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Tag Archives: office


Fundamental Change Coming to Office Sector

As the CEO of a company that produces one of proptech’s leading data visualization tools—offering advanced predictive analytics—Navigator’s Taylor Odegard has no trouble visualizing the future of offices in central business districts.

From a booth with a commanding position on the CREtech 2022 show floor in NYC last week, Odegard gave us his assessment of the office sector, specifically the fate of office towers populating central business districts in major urban centers.

Odegard also thinks traditional office leasing scenarios will evolve to match the new reality. “The traditional [model] of a five-year, 10-year or 15-year lease will change fundamentally, with terms where you can retract and grow within the lease—elastic leases,” he told GlobeSt.com.

Odegard sees a permanent paradigm shift in CBD office towers due to the rise of hybrid work, one in which landlords and tenants have diametrically opposite priorities.

*Article courtesy of GlobeST.com

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.

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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.

*Article courtesy of WJS

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.

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How shifting office demand may factor into commercial mortgage market

Remote work that started as a temporary solution at the onset of the Covid-19 pandemic has made one of commercial real estate’s most prolific sectors the biggest question mark more than two years later.

In a recent white paper, the Mortgage Bankers Association examined two potential outcomes for the U.S. office market, based on whether current trends in hybrid work permanently stick — and people continue to go into the office less frequently. The second scenario imagines what could happen if a looser labor market means employees will be prompted to go into the office more often, seeking job security.

In the “base case” scenario of widespread hybrid work, companies would require around 80% of office space they previously needed, and income and values could drop 10% to 20% — although that’s heavily dependent on location, the MBA notes. The flight-to-quality trend observed especially in the wake of the pandemic would become more apparent in this scenario, with older, outdated space likely seeing significant discounts while Class A-rated space (or higher) seeing significant premiums.

*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.

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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

WCRE SECOND QUARTER 2022 REPORTCommercial 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.comwww.phillyindustrialspace.com, www.phillymedicalspace.com and www.phillyretailspace.com

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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.

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How Office Use Is Evolving the Urban Core

The pandemic has catalyzed an undeniable change in office use, but many companies still have questions and uncertainties about how these changes will take shape and how to plan workplace strategy for the future. Urban centers have, perhaps, been the most disrupted by these changes, with the majority of office space located in the urban core. Data from Dr. Tracy Loh, a fellow with the Brookings Institution, shows that 71% of US office space is located in a downtown market. This is going to be among the biggest challenges for office users and office owners going forward.

*Article courtesy of Globest

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.

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Office demand in major US markets rises in March but ‘too early to tell’ long-term

At least one tracker of office-market demand in major U.S. markets shows an improvement in March, after five months of stagnation.

VTS Inc.’s VTS Office Demand Index, or VODI, grew 20% in March, with all but one of the core U.S. office markets, Seattle, seeing new demand for office space increase. The VODI in March was 66, with a score of 100 representing typical pre-pandemic levels of demand.

The VODI measures unique-tenant tour requirements across 12 billion square feet of office space the company, which operates a leasing and asset-management platform, has insight into.

Eli Gilbert, head of market research at VTS, said the improvement in March is following seasonal trends. The Omicron variant likely impacted activity in the first two months of the year, which also tend to be somewhat slower months for the office market.

While the Covid-19 pandemic isn’t over, there’s a growing disconnect between it and the broader office market. In 2021, for example, the VODI tended to rise and fall based on surges in case counts, such as the spread of the Delta variant in the summer of 2021, for example.

*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.

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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.

WCRE FIRST QUARTER 2022 REPORTNow 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.comwww.southjerseymedicalspace.comwww.southjerseyretailspace.comwww.phillyofficespace.comwww.phillyindustrialspace.comwww.phillymedicalspace.com and www.phillyretailspace.com

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Ex-Google CEO Eric Schmidt on why in-office work is better

After more than two years of remote work and multiple return-to-office delays, most Google employees are heading back to the office at least part-time — and ex-Google CEO and chairman Eric Schmidt couldn’t be happier about it.

″[I]t’s important that these people be at the office, in my view,” Schmidt, 66, tells CNBC Make It, arguing that for decades, the in-office style has been proven effective. “I’m a traditionalist.”

Starting Monday, Google’s hybrid work arrangement kicked off, with most employees expected to be in the office at least three days per week. Schmidt, who served as Google’s CEO from 2001 to 2011, helped transform the then-young Silicon Valley start-up into today’s $1.9 trillion global tech behemoth — and credits in-office work for much of that growth.

*Article courtesy of CNBC

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.

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Here’s how major companies are approaching the return to office

After two years of uncertainty and false starts, many companies are setting their return plans in motion. 

From tech giants to financial firms to small businesses, numerous companies have announced return plans as the Omicron variant has faded. 

Many companies are still pondering their plans, trying to balance their desire for a return with employees’ growing preferences for flexibility. 

Experts say the decision to return is one that can take several different forms and shouldn’t be taken lightly. They encourage companies to seek feedback, find common ground and accurately communicate the reasoning and the rules around the return. 

*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.

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Office Occupancy Hits New Pandemic-Era High

Despite the lingering effects of Thanksgiving dinners across the nation, more workers returned to office buildings in the first week of December than at any point in the last 18 months.

Average office building occupancy across the 10 largest office markets rose to 40.6% on Dec. 1, 8.1% higher than the post-holiday week last year, according to Kastle Systems, which tracks electronic keycard, fob and building access data.

Texas and California continue to be at the extremes in office return: Austin and Houston, at 59.3% and 54.9% of pre-pandemic levels, respectively, have the most heavily trafficked office buildings, while San Francisco saw occupancy hit a pandemic high-water mark of 28.3%.

While the coronavirus’s delta variant continues to spread and send cases rising nationally, fresh concerns have arisen over the omicron variant, with early reports suggesting the new variant is more contagious and less deterred by vaccines, although possibly less severeNineteen U.S. states have thus far reported cases of people affected by omicron.

The average office occupancy in Kastle’s 10-city barometer has been steadily increasing since September, when 33.6% of employees were back in the office. The legal industry has led the way in returning to the office, with law firms on average 56.3% occupied nationally.

While patrons have been filling up restaurants and fans have been crowding sports stadiums and concert halls, the return to the office has lagged, Kastle Chairman Mark Ein said. That dynamic has much to do with the C-suite, whose members feel a responsibility toward their employees and are reluctant to rush a return to the office.

*Article courtesy of Wall Street 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.

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WCRE THIRD QUARTER 2021 REPORT

SOUTHERN NEW JERSEY & PHILLY MARKETS’ ANTICIPATED COMEBACK DELAYED BY DELTA VARIANT

Investment Activity & Large Transactions Regained Steam, While Industrial Continued To Lead The Way

Commercial real estate brokerage WCRE reported in its analysis of the third quarter that the Southern New Jersey and Southeastern Pennsylvania markets will have to wait a bit longer for the post-pandemic recovery. While CRE seemed to rebound along with the broader economy earlier this year, the Delta variant caused havoc in recent months.

Download Printable Report (PDF) >>>

At the beginning of 2021, with vaccines and optimism becoming widespread, many employers looked ahead to the week after Labor Day as the beginning of the official return to the office. The emergence of the Delta variant and breakthrough infections pushed the return date into 2022. The effects of this shift have reverberated throughout the economy, including the office and retail CRE markets.

“A few months ago, CRE performance was trending in a positive direction and seemed poised for a return to pre-pandemic levels,” said Jason Wolf, founder and managing principal of WCRE. “While we are in a very positive investment transaction market, the Delta variant has put the office and retail markets into a holding pattern, but a comeback should still be on the horizon.”

In the third quarter there were approximately 225,717 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), a bit below the previous quarter.
New tenant leases comprised approximately 119,213 square feet, or about 53% of all deals for the three counties.

Other office market highlights from the report:

● Overall vacancy in the market is now approximately 12.75 percent, an improvement of .85 of a point from the previous quarter.

● The sales market maintained momentum, with 1,200,393 square feet actively on the market or under agreement.

● There were $70,164,500 in completed sales comprising 709,032 square feet during Q3.

● 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 third quarter in Pennsylvania include:

● The vacancy rate in Philadelphia’s office market remained unchanged in Q3, still at 10.3% after hovering near a 20-year low for months. For the past few months, nearly 15% of the total office space in Philadelphia has been listed for sale or lease.

● As in many recent reports, the industrial sector in Philadelphia continued its impressive run, buoyed by its integral role in e-commerce. The last year saw a remarkable 15.8 million SF of net absorption and 11.7% rent growth.

● 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 went into a tailspin when the pandemic began, but for the 12 months just concluded, it is back in positive territory, at 273,000 square feet.

WCRE also reports on the Southern New Jersey retail market. Highlights from the retail section of the report include:

● The Consumer Confidence Index declined steadily throughout the third quarter after posting five consecutive months of increases.

● Retail vacancy in Camden County posted a huge improvement of more than three points to 10.7 percent, while average rents fell more than one dollar, in the range of $11.81/sf NNN.

● Burlington County retail vacancy improved more than a point to 8.3 percent. But it is still above 7.6 percent, where it stood a year ago. Average rents dropped to the range of $13.93/sf NNN.

● Gloucester County posted a decrease of two points, to 14.5 after increasing throughout last year, with average rents virtually unchanged in the range of $14.04/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.comwww.phillymedicalspace.com and www.phillyretailspace.com

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