Tag Archives: Philadelphia
Center City District Says Diversifying Downtown is Key to Philadelphia’s Future
Three years after the start of the Covid-19 pandemic, Philadelphia’s downtown recovery has both challenges and opportunities. Office buildings have been slow to fill back up while restaurants have rebounded. Public safety concerns persist and transit ridership is far from what it used to be, but new development projects have continued making progress and Center City’s residential population has increased.
Center City District CEO Paul Levy has overseen the business improvement district since it was founded in 1991. He’s prioritized keeping Philadelphia’s streets clean and safe and has taken a leading role advocating for downtown businesses. After guiding the district through the worst of the pandemic, Levy is optimistic about the recovery process, though it’s taken longer than he’d prefer. Levy, who’s stepping down from his role at the end of this year, spoke to the Philadelphia Business Journal about the biggest topics surrounding the health of Philadelphia’s downtown.
*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 or send an email to info@wolfcre.com. Wolf Commercial Real Estate, is a leading New Jersey and Philadelphia commercial real estate broker that specializes in healthcare, office, retail, land, industrial, and investment spaces.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm that provides a full range commercial real estate listings and services and property management services for landlords, owners, investors, tenants and more.
As experts in both Philadelphia and New Jersey commercial real estate listings and services, the WCRE team provides ongoing detailed information about commercial properties to our clients and prospects to help them achieve their real estate goals.
Philly’s First Indoor Pickleball Center to Open in Malvern
When temperatures drop and Philadelphia-area pickleball players scramble to find a place to play their increasingly popular sport indoors, they quickly find their options are limited. Not to worry, Bounce Pickleball is opening up an indoor center in Malvern, Pennsylvania.
The Bounce Pickleball facility will feature 16 courts, a teaching pro, and instructors and programming that will include court rentals, open-play events, tournaments, leagues, and more.
*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.
Five Below Store Openings are Slow but Moving Forward
Discount retailer Five Below’s store expansion slowed a bit this year, but the retailer still expects to be just about on target to debut 1,000 brick-and-mortar sites in the next four years.
“We are gaining momentum going into ’23,” Joel Anderson, president and CEO of the Philadelphia-based chain, said Wednesday during a conference call with analysts. The call followed the release of Five Below’s third-quarter earnings for the period that ended Oct. 29.
The chain reported that net sales increased by 6.2% to $645 million during the quarter compared with $607.6 million in sales in the third quarter of the 2021 fiscal year. Comparable sales decreased 2.7% compared with the third quarter of 2021.
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.
Inflation Puts Cost of Living in Spotlight, Philly Ranking Affordability
The cost of living in the Philadelphia metro area is slightly higher than in the average U.S. market, with local residents paying more for housing and utilities but less for goods.
That’s according to a Business Journals analysis of the latest data from the Bureau of Economic Analysis’ Regional Price Parity Index. The index shows how costs compare in a metro compared to the national baseline of 100. That means a metro with an index of 90 would be 10% more affordable than the national average, for example. That index includes the cost of housing, services and goods as well, providing a more complete picture of affordability.
The data is from 2020, so it doesn’t include much of the significant inflation that has transpired during the Covid-19 recovery, but it does show which metros are most well-positioned to capitalize on their relative affordability and which metros could be hurt by a flight to affordability.
Philadelphia ranks at No. 75 among the 100 largest U.S. metros, making it more affordable than many of its East Coast counterparts. It’s less expensive than Baltimore (No. 84), Boston (No. 90), Washington, D.C. (No. 92), and New York (No. 99).
*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.
Retailers Cautiously Optimistic About Holiday Shopping
Covid-19 concerns are diminished, inflation worries are high. But consumers are ready to celebrate what’s for many the first so-called normal holiday season in three years, which experts say should keep sales relatively strong and ultimately bolster the retail real estate sector.
In fact, despite high inflation and growing concerns about a recession, consumer spending has continued to grow through the fall.
The U.S. Department of Commerce reported Wednesday U.S. retail and food services sales for October 2022 totaled $694.5 billion, up 1.3% from the previous month and 8.3% higher than October 2021. Total sales between August and October 2022 were up 8.9% from the same period a year prior.
The National Retail Federation, meanwhile, forecasted on Nov. 3 retail holiday sales will grow between 6% and 8% from 2021 levels, to between $942.6 billion and $960.4 billion.
Some retailers, though, are bracing for consumers to spend less this holiday season. Big-box retailer Target Corp. (NYSE: TGT) out of Minneapolis posted disappointing earnings results for the third quarter on Wednesday and cut its forecast for the holidays, citing continued weakness in consumer shopping habits.
*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.
ULI Survey Predicts Modest Slowdown, Quick Economic Recovery
The Urban Land Institute’s semi-annual survey of 40-plus economists and real estate industry analysts suggest an economic and real estate slowdown are on the horizon.
The survey, released every May and November, gives median measurements among surveyed economists on how they’re forecasting 27 economic and real estate data points will fare in the coming quarters and years. The most recent survey was conducted between Sept. 28 and Oct. 12.
But some of the surveyed researchers who participated in a discussion hosted by ULI on Wednesday say the median results paint a somewhat overly optimistic picture — although, on some metrics, could be too pessimistic in the short term. An informal survey of attendees at Wednesday’s virtual talk found 56% felt the survey results were overall too optimistic.
“It’s likely too positive in general, specifically as it relates to the relative outlook for strength in the macro economy,” said Sabrina Unger, managing director of research and strategy at Los Angeles-based American Realty Advisors Inc. “We’re monitoring a lot of high-frequency data points and we’re seeing how meaningful of a deceleration we’re in, and we don’t think we’re done yet.”
Will Pattison, head of research and strategy at MetLife Investment Management LLC, said he thinks it’s more likely unemployment will trend closer to 6% in the coming years than the survey-predicted 4.5%, although GDP predictions seem accurate, he added.
*Article courtesy of Philadelphia Business Journal
For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis, healthcare space, office space, retail space, land and New Jersey and Philadelphia industrial space.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.
A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.
As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.
Please visit our websites for a full listing of South Jersey, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
World Series Matchup Between Astros and Phillies: A Costar Look
A World Series between the Houston Astros and Philadelphia Phillies, set to start Friday in Texas, also is a matchup of two of the country’s most important commercial real estate markets.
Those baseball teams play in the fourth- and sixth-largest U.S. cities, located along key shipping ports, and amid thriving warehouse and apartment demand, according to CoStar data. Houston and Philadelphia also are among many major office hubs trying to regain their footing 2 ½years into the pandemic. Those property markets also face uncertainty, and slowing sales across asset types, as part of a national trend because of rising interest rates, inflation and worries about a recession.
Like their baseball teams, the cities also have major differences, including the way residents get around. Houston is sprawling, fast growing and mostly traversed by car. Philadelphia takes up a much smaller land area, making it navigable by foot and public transit. The urban layouts differ in part because of the much longer history of the East Coast city, which was chartered in 1701 and later served as an early U.S. capital from 1790 to 1800, far before the arrival of automobiles.
The Sun Belt behemoth wasn’t even formed until 1836, six decades after the Declaration of Independence was adopted in Philadelphia in 1776. Texas didn’t become a state until 1845.
For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis, healthcare space, office space, retail space, land and New Jersey and Philadelphia industrial space.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.
A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.
As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.
Please visit our websites for a full listing of South Jersey, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
What Geographic Increases in Remote Work from Census Survey May Mean for Office Markets
The U.S. Census Bureau released data from its 2021 American Community Survey earlier this month, including metrics that show how much work-from-home has increased since the Covid-19 pandemic.
It found, between 2019 and 2021, the number of people primarily working from home tripled from 5.7%, or about 9 million people, to 17.9%, or 27.6 million people. That’s correlated with a drop in commute time, as also found in the ACS results. The average one-way travel time to work dropped to 25.6 minutes in 2021, among the shortest times in the past decade and two minutes shorter than the average of 27.6 minutes in 2019.
The Business Journals drilled further into work-from-home data, comparing one-year estimates from the Census’ 2019 survey to that of 2021.
Geographically, some of the nation’s economic powerhouse metropolitan statistical areas are also seeing the biggest increases in work from home since the pandemic. While more people were back in the office in 2021 than the first year of the pandemic, there were many fits and starts to going back last year, thanks to case-count spikes from the Delta and Omicron variants. That means work-from-home data as reported in 2021 may not fully reflect what’s happening in 2022.
*Article courtesy of Philadelphia Business Journal
For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis, healthcare space, office space, retail space, land and New Jersey and Philadelphia industrial space.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.
A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.
As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.
Please visit our websites for a full listing of South Jersey, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
U.S. Return-to-Office Rates Hit Pandemic High as More Employers Get Tougher
Workers are returning to U.S. offices at the highest rate since the pandemic forced most workplaces to temporarily close in 2020, as infection rates continue to fall and more companies intensify efforts to bring employees back.
Office use on average was 47.5% of early 2020 levels for workers in the office over the five business days from Sept. 8 to Sept. 14 in the 10 major metro areas monitored by Kastle Systems. The company, which tracks security swipes into buildings, said that was the highest percentage since late-March 2020.
Midweek days were especially strong, with office use for Tuesday and Wednesday last week at about 55% of the prepandemic workforce, also a high during the pandemic for those days, Kastle said. The data through last Wednesday were the most recent weekly figures available.
For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis, healthcare space, office space, retail space, land and New Jersey and Philadelphia industrial space.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.
A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.
As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.
Please visit our websites for a full listing of South Jersey, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
Center City is Seeing More Foot Traffic and Spending, but Also More Office Vacancies
More people were visiting, living and spending in Center City Philadelphia this summer than they have since the start of the pandemic, but the city’s economic recovery is still a gradual one.
The Center City District on Monday released its quarterly report tracking a number of metrics including unemployment rates, office vacancy rates, businesses open, travel and tourism numbers, public transportation ridership and number of residents.
The city’s recovery from the pandemic has charted a path that has often lagged behind comparable big cities. Many of the economic indicators in the report follow a similar tone — a slow but steady climb to pre-pandemic numbers.
“It may not be fast enough for all of us, but we’re headed in the right direction,” said Paul Levy, CEO of the Center City District.
Levy believes that September and the fall months will be an important determinant of where the city stands in its recovery.
*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.
Retailers Still Opening in Malls Despite Potential Recession
The biggest shopping mall owners in the United States say retailers are still forging ahead with plans to open new stores in spite of growing recession fears and decades-high inflation that’s squeezing shoppers’ budgets.
, the country’s largest mall owner, said the pipeline of businesses slated to open up at its properties remains strong. The company reported an occupancy rate at its U.S. malls and outlet centers of 93.9% as of June 30, up from 91.8% a year earlier.
Fueling the openings are a mix of factors, including retailers pushing to snap up limited space and popular online brands looking to expand by opening up brick-and-mortar locations. Some retailers are eyeing real estate in markets outside of major cities as they follow people who uprooted to find bigger spaces during the Covid pandemic. And companies including that shuttered stores in recent years are now testing different formats, often with smaller footprints.
For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading New Jersey and Philadelphia commercial real estate broker that specializes in both New Jersey and Philadelphia cannabis, healthcare space, office space, retail space, land and New Jersey and Philadelphia industrial space.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm, is a premier New Jersey and Philadelphia commercial real estate brokerage firm that provides a full range of New Jersey and Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other New Jersey and Philadelphia commercial properties for buyers, tenants, investors, and sellers.
A New Jersey and Philadelphia commercial real estate broker with expertise in New Jersey and Philadelphia commercial real estate listings, Wolf Commercial Real Estate provides unparalleled expertise in matching companies and individuals seeking new New Jersey and Philadelphia office space, New Jersey and Philadelphia retail space, or New Jersey and Philadelphia industrial space with the New Jersey and Philadelphia commercial properties that best meets their needs.
As experts in both Philadelphia and New Jersey commercial real estate listings and services, the team at our commercial real estate brokerage firm provides ongoing detailed information about Philadelphia and New Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.
Please visit our websites for a full listing of South Jersey, Philadelphia, and New Jersey commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.
WCRE SECOND QUARTER 2022 REPORT
With Omicron In The Rear-View Mirror, Southern New Jersey & Philly Markets Face New Obstacles
Uncertainty Returns to Commercial Real Estate in Q2 After a Strong First Quarter
Commercial real estate brokerage WCRE reported in its analysis of the second quarter that new challenges, including fear of a recession, knocked the post-pandemic recovery off course. Although some sectors and indicators remained strong, others were dragged down by persistent inflation, the war in Ukraine, and the ubiquity of hybrid and remote work models, among other pressures.
“Only a few months ago we were impressed by the unexpected strength of many indicators, but Q2 felt much more like a roller coaster with unpredictable twists, turns, and unfortunately some drops,” said Jason Wolf, founder and managing principal of WCRE. “As usual, industrial stayed far ahead of the pack, and retail leasing in the suburbs was strong, but the office market is still well below pre-pandemic levels, and vacancy is increasing.”
In the second quarter there were approximately 311,271 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester). This is a decrease of about 35% from Q1. New tenant leases comprised approximately 215,554 square feet, or about 69% of all deals for the three counties.
Download Printable Report (PDF) >>>
Other office market highlights from the report:
- Overall vacancy in the market is now approximately 15.7 percent, a setback compared with the previous quarter.
- The sales market-maintained momentum, with 1,296,020 square feet actively on the market or under agreement.
- Both the total dollars and square feet of completed sales increased in the second quarter, with $114,300,111 in completed sales comprising 906,903 square feet.
- Average rents for Class A & B product remain unchanged, as they continue to show strong support in the range of $10.00-$15.00/sf NNN or $20.00-$25.00/sf gross for the deals completed during the quarter. These averages have hovered near this range for more than a year.
WCRE has expanded into southeastern Pennsylvania, and the firm’s quarterly reports now include a section on transactions, rates, and news from Philadelphia and the suburbs. Highlights from the second quarter in Pennsylvania include:
- Vacancy in Philadelphia’s office leasing market is still nearly 20% below the three-year average before the pandemic. There were modest gains in 2021, but those have largely been erased in the past few months. Net absorption was negative 300,000 SF for the past 12 months, which is a marked improvement.
- The industrial sector in Philadelphia continues its incredible run. Over the past 12 months, 17.5 million new square feet of inventory became available, and the sector saw 15.6 million square feet in net absorption. Rents grew an average 12.2%.
- Retail remains the sector most responsive to market conditions, but it has also proved to be the most adaptable. Average retail net absorption in Philadelphia continues to improve and was at 1.7 million square feet for the 12 months just concluded. Average rents grew a modest .7%.
WCRE also reports on the Southern New Jersey retail market. Retail highlights from the report include:
- Retail vacancy in Camden County posted an improvement to 9.0 percent, while average rents were essentially unchanged, in the range of $13.18/sf NNN.
- Burlington County retail vacancy ticked up slightly to 8.4 percent, while average rents increased by a dime, to the range of $14.41/sf NNN.
- Gloucester County improved slightly, to 11 percent, building on a solid improvement last year, with average rents inching up further, to the range of $16.53/sf NNN.
The full report is available upon request.
About WCRE
WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long-term growth and success.
Learn more about WCRE on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com, www.southjerseyindustrialspace.com, www.southjerseymedicalspace.com, www.southjerseyretailspace.com, www.phillyofficespace.com, www.phillyindustrialspace.com, www.phillymedicalspace.com and www.phillyretailspace.com.
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