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Tag Archives: pandemic


REITs likely to see slowdown amid changing economy but positive growth still expected

Revenue growth for U.S. REITs is likely to slow over the next two years because of inflation and rising interest rates, say Standard & Poor’s Financial Services LLC analysts.

Michael Souers, director at S&P and a lead analyst in the real estate sector, said while he expects REIT performance to slow a bit, S&P is still forecasting positive growth for the sector. If a recession does take hold, which S&P’s economist recently gave a 30% chance of happening within the next year, how REITs performed during the global financial crisis of the late 2000s may give clues about what’s ahead.

Most REITs posted single-digit percentage slowdown in 2007 and 2008, Souers said, with office-heavy REITs the most impacted. Because of the Covid-19 pandemic, which shook up all commercial real estate sectors to some extent, it’s possible REITs are actually better positioned to withstand a downturn now, because tenant quality has likely improved since the pandemic in sectors like office and retail.

*Article courtesy of Philadelphia Business Journal

For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis, healthcare space, office space, retail space, land and New Jersey and Philadelphia industrial space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.

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

As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  

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

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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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Economic Momentum Weakens as US Enters the New Year

As the Federal Reserve signals its intention to raise interest rates soon to battle rising inflation, it’s been easy to overlook how well the economy performed over the past year — and especially during the final quarter. 

Real gross domestic product (GDP) grew by a seasonally adjusted annual rate of 6.9% in the fourth quarter of 2021, according to the Bureau of Economic Analysis. That marked the fastest pace of growth since the massive bounce back from the pandemic-induced recession in the third quarter of 2020, and faster than in any quarter prior to the pandemic since the second quarter of 2000. 

For the entire year, real GDP ended 5.7% higher in 2021 compared to 2020, the highest rate of growth since 1984.

*Article courtesy of CoStar

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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Announced Store Closings in 2021 Approach an All-Time Low

Despite rising cases of breakthrough coronavirus infections and the resulting uncertainty over the efficacy of current vaccines against variants, the retail property market shows impressive signs of recovery at year-end. 

Retail sales have moved well above pre-pandemic levels for months, retailer profitability has been improving and consumption is setting all-time highs even as foot traffic at stores has improved significantly from last year’s levels. However, perhaps the most compelling sign of recovery in 2021 is the sharp drop observed in announced store closings.

Following 2020, a year that retailers set the all-time high for the amount of square feet announced for closing, 2021 is on track to set a new low, marking an encouraging reversal for this leading indicator of the health of the retail sector. 

Also, perhaps even more encouraging, the amount of space and number of stores retailers said they plan to open during 2021 is well above announced store closings, the first time that has happened since 2014. As of mid-December, just over 3,300 stores have been announced for closing, accounting for 37 million square feet of retail space. At the same time, retailers have announced more than 5,800 store openings, accounting for 53 million square feet. 

The most significant store closure news this year came from CVS in November when the company announced it would be closing 900 stores over the next three years, totaling nearly 10 million square feet. Meanwhile, announced store openings were led by discount stores, which continue to expand. Dollar General said it plans to open 1,000 stores in the coming years, and Dollar Tree is expecting to add 600 stores, including 200 Family Dollar locations.

As expected, this has translated to much-improved leasing, including both new leases and renewals. In fact, November marks the ninth consecutive month where the amount of retail space leased outpaced the average from 2017 to 2019. And, while leasing in 2020 was 21% below the historic national average, the recovery in 2021 has pushed it 11% above the historic average. 

Although shortages in both labor and inventories will be a drag on sales for many retailers and may slow expansion plans for some, the positive signs in the retail market suggest a relatively positive outlook. In addition to the expansion plans announced by Dollar General and Dollar Tree, some of the largest leasers of new retail space in 2021 also include Planet Fitness, Burlington, At Home, Floor & Decor and Target.

Retail trends, such as announced store closings, will be important for retail owners and investors to track as obstacles and uncertainty are still present in the market. While metrics such as foot traffic and retail sales are useful, they are backward-looking. Tracking announced store closings and openings can shed light on future retail demand, which can be valuable in predicting the future health of the market.

*Article courtesy of Costar

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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The 6 Storylines That Defined 2021 In Philadelphia CRE

Though Philadelphia is finishing 2021 with the pandemic in as serious a state as it was when the year began, the city’s commercial real estate industry experienced a year of progress in several key areas.

The gene therapy and cell therapy industries have powered life sciences past the office market, initiatives inspired by the social justice reckoning of last summer took shape and Philly became a national model for keeping vulnerable people housed. The relationship between developers and government … Well, that may have actually gotten worse.

  1. Construction, Investment In Life Sciences Ramp Up
  2. The Philadelphia Navy Yard’s Next Phase Comes Into Focus
  3. Social Justice Comes Into Foreground For Philly CRE
  4. Philly Leads Nation In Rental Assistance Distribution, Eviction Prevention
  5. City Council’s Fight For More Control Over Development Escalates
  6. Amazon Expands Footprint In Region To Unheard-Of Levels

*Article courtesy of Bisnow

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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Zombie Office Buildings on the Rise As Pandemic Endures

In the good times leading up to the first quarter of 2020, the number of office properties written off as vacant “zombies” had largely dwindled in size across most major U.S. cities.

But since the pandemic was declared in March 2020, the numbers are rising again.

CoStar News tallied the number of office buildings 50,000 square feet or larger at the end of each quarter that were 98% or more empty. The number was growing at an annualized pace of 23% in the second quarter of this year. That growth has tapered off to a 19% annualized increase in the third quarter.

The pandemic has added 303 buildings, for a total of 1,267 properties, to the inventory of zombie office buildings with rentable inventory up 37.43 million square feet, bringing the total vacant to 157.5 million square feet. 

*Article Courtesy of Costar

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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