement.
• Both the total dollars and square feet of completed sales were more than double the totals for the fourth quarter, with $78,365,469 in completed sales comprising 956,596 square feet.
• Average rents for Class A & B product remain unchanged, as they continue to show strong support in the range of $10.00-$15.00/sf NNN or $20.00-$25.00/sf gross for the deals completed during the quarter. These averages have hovered near this range for more than a year.
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:
• Vacancy in Philadelphia’s office leasing market is still 20% below the three-year average before the pandemic. There were modest gains in 2021, but those have been all but erased in the past few months. Net absorption was negative 1.3 million for the past 12 months.
• As expected, the industrial sector in Philadelphia led all sectors. Over the past 12 months, 14.8 million new square feet of inventory became available, and the sector saw 15.6 million square feet in net absorption. Rents grew an average 12.3%.
• Retail remains the sector most responsive to market conditions, but it has also proved to be the most adaptable. Average retail net absorption in Philadelphia continues to improve and was at 1.6 million square feet for the 12 months just concluded. Average rents grew at 2.1%.
WCRE also reports on the Southern New Jersey retail market. Retail highlights from the report include:
• Retail vacancy in Camden County posted an improvement to 9.7 percent, while average rents jumped $1.70, in the range of $13.13/sf NNN.
• Burlington County retail vacancy improved to 8.2 percent in Q1, giving back improvements from the previous quarter. Average rents fell slightly, to the range of $14.31/sf NNN.
• Gloucester County stayed unchanged at 11.3 percent, building on a solid improvement last year, with average rents inching up further, to the range of $16.38/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.
Target Rolls Out Its First Net-Zero Energy Store
Rooftop solar panels are old news, but solar panels in the parking lot have one of the most ubiquitous big-box retailers thinking net-zero.
Target Corp. has retrofitted a store in Vista, California, to be a net-zero energy facility. The site will generate more renewable energy than it needs to operate and will test various other changes to its physical plant to reduce the building’s emissions, which the company says can be applied to other Target locations in the future.
The site will generate energy through 3,420 solar panels installed on its roof and on newly installed carport canopies in the parking lot. Target predicts that the panels will generate as much as a 10% energy surplus that can be transmitted to the local grid.
The building will also power its heating system via the solar panels instead of natural gas, and the store will use carbon dioxide refrigeration rather than standard systems. Target is planning to use carbon dioxide refrigeration chainwide by 2040, which the company says will reduce its greenhouse gas emissions by 20%.
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.
Retail sales will grow this year, but at a slower rate than in 2021
Retail sales in the U.S. are expected to grow between 6% and 8% this year, as Americans shift more of their spending to restaurants and trips and cope with sticker shock at the grocery store and gas station, the National Retail Federation said on Tuesday.
That would total between $4.86 trillion and $4.95 trillion in retail sales, the trade group said, with some of the sales gains coming from inflation-fueled prices. Those sales numbers exclude automobile dealers, gas and restaurants.
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.
What Higher Interest Rates and Inflation Mean for Commercial Real Estate
The era of near zero interest rates appears to be nearing an end. Despite emergent geopolitical risks stemming from Russia’s invasion of Ukraine, mounting inflation now has the Fed’s full attention. During January, the Consumer Price Index (CPI) leaped 7.5% year-over-year, marking the largest annual jump in just under 40 years. Broadening price pressures have arrived against a backdrop of tangled supply chains and robust consumer demand, fueled in large part by accommodative fiscal and monetary policies over the past two years meant to help offset the pandemic recession. More recently, tightening labor markets have fueled rapid growth in wages and incomes, fanning the flames of inflation even further.
The intensity and persistence of inflation have prompted a hawkish pivot from the Federal Reserve. Perhaps the most notable recent change in our macroeconomic outlook is we now expect the Fed to raise the federal funds rate five times in 2022, bringing the current target range of 0.0%-0.25% up to 1.25%-1.50% at the end of this year. We also look for the Fed to begin to gradually shrink its balance sheet later this year. The result of these actions, as well as the expectation for higher inflation and strong economic growth moving forward, will be modestly higher interest rates across the board. While the uncertainty brought on by the crisis in Ukraine has brought longer-term rates lower in recent days, yields on the 2-year, 10-year and 30-year Treasuries are hovering at levels not experienced since before the pandemic.
*Article courtesy of Wells Fargo
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.
WCRE Market Updates
WCRE Information Library
