Tag Archives: office space in Philadelphia


HOME SWEET HOME FOR OFFICE DESIGN – RIGHT HERE AT COFCO

With many of us spending so much time at work, Office Design is changing. Office Design is beginning to look more like our homes. This article takes a look at how Office Design is changing.

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By Dean Molz, VP of Business Development, COFCO

Office DesignWe have seen a tremendous evolution in Office Design in the last 35 years. The freestanding “tank” desk with a typewriter stand was the standard at one point. In came the “cubicle” – a modular wall that provided privacy, and data connectivity. We’ve since seen the cubicle “farm” go by the wayside in favor of open office space. Corner Offices – well moved out of the corner, and the completely “open plan” with non-assigned seats came in vogue. Am I showing my age??

All interesting concepts, with a lot of buzz words.

So, what’s next? According to Jeff Pochepan of StrongProject, Inc., there’s no place like home – unless your office can recreate it. This is an interesting trend, of which you will see signs of at COFCO’s newly renovated Resource Center. It is called close-tohome design.

On average we spend 35% of our waking hours in the office. That’s a lot of time. Therefore, our clients are listening to the wants and needs of their workforce now more than ever. They are also paying attention to what recent graduates are looking for, given the recent influx of millennials in the workforce. This makes for good business, and is a time when we must compete to attract and retain top talent for future generations.

What is it? It’s the simple idea of making your office feel more like home – a place where you are relaxed, have no trouble putting in more hours and feel comfortable doing so. A place that creates a sense of community where you can collaborate with colleagues, work anywhere and in a variety of different types of spaces, based on what you need and want at the moment.

Office DesignThe institutional breakroom has turned into a café. A place where more intimate lighting, restaurant style comfort, and large café’ tables inspire casual conversation. A place to bond, share a meal, and where some of the best inspiration can happen. Maybe the happy hour can come to us, instead of going out to the corner restaurant.

The board room has turned into a living room of sorts. Where more comfortable couches make conversation feel more like friends having a get together, than doing business. This is a space where you may be encouraged to formulate ideas, before they become formal presentations. A place where you enjoy spending time, and can put your feet up.

The office space is more bright, open and collaborative. We are creating a sense of community where you can collaborate, see, talk and mingle with my colleagues. A place where meetings can be simple conversations in the hallway and ideas can come casually and without pretense; where decisions can be made and executed in a flash. It’s about fostering a culture of involvement. The saying “two heads are better than one” has real meaning.

Some common ideas include:

  • Game rooms
  • Yoga rooms (generally in the vicinity of onsite exercise facilities)
  • Food trucks
  • Showers
  • Living room style conversation pits
  • Quiet spaces designed like a study
  • Phone rooms
  • Outdoor spaces

Office DesignHow far should you go?? Your individual culture will determine the answer to that question. Here at COFCO, we have created a sense of relaxed professionalism. This is a perfect blend of comfort, design, collaboration and culture.

Creating this comfort is so intrinsic, that people relax when they enter their workplace. Just like you would when you get home from a long day. We put in longer hours than ever at work now. Technology has allowed us to work “anywhere, and at any time”. Why not create a space where people won’t HAVE TO go to work every day, they’ll WANT TOO.

Office Design - COFCO

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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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Application Period Open for Pennsylvania Alternative Energy Incentive Program

Application Period Open for Pennsylvania Alternative Energy Incentive Program

Pennsylvania’s Alternative and Clean Energy Program (ACE) began accepting applications for grant and loan incentives on February 1st. The program may be of interest to developers, building owners, and tenants seeking to lower utility costs and increase energy efficiency at their properties.

The Alternative and provides financial assistance in the form of grant and loan funds to eligible applicants for the utilization, development and construction of alternative and clean energy projects in Pennsylvania. Eligible applicants include private businesses, economic development organizations, or political subdivisions. Incentives can apply to a variety of planning and capital expenditures related to energy conservation and efficiency, use of alternative fuels, or the construction of a high performance building.

Some examples of regional projects receiving incentives under the ACE program include:

  • Installation of fuel cell technology at Urban Outfitters headquarters in the Navy Yard;
  • Purchase and installation of a combined heat and power plant at the Rittenhouse Claridge apartment building on Rittenhouse Square;
  • A fuel cell system to generate electricity from natural gas at the TJX Philadelphia Distribution Center in Northeast Philadelphia;
  • A combined heat and power system, lighting upgrades, and modernization of heating/cooling units at a Cathedral Village, a continuing care retirement community.

The program has limits and matching requirements that applicants should be aware of. Loans are limited to $5 million or 50% of the total project costs, whichever is less; grants are limited to $2 million or 30% of project costs, whichever is less. The program requires at least a 1-to-1 match. Evaluation factors include: the level of non-governmental matching funds, project feasibility and readiness, energy savings and efficiency, job creation, and environmental benefits. Manufacturers of equipment and components are also eligible under the program, but incentives are more restrictive and are specifically tied to job creation.

ACE program applications are open from February 1, 2016 to April 1, 2016. Grants are jointly evaluated and administered by the Department of Environmental Protection (DEP) and Department of Community and Economic Development (DCED), under the direction of the Commonwealth Financing Authority (CFA). The CFA anticipates announcing award winners at its regular meeting in May, 2016.

Projects supported by the ACE program are typically undertaken to lower utility costs and provide building owners with options for their energy needs. Public incentives can be a useful tool for making a project economically viable, but should not be viewed as a primary source of funding. Applicants should also be aware that additional advocacy may be needed as part of a successful application.

Most importantly, property owners should consider a project in the context of their overall energy use and capital improvement plans. If you are a building owner or a tenant with a triple net lease, the professionals at Wolf Commercial Real Estate can provide advice on a variety of successful strategies for reducing utility and other building expense costs.

For more information:

http://community.newpa.com/programs/alternative-clean-energy-program-ace/

Special thanks to Coleen Terry at ECON Partners, Inc. for her assistance.

www.econpartnersinc.com @econpartnersinc

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 with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly office space or Philly retail 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 Philly office space or Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

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

For More Information Contact:

transfer-taxesAnthony V. Mannino, Esq.

P: 215 799 6900

D: 215 799 6140

F: 856 283 3950

M: 215 470 6084

 

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Philadelphia Suburban Development Corporation Appoints WCRE Exclusive Leasing Agent For 100 Ross Road, King of Prussia

Wolf Commercial Real Estate (WCRE) is pleased to announce that it has been appointed exclusive leasing agent by Philadelphia Suburban Development Corporation (PSDC) for its office location at 100 Ross Road, King of Prussia, PA. PDSC owns more than 100 properties in the region, comprising two million square feet.

WCRE Exclusive Leasing Agent For 100 Ross Road (PDF)

100-ross-road
100 Ross Road is a 87,192 square foot, two-story, elevator served office building located in the King of Prussia/Wayne submarket, minutes from Route 202. The property is highly accessible from Philadelphia. PSDC renovated this property in 2001 and continues to demonstrate a commitment to its upkeep and general improvement. Among many desirable attributes, this property features highly efficient suite layouts, and ample parking in a multi-level lot. Several available suites range in size from 1,500 to 8,100 square feet.

PSDC, which is seeking to make aggressive deals, maintains its headquarters within 100 Ross Road, occupying approximately 7,800 square feet. Having ownership and management on-site will be a great feature for tenants looking for their new business home.
“We’re excited to be working with WCRE’s leasing team. I am impressed with WCRE’s marketing platform and confident they will help us maximize occupancy at this highly desirable property.” said John Peruto Jr. of PSDC.

WCRE’s leasing team of Anthony Mannino and Andrew Maristch added, “WCRE is proud to add PSDC to its growing list of clients in Pennsylvania. We look forward to applying our WCRE 360 marketing approach to bring in new tenants and establish another successful relationship in the Philadelphia region.”

A marketing brochure and tenant information package 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.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com, www.phillyretailspace.com, www.kingofprussiaoffices.com, www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, and www.southjerseyretailspace.com.

About PSDC

PSDC was founded in 1962 by Robert Nicoletti on the core values of honesty, integrity and service. Today, PSDC thrives as one of the largest family-owned commercial real estate developers in the Philadelphia region. Because of strong values and a unique approach to the industry, PSDC clients see the firm as more than just real estate professionals.

As one of the largest developers of commercial real estate in the Philadelphia region, with more than 100 properties and 2 million square feet in its portfolio, PSDC has over half a century of success serving government and social service agencies, as well as businesses. PSDC’s experienced in-house team provides construction, development, and property management, and works with leading architects to deliver custom designs when desired.

PSDC’s goal is to develop properties that help organizations reach their full potential. PSDC’s long tenure in the communities we serve gives us local insights and connections we happily share. Our conservative, debt-averse financial approach gives us stability that’s unsurpassed. Our commitment to honesty and integrity in our business relationships and the highest level of service sets us apart from most commercial real estate development firms in the Delaware Valley.

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Realty Transfer Taxes: Understand the Costs and Plan Ahead

Transfer taxes are increasingly a major consideration when closing a real estate deal. As government budgets have become tighter over the years, the need for revenue has led to new transfer fees and legislation closing long-standing ‘loopholes” that allowed parties to legally avoid transfer taxes. The amount and type of tax owed varies widely based on the location of the property, its value, and the structure of the deal.

Transfer Taxes in Pennsylvania and New Jersey

In Pennsylvania, the state Realty Transfer Tax is 1% of the sale consideration. Local realty transfer taxes bring the overall rate to anywhere from 2% (most counties) to 5% (transfers within the City of Reading). There are exemptions from the transfer tax; examples include certain intra-familial transactions, transactions involving religious organizations, and property passed under wills or intestate succession. Properties within Keystone Opportunity Zones are not exempt from the realty transfer tax.

In New Jersey, the tax is called a Realty Transfer Fee and rates are uniform statewide. There is one schedule of rates for properties less than $350,000 in value, and a different set of rates for properties greater than $350,000 in value. For properties under $350,000 in value, there may be partial exemptions for seniors, the blind or disabled, or low and moderate income housing.

New Jersey also imposes an additional 1% fee on any property transfer in excess of $1 million. Commonly called the “Mansion Tax,” this fee originally applied only to residential properties; it was expanded in 2006 to apply to the transfer of most commercial properties.

The ability to structure transactions to avoid paying transfer tax has been significantly curtailed over the last decade. Parties often avoided transfer taxes by transferring a controlling interest in an entity owning real estate rather than the real estate itself. One example of this was the “89/11” rule; if less than 90 percent of a property-owning partnership was sold, the remaining 11 percent could be transferred three years later to avoid paying the tax.

In Pennsylvania, a series of legislative measures enacted in 2012 and 2013 largely closed the “89/11” loophole and imposed closer scrutiny on transactions that transferred an interest in entities owning real estate, particularly if more than one level of entity was involved. New Jersey instituted a Controlling Interest Tax (CIT) in 2008, which imposed a 1% tax on transfers of controlling interests in entities that directly or indirectly own real property. The CIT applies to most types of commercial property.

There may be ways to structure a transaction to avoid transfer taxes – such as long-term leases – but the deal usually needs to be sufficiently large enough to justify the cost and complexity. If you are facing a commercial real estate transaction where transfer taxes may be a consideration, WCRE and its team of experts can help guide you through the process.

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 with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly office space or Philly retail 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 Philly office space or Philly retail space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

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

For More Information Contact:

transfer-taxesAnthony V. Mannino, Esq.

P: 215 799 6900

D: 215 799 6140

F: 856 283 3950

M: 215 470 6084

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Philadelphia Office Space Vacancies Increase in First Quarter

research-information-graphic-phlVacancies in the market for Philadelphia office space increased in the first quarter 2015, ending the quarter at 10.8%, according to the latest report from the CoStar Group.

The Philly office space vacancy rate was up over the fourth quarter 2014, with net absorption registering negative 386,143 square feet of office space in Philadelphia in the first quarter 2015, compared to positive 378,460 square feet of office space in Philly in the previous quarter,  CoStar’s First Quarter 2015 Market Report said.

Vacant sublease space in the Philly office space market rose in the first quarter, closing the quarter at 1,306,325 square feet of office space in Philly, the market trend report said.

CoStar noted that among tenants that moved into large blocks of office space in Philadelphia in 2015 were:  Incyte Corporation, moving into 191,056 square feet in the Philadelphia office space market at 1801 Augustine Cut Off; and National Penn Insurance Services, moving into 126,369 square feet of Philly office space at 645 West Hamilton Street.

Rental rates for office space in Philly closed the first quarter at $21.89, which represented an increase over the fourth quarter 2014, CoStar said.

The first quarter saw seven buildings deliver to the Philly office space market, the report said, adding 145,650 square feet of office space in Philadelphia to the market.  At quarter’s end, another 2,602,750 square feet of Philadelphia office space was still under construction, CoStar reported.

In comparison, the national office market vacancy rate declined to 10.9% from the fourth quarter 2014, CoStar said.  Net absorption stood at positive 15.4 million square feet in the first quarter, according to the report.  Average rental rates nationally grew to $22.74 in the quarter and 244 new office buildings brought more than 16.5 million square feet to the market, CoStar said.

For more information about Philly office 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 leading Philadelphia commercial real estate brokerage firm with expertise in Philadelphia office space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philly 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 Philly commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new office space in Philly with the Philadelphia commercial properties that best meets their needs.  As experts in Philly 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 office 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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Top Philly Office Space Leases in Q4 2014

research information graphicSubaru of America’s new corporate headquarters was the select top Philly office space lease signed in the fourth quarter 2014 in the Philadelphia market, according to a new report from the CoStar Group.

Subaru signed the lease for 250,000 square feet of Philadelphia office space in the Gateway Office Campus – Building 4 in the North Camden County submarket, CoStar’s Fourth Quarter 2014 Market Report said.

The next largest lease signed in the fourth quarter in the market for office space in Philly was for 62,880 square feet at Two Logan Square in the Market Street West submarket, the report noted.

Next up was Thomas Jefferson University Hospital’s lease for 43,369 square feet at 833 Chestnut East in the Market Street East submarket of the Philadelphia office space market, CoStar said.

The report also noted that Comcast Corporation signed a lease in the second quarter for 982,275 square feet at Comcast Innovation & Technology Center in the Philly office space market’s Market Street West submarket.

In comparison to the fourth quarter trends in the market for office space in Philadelphia, CoStar said the largest new leases signed in the U.S. national office space market in the fourth quarter included the 1.89 million-square-foot lease signed by Google, Inc. in the South Bay / San Jose market; Amazon’s 422,682-square-foot office lease in New York City; ServiceNow, Inc.’s deal to lease 310,346 square feet in the South Bay / San Jose market; MITRE’s lease for 270,000 square feet in the Washington market; and Subaru of America’s lease for 250,000 square feet in the Philadelphia office space market.

For more information about office space in Philly 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 that specializes in office 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, retail 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 office 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 Philly office space and other Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for office 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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Philly Office Space Vacancies Unchanged as Fourth Quarter Ends

magnifying glassVacancies in the Philly office space market remained steady at the end of the fourth quarter 2014, closing out the year at 10.8%, according to a new market trend report from the CoStar Group.

The Philadelphia office space vacancy rate for the fourth quarter was unchanged from the third quarter 2014, the CoStar Group’s Fourth Quarter 2014 Market Report said.

Net absorption stood at positive 408,343 square feet of office space in Philadelphia for the fourth quarter, CoStar said.  In comparison, net absorption at the end of the third quarter was 319,373 square feet of office space in Philly, according to the report.

Vacant sublease space in the Philly office space market dropped in the fourth quarter, with 1,363,785 square feet of office space in Philadelphia at quarter’s end, the market trend report said.

CoStar identified three notable tenants that moved into large blocks of Philadelphia office space in 2014, according to the report.  Those tenants were:  L3 Communication Systems-East, moving into 233,333 square feet in the Philly office space market at Camden Innovation Campus; The Vanguard Group, moving into 204,000 square feet of office space in Philadelphia at Great Valley Corp Center; and Beneficial Mutual Bancorp, Inc. moving into 95,764 square feet of office space in Philly at 1818 Beneficial Bank Place.

Rental rates for office space in Philadelphia increased in the fourth quarter, ending the year at $21.80, CoStar reported.

Two buildings delivered to the market for office space in Philly in the fourth quarter, according to the report, bringing 343,850 square feet to the Philadelphia office space market.  Another 2,966,000 square feet still of Philly office space remained under construction at quarter’s end, CoStar said.

In comparison, the national office market vacancy rate dropped to 10.9% from the third quarter to the end of the fourth, CoStar said.  Net absorption was positive 37.53 million square feet for the fourth quarter, the company reported.  Average rental rates for the national market grew to $22.65 by year end and 194 buildings comprising nearly 15.9 million square feet delivered to the national market in the fourth quarter, the report noted.

For more information about Philadelphia office 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 that specializes in Philly office 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 with expertise in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office 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 office 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 Office Space Vacancies Stable in Third Quarter

magnifying glassVacancies for office space in Philadelphia were stable in the third quarter 2014, ending the quarter at 11% for the Philadelphia office space market, according to a new market trend report.

The vacancy rate for Philly office space was essentially unchanged from the rate reported in the second quarter 2014, according to the CoStar Group’s Third  Quarter 2014 Market Report.

Net absorption was reported at positive 131,961 square feet of office space in Philly in 2014’s third quarter, CoStar noted.  Comparatively, at the end of the second quarter, net absorption was positive 760,857 square feet of Philadelphia office space, the report said.

Vacant sublease space grew in the third quarter, closing at 1,388,566 square feet of office space in Philadelphia, CoStar said.

There have been several notable tenants that moved into large blocks of Philly office space in 2014, the report said.  Among the tenants were:  The Vanguard Group, moving into 204,000 square feet of office space in Philly at Great Valley Corp Center; The Harrisburg University of Science & Technology, taking 149,820 square feet of Philadelphia office space at Harrisburg University Academic Center; and Beneficial Mutual Bancorp, Inc. moving into 95,764 square feet of office space in Philadelphia at 1818 Beneficial Bank Place.

Philly office space rental rates ended the third quarter at $21.62, an increase over the second quarter, according to the market trend report.

The Philadelphia office space market saw two buildings with a combined total of 219,036 square feet of office space in Philly deliver to the Philly office space market in the third quarter, according to the report.  There was an additional 3,506,297 square feet of office space in Philadelphia still under construction at the end of the third quarter, CoStar said.

In comparison, the vacancy rate for the national office market stood at 11.2% at the end of the quarter, a decrease from the previous quarter, the report said.  Net absorption stood at positive 27.56 million square feet at third quarter’s end, CoStar noted.  Average national rental rates rose to $22.38 at the end of the quarter and 233 buildings encompassing almost 13.2 million square feet were delivered to the national market by quarter’s end, according to the report.

For more information about Philly office 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 leading Philadelphia commercial real estate brokerage firm that specializes in office space in Philly.

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 and services, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office 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 Philly office 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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Good News for East Market Project in Philadelphia Office Space Market

philadelphia-skyline-300x231The highly anticipated East Market project that will bring new Philadelphia office space to Center City Philadelphia got some good news this week.

New subsidies from the state of Pennsylvania and the City of Philadelphia have been designated for the $230 million redevelopment plan that will bring new Philly office space, Philly retail space and apartment housing to the city.  Another $2.5 million in state Redevelopment Assistance Capital Program (RACP) funds and $4 million in city funds were been committed to the project this week.  East Market already was expected to receive $7.5 million in RACP funds, according to Pennsylvania Gov. Tom Corbett’s office.

The entire 1100 block of Market Street, an important piece of the Philadelphia office space market, is included in the redevelopment plan.  Site prep work has already started on the project, which is more commonly known as the old Girard Square.  Demolition for the first phase is planned for mid-October.  Construction is expected to begin early next year.  The project will add 650,000 square feet of Philly office space, Philly retail space and apartment housing to the city.

Prevailing market conditions, including those in the market for office space in Philadelphia, will drive later stages of the project both in terms of timing and how it will be redeveloped.  Plans are for all of the structures on the city block bound by Market, Chestnut, 11th and 12th streets to eventually be either renovated or replaced.

The first phase of the project calls for construction of a 17-story tower with 160,000 square feet of Philly retail space and 322 apartment units, as well as renovation of the 200,000-square-foot family court building, which will feature Philly retail space at ground level and Philly office space on the floors above.

For more information about Philadelphia office 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 leading Philadelphia commercial real estate brokerage firm that specializes in office space in Philadelphia.

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 office 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 Philadelphia office 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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Philly Office Space Deliveries, Construction And Inventory

magnifying glassThe Philly office space market saw seven new office buildings equaling 413,734 square feet deliver to the market for office space in Philly in the second quarter of 2014, according to a new CoStar Group market trend report.  This compares to four office buildings that delivered to the Philadelphia office space in the first quarter, totaling 121,952 square feet, the report said.

CoStar’s Second Quarter 2014 Market Report also noted that an additional 2,116,720 square feet of office space in Philadelphia remained under construction at the end of second quarter 2014.

Among 2014’s significant deliveries of office space in Philly were:  the 296,025-square-foot Two City Center that delivered in the second quarter and is now 40% occupied, and the 60,000-square-foot 1401 Roosevelt Avenue, which delivered in the first quarter and is fully occupied, CoStar reported.

Still under construction in the market for office space in Philadelphia at second quarter’s end were FMC Tower / Walnut Street Tower, an 830,000-square-foot facility with 68% of its space pre-leased and 3737 Market Street, a 340,000-square-foot project with 82% of its space pre-leased, the report stated.

At the end of the second quarter 2014,  there was 401,999,668 square feet of total Philly office space inventory in 20,835 buildings, the market report noted.  The Class-A office sector consisted of 955 facilities totaling 128,991,730 square feet of Philadelphia office space.  Owner-occupied buildings in the market for office space in Philly comprised 35,997,940 square feet of office space in Philadelphia in 942 projects, CoStar said.

Compared to Philadelphia office space trends in the second quarter, 11.38 million square feet of construction in 217 new buildings was completed in the U.S. national office market in the same quarter, according to the CoStar report.  Still underway at the end of the second quarter was another 101 million square feet of office space, the report stated.  The 80,000-square-foot 3905 NW 107th Avenue delivered to the South Florida market in the quarter, while the 354,845-square-foot 520 Newport Center Drive was still under construction in the Orange County market.  There was almost 10.42 billion square feet of total office inventory in more than 500,800 buildings at quarter’s end, of which 905 million square feet were in some 20,800 owner-occupied buildings, CoStar said.

For more information about office space in Philly 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 leading Philadelphia commercial real estate broker that specializes in Philly office 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 office 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 Philadelphia office 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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