Tag Archives: Philadelphia office space


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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Balashine Properties Appoints WCRE Exclusive Leasing Agent For 930 Harvest Drive in Blue Bell, PA

FOR IMMEDIATE RELEASE

Contact: Andrew Becker

Phone: 856.449.5220

Email: andrew.becker@wolfcre.com 

 

 

 

930 Harvest Drive Press Release PDF

Balashine Properties Appoints WCRE Exclusive Leasing Agent For 

930 Harvest Drive in Blue Bell, PA

 

January 3, 2017 – Marlton, NJ – WCRE is pleased to announce that it has been appointed exclusive leasing agent by Balashine Properties for its office location at 930 Harvest Drive in Blue Bell, Pennsylvania.

930 Harvest Drive, located in the Union Meeting Corporate Center, is a 118,004 square foot, four-story, elevator served office building located in the Plymouth Meeting/Blue Bell submarket. The property is minutes from the Pennsylvania Turnpike, with ample parking and SEPTA service to Plymouth Meeting and the Norristown Transportation Center.

Balashine Properties renovated this building in 2015 and maintains its headquarters there. The ownership is committed to best-in-class customer service and is seeking to make aggressive deals. Among many desirable attributes, the building features highly efficient suite layouts, a full-service café, a tenant only conference center, and an on-site day porter and building engineer. Several available suites range in size from 2,000 to 24,742 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 Garett Shiner of Balashine.

WCRE’s leasing team of Andrew Maristch and Anthony Mannino added, “WCRE is proud to add Balashine Properties 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.bluebellofficespace.com, www.bluebellmedicalspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com, www.phillyretailspace.com, ww.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, and www.southjerseyretailspace.com.

 

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WCRE ADDS RYAN BARIKIAN TO NEW JERSEY TEAM

WCRE ADDS SENIOR ASSOCIATE

Ryan Barikian to serve expanding roster of clients at regional commercial real estate firm

Ryan Image

Ryan Barikian Release PDF

August 10, 2016 – Marlton, NJ – Wolf Commercial Real Estate (WCRE) is pleased to announce the hiring of Ryan Barikian, who will serve as Senior Associate.  Barikian brings eight years of sales and leadership experience in the commercial and residential title insurance industry to complement the skilled team at WCRE.

As Senior Associate, Ryan will work closely with the WCRE sales team to generate new business relationships with banks, developers, loan servicers, investors and other service professionals in the real estate industry.

A consummate business connector, Ryan has developed an extensive network of trusted relationships throughout the Southern New Jersey and Greater Philadelphia markets. He has an extensive understanding of the roles which attorneys, underwriters, accountants, and other service professionals play in commercial real estate transactions. His extensive knowledge of the title and settlement process gives him unique insights that will aid and inform clients.

“Each new member of our team strengthens our ability to meet specific needs and build even more successful relationships with our clients and community,” said Jason Wolf, founder and managing principal of WCRE. “Ryan brings a valuable background as a leader and real estate professional that will allow WCRE to serve clients in new ways.”

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 ww.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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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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U.S. Office Space Sales Hit Post-Recession Peak in 2015

new Jason stats graphic - June 2015The year 2015 was a very good year for U.S. office space sales, the best in fact since the Great Recession. With increased demand and restricted levels of construction contributing to tightening space availability in metro areas nationwide, U.S. office space net absorption exceeded 100 million square feet for the first time since the crippling recession and the national office vacancy rate dropped another half-percentage point in the year ended 2015.

Since climbing to 13.2% at the peak of the recession, the U.S. office vacancy rate has been on a downward trend.  In 2015, the vacancy rate dropped to 10.8%, down from 11.3% in 2014, according to the CoStar Group’s recent State of the U.S. Office Market 2015 Review and Forecast.

Vacancies were down in 64% of U.S. office submarkets and 56% of metro office markets in fourth quarter of 2015, according to CoStar, whose analysts predict office vacancy rates to continue dropping, reaching about 10% in 2017.

Driven by an “overwhelmingly strong” market that is anticipated to continue into the next quarter, the investment market soared, with preliminary office asset sales rising almost 18% in 2015 to reach $152 billion, CoStar’s economists said.

The CoStar report said the biggest annual vacancy improvements were in the Atlanta, Miami and Nashville markets, each of which outperformed San Francisco, Seattle and Boston, a clear indication of a momentum shift in office market strength away from the technology and energy metros that fueled the economic recovery and expansion and toward markets that were hit by the recession’s housing bust. The office vacancy rate declines in San Francisco appeared to be slowing in the fourth quarter as new office supply was introduced to the market, the review and forecast said.

As expected, Silicon Valley markets experienced the strongest annual occupancy gains. But with the 2015 shift away from higher occupancy in markets driven by energy or technology, a solid eight of the 13 markets with the highest year-over-year occupancy improvements were outside the energy and technology areas.  Big-tenant markets like Atlanta and Dallas instead are showing occupancy results, CoStar reported.

Although American consumers are benefiting from lower gas prices, some geographical areas and parts of the economy have been negatively impacted by the drop in energy pricing, its effect on the stock markets, and global economic instability, according to the report. The S&P 500 is down about 11% since the May 2015 peak, partly because of weakness in energy-related stocks.  In addition, technology stocks have declined more than 10%.

Tech remains among the most volatile markets, with markets such as San Jose, San Francisco, Boston, Raleigh, Austin and Seattle waiting to see how lower private and public market valuations will affect hiring, the economists reported.

Apple and Samsung Electronics were among the large companies that warned recently of a tech sector slowdown in 2016, blaming global economic volatility and declining demand.

And Yahoo has announced plans to reduce its workforce by another 15%, or 1,700 jobs; rid itself of surplus real estate; close five worldwide offices; and consider “strategic alternatives” to possibly sell or spin off its core search engine and web portal business, CoStar said. In December, Yahoo was already looking to sell a 48-acre tract near Levi Stadium in Santa Clara that originally had been intended for an expansion project.

Despite growing concerns in the energy and technology sectors, the continuing momentum from 2015’s strong performance in the U.S. office space market and the commercial real estate market overall is anticipated to continue solidly into 2016, CoStar predicted.

Annual net absorption of U.S. office space jumped to 101 million square feet in 2015, up from 93 million square feet the year before.  Developers delivered 64 million square feet of U.S. office space, up 41% from 2014.  Although the amount of new space under construction has declined over the past two quarters, it showed a modest 7% increase for year over year, ending 2015 at 126 million square feet at year – close to the historical yearly average since 2000.

Annual rent growth stood at 4.4% at year-end 2015, exceeding 2014’s growth of 3.8%, CoStar said, adding that rents were particularly strong in CBDs such as San Francisco at 19.4% and Raleigh, NC at 13.9%. Even rents in the urban core of Atlanta and Detroit grew by 11.2% and 10.5%, respectively.

For more information about Philly office space or other 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 Philadelphia office space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that specializes in Philly office space, providing 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 extensive expertise in Philadelphia commercial real estate listings, 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, including Philadelphia office space, 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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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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Wolf Commercial Real Estate Adds VP of Corporate Services and Portfolios

Ever-Growing Area Firm Hires Drew Maristch to Expand Portfolio Management and Corporate Services in the Philadelphia Region. (View PDF)

drew-maristchWolf Commercial Real Estate (WCRE) is pleased to announce the hiring of Andrew “Drew” Maristch III, who will serve as Vice President of Corporate Services and Portfolios. Maristch brings nearly 15 years of corporate and commercial real estate experience to the firm, including more than a decade of corporate representation and tenant advisory experience. He will be a key leader tasked with expanding WCRE’s presence in the Southeastern Pennsylvania office market, and his negotiation skills, national network, creativity, and extensive understanding of respective rights and obligations of landlords and tenants will be prized assets to WCRE’s clients.

Drew Maristch’s most recent position was Director of Leasing and Corporate Operations at alphabroder, where for 12 years he managed a diverse four million square foot national real estate portfolio consisting of warehouse, call center, corporate office, and retail space, for the billion-dollar enterprise. Serving as the sole leader of the real estate department, he led site selection, space planning, contract negotiation, relocation, expansion, subleasing, and property management. Maristch will continue to manage this same portfolio as part of the duties of his new position.

“Each new member of our team strengthens our ability to meet specific needs and build even more successful relationships with our clients and community,” said Jason Wolf, founder and managing principal of WCRE. “Drew brings a unique skill set that will allow WCRE to serve clients in new ways, and capture new landlord representation opportunities in southeastern Pennsylvania and in other markets.”

Maristch is WCRE’s second hire of the fourth quarter. Recently Anthony Mannino, Esq., a former longtime chief of staff in Harrisburg, joined the firm in the newly created position of Vice President of Corporate Strategies. The pair join Lee Fein and Brian Propp in focusing on WCRE’s growth in Pennsylvania.

In addition to his professional accomplishments, Maristch exemplifies WCRE’s core values, especially commitment to the community. He has organized and promoted several charity ice hockey events to benefit Alzheimer’s Association Delaware Valley Chapter and has served on the organization’s development committee. Currently he is active on the Citizen’s Council for Cherry Hill Township.

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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Office to Lead 2016 Commercial Construction

new Jason stats graphic - June 2015Office, shopping center, warehouse and hotel construction is expected to jump 11% in 2016, an increase from the 4% improvement projected for 2015, with office development reclaiming its historical role as the leader in the commercial building recovery, a new report says.

At the same time, multifamily construction dollar volume is anticipated to rise 7% on a 5% increase in built units to 480,000, according to the newly released 2016 Dodge Construction Outlook.  That level of gain would be at a slower pace than 2015’s growth, but it is still a gain as continuing development is extended by low vacancies, rising rents and the demand for apartments from millennials, the report released by Dodge Data & Analytics said.

But the growth in commercial building will again be led by the segment’s historical driver — office development — with an assist in private development and demand from technology and finance firms.

Residential, including single-family homes, and nonresidential U.S. construction starts are forecast to rise by 6% in 2016 to $712 billion on the heels of a 9% increase in 2014 and an estimated 13% jump by the end of this year — the strongest annual gain so far in the current expansion, Dodge Data & Analytics said.

The 2015 hike can be largely traced to the heavy industrial projects at the start of the year, including several massive liquefied natural gas terminals in the Gulf Coast region and new power plants, the company noted.

Continued strength in multifamily construction is behind the strong performance in total residential building, which rose 18% in 2015. Single-family is again registering growth after a no-growth year in 2014.  Total nonresidential building slowed in 2015 after jumping 24% the year before, and is now forecast to be flat to slightly down as a result of a sharp pullback for new manufacturing plant starts and a slight drop-off in momentum by the commercial and institutional building segments, according to Dodge.

Other 2016 forecasts provided by Dodge were:

  • Institutional building will increase 9%, up from a 6% rise in 2015.  Specifically, the educational facilities category is benefiting from the passage of recent school construction bond measures that are spurring increases in K-12 school construction.
  • Manufacturing plant construction spending will drop off by another 1% on the heels of 2015’s 28% plunge caused primarily by the decrease in large petrochemical plant starts.
  • Public works is projected to be in 2015, but the new multiyear federal transportation bill anticipated to pass Congress by the first half of 2016 should spur growth in late 2016 and into 2017.

For more information about Philly office space or other 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 Philadelphia office space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that specializes in Philly office space, providing 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 extensive expertise in Philadelphia commercial real estate listings, 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, including Philadelphia office space, 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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Demand for U.S. Office Space Hits Pre-Recession Peak

new Jason stats graphic - June 2015Demand for U.S. office space hit pre-recession peak as Net absorption of U.S. office space hit its second-highest quarterly total since 2006, registering 29 million square feet in the third quarter 2015 as demand for U.S. office space from expanding companies roughly doubled the new office supply brought to the market, according to a new office market report from CoStar.

CoStar’s State of the U.S. Office Market Third Quarter 2015 Review and Forecast also reported that the first three quarters of 2015 saw 68 million square feet of net office absorption, compared to an average of 30 million square feet during the same three quarters of 2005 through 2007, the period considered the peak of the last office boom.  At the same time, the U.S. office vacancy rate’s gradual decline continued, dropping to 11% in third-quarter 2015, down another 20 basis points from midyear and a 60 basis point decrease from the third quarter a year ago, the report said.

Another key finding from the report noted that a full 65% of U.S. office submarkets experienced a drop in office vacancies in third-quarter 2015, and 52% of U.S. submarkets have office vacancies that are lower than they were during the 2006-07 peak, with most metros posting string rent growth.

The report also highlighted one significant difference from previous office market cycles: the average vacancy rate for high-quality 4- and 5-Star U.S. office space constructed since 2008 has remained flat, even though the 42 million square feet of new office supply delivered to the market in the first three quarters of 2015 is nearly 40% above the same period in 2005-2007, CoStar said.

“We’re at a rare point.  Vacancy in new space has flat-lined since about 2013. What’s interesting about that is the supply pipeline has not caused the rate to spike up nationally, unlike other market cycles,” said Walter Page, CoStar Group, Inc. director of U.S. research, office.  “Office tenants clearly want this new space and are willing to pay for it because obviously, they’re leasing it up.”

Demand for 4-and 5-Star U.S. office space increased by 2.5% between third-quarter 2014 and third-quarter 2015.  That rate compares with just 1.4% in the overall national office market and is nearly three times the demand growth rate achieved for 1-, 2- and 3-Star properties.

Analysts noted that even with an uptick in rental rates, total occupancy costs as a percentage of company profits stayed at their all-time low, with companies continuing the trend to place more workers into fewer square feet, thereby allowing companies to lease higher-quality space.

For more information about Philly office space or other 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 Philadelphia office space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that specializes in Philly office space, providing 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 extensive expertise in Philadelphia commercial real estate listings, 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, including Philadelphia office space, 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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Commercial Property Pricing Heats Up

new Jason stats graphic - June 2015Despite an increase in construction activity in multiple markets, aggregate demand continues to outstrip supply across all major property types, a new report from the CoStar Group says.  The result is lower vacancy rates and rent growth that continues to attract strong investor interest in commercial real estate, including Philly office space and Philly retail space, according to the newest CoStar Commercial Repeat Sale Indices (CCRSI).

The value-weighted U.S. Composite Index and the equal-weighted U.S. Composite Index rose by 1.3% and 1%, respectively, in August 2015, and by 12.6% and 11.4%, respectively, for the year ended August 2015, the report said.  The indices are the two broadest measures of aggregate pricing for commercial properties within the CCRSI.

The General Commercial segment, which is affected by smaller, lower-value properties, experienced recent more robust growth, corroborating a broad-based pricing recovery, CoStar reported.  Within the equal-weighted U.S. Composite Index, the General Commercial segment saw a monthly increase of 1% for August 2015 and 11.9% for the year ended August 2015, driving the index to within 7% of its pre-recession high.

Net absorption across the office, retail and industrial segments — the three major property types — reached 611.4 million square feet for the year ended in the third quarter 2015.  That level was 20% more than in the prior year ending in the third quarter 2014 and stood as the second-highest annualized absorption total since 2008, according to CoStar.

Especially strong showings were seen in the office and industrial segments during the four quarters ending in the third quarter 2015, with net absorption averages at of 0.3% of inventory for the office sector and 0.4% for the industrial sector.  Gains in the retail sector were more modest at 0.2% over the same time period, the report noted.

The CCRSI’s U.S. composite pair volume of $79.5 billion year-to-date through August 2015 saw a 32% jump in comparison with the same time period a year earlier, CoStar said.

With volume up by almost 32% in the Investment-Grade and General Commercial sectors,  increased capital flows are being seen in both the high and low ends of the market, according to the report.

For more information about Philadelphia office space, Philadelphia retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak to Jason Wolf (215-588-8800-cell; jason.wolf@wolfcre.com), Leor Hemo (215-514-1750-cell; leor.hemo@wolfcre.com) or Lee Fein (215-206-5580-cell; lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm that specializes in Philly office space and Philly retail space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office space or Philadelphia retail space with the Philadelphia commercial properties that best meets their needs.  As experts in Philadelphia commercial real estate listings, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia office space, Philadelphia retail space and other 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.

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Local Market Remains Steady despite National Economic Volatility

new Jason stats graphic - June 2015While the national economy was affected by turmoil in the global markets, the regional commercial real estate market continued its progress for another quarter, according to the latest quarterly analysis from Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philly commercial real estate listings and services, including Philly office space, Philly retail space and other Philadelphia commercial properties.

An expected summer slow-down did slow the pace of transactions, but overall growth, expansion, and positive absorption stayed on track said the report from this Philly commercial real estate brokerage firm. Healthcare, insurance, financial services, defense contracting, and technology companies led the way.

“As in the past several quarters, we saw a healthy volume of transactions due to business expansion and improving job growth during the third quarter,” said Jason Wolf, founder and managing principal of Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm.. “We also saw an uptick in deal activity among small and mid-size businesses, which is welcome good news that the market had been waiting for.”

The report from this Philly commercial real estate broker details many factors contributing to continued strength in the market, including large and small lease deals, the beginning of new construction activity, several investment acquisitions of office properties, and continued repositioning among the area’s REITs.

According to the report issued by Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm with expertise in Philadelphia commercial real estate listings and services, including Philadelphia office space and other Philly commercial properties, this repositioning also covers the latest coup for the GROW NJ program, a recently announced 1.7 million square-foot mixed use development along the waterfront in Camden, NJ.

According to Wolf Commercial Real Estate, the third quarter posted approximately 477,983 of new leases and renewals executed in the Philly commercial real estate market. This is a nearly 20 percent improvement over the third quarter a year ago. New tenant leases consisted of approximately 280,360 square feet, and renewals and expansions made up approximately 197,623 square feet. New leasing activity represented approximately 58.7% of all deals for the quarter.

Overall, gross absorption for Q3 is in the range of approximately 233,610 square feet. In addition to the consummated deals, this section of the report from the Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings indicated a pipeline of approximately 350,000 square feet of significant pending lease deals expected to close in the near term.

Other office market highlights in the analysis from Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, including Philly office space, Philly retail space and other Philadelphia commercial properties:

  • Overall vacancy in the market continues to drop, and is now down to approximately 12.15 percent, an improvement of three quarters of a point over the previous quarter. Vacancy in Burlington County is now down to 8 percent, while in Camden County it stands at 16.3 percent.
  • The majority of leasing activity for the third quarter was comprised of deals ranging in size from 3,000-80,000 square feet.
  • Average rents for Class A & B product continue to show strong support in the range of $10.00-$13.00/sf NNN or $21.00-$23.00/sf gross, with an overall market average showing strong support in the $10.00-$13.00/sf NNN or $20.00-$23.00/sf gross for the deals completed during the quarter. Rents have remained stable.

The full report is available upon request from Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services, including Philadelphia office space and other Philadelphia commercial properties.

For more information about Philly office space, Philly retail space or any Philly commercial properties, please contact Jason Wolf (856-857-6301; jason.wolf@wolfcre.com) or Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a Philadelphia commercial real estate broker.

Wolf Commercial Real Estate is a premier Philly commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services that include Philadelphia office space and other Philadelphia commercial properties.  Wolf Commercial Real Estate markets commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers.  Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

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Office Supply Growth Remains Strong Despite Absorption

new Jason stats graphic - June 2015The demand for U.S. commercial property and U.S. commercial real estate – including Philadelphia commercial real estate listings – rebounded in the second quarter of 2015 following slower-than-expected net absorption in the first three months of the year as businesses continued to add office jobs and to lease space.

Net absorption – both nationally and for the key segments of Philadelphia office space, Philadelphia retail space and Philadelphia industrial space – roared to 25 million square feet in the second quarter, according to a report from the Co-Star Group provided by Philadelphia commercial real estate brokerage firm Wolf Commercial Real estate, a leading Philadelphia commercial real estate broker.  This growth was the second-highest jump in quarterly demand since 2006 and was more than double the 12 million square feet absorbed during the first quarter.

After years of slow and steady increases in office supply, the level of office space under construction on the office space portions of both the U.S. commercial property and the U.S. commercial real estate markets reached 124 million square feet in the second quarter, the highest total since 2009 and slightly eclipsing the 15-year average of 122 million square feet. This total included a number of Philadelphia commercial real estate listings.

Rent growth reached a 4% annual rate in the first half of 2015, while the national office vacancy rate declined 20 basis points to 11.2%. This decline was reflected as well in surveys of Philadelphia office space, Philadelphia retail space and Philadelphia industrial space as reported by Philadelphia commercial real estate brokerage firm Wolf Commercial Real estate, a leading Philadelphia commercial real estate broker.  Nationwide, the 27 million square feet of new office space deliveries in the first half of 2015 exceeded the historical first-half average of 21 million square feet, reflecting a relatively healthy office market and broader economy.

“We’re at a supply/demand balance, which is a real sweet spot in the market cycle for the office market,” said, Co-Star Group, Inc. Director of U.S. Research Walter Page. An all-time high of 63% of the 2,000 office submarkets that make up the U.S. commercial property and the U.S. commercial real estate markets, and which includes a number of Philadelphia commercial real estate listings, now show improving vacancies, with 48% of the metro markets now reporting lower vacancies than they did at the peak of the market during 2006-07.

Vacancies across the nation and for Philadelphia office space, Philadelphia retail space and Philadelphia industrial space now are dropping, even among 3-Star office properties, a sign that recovery is accelerating in the lower end of the office quality spectrum.

That said, tenants continue to demand higher-quality space, a trend that also has been noted by Philadelphia commercial real estate brokerage firm Wolf Commercial Real estate, a leading Philadelphia commercial real estate broker.  Year-over-year demand growth remains weak at 0.6% for 3-Star buildings, according to the Co-Star report, as compared to 2.4% for 4- and 5-Star buildings, with tenants willing to pay a 41% rent premium for newer, higher-end buildings over lesser 3-Star assets.

For more information about Philadelphia office space, Philadelphia industrial space, Philadelphia retail space or other Philadelphia commercial or investment properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or 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 Philadelphia 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 extensive expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia office space or new Philadelphia 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 Philadelphia office space or Philadelphia 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.

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