Tag Archives: Philly commercial properties


Philadelphia Retail Space Takes Center Stage in Market East Rebirth

From the time of the 19th century shambles and horse-drawn trolleys, Philadelphia’s East Market Street has been a center of commerce and transportation in the City. This corridor of retail space in Philadelphia has certainly seen its ups and downs. Even with the opening of the Gallery in 1977, the consolidation and demise of Philadelphia’s great department stores left a void of high-end Philadelphia retail space, and when it was filled again at the turn of the century it was Rittenhouse Row (and more recently, west Chestnut Street) that took the place of Philadelphia’s go-to shopping corridor.

Market East Rebirth revised 12-7-15The next few years will see Market East move toward regaining its status as “Philadelphia’s Main Street,” as more than 1.6 million square feet of new and renovated Philly retail space is expected to come on line.

Retailer Century 21 led the way in 2014 with its 100,000-square-foot store at 8th & Market, its first location outside New York City. The pending PREIT/Macerich renovation of The Gallery as a premium outlet center has received the most attention as current vendors and retailers are relocated for the multi-year remake. An overlooked aspect of this Philadelphia commercial real estate project is that it will break down the monolithic walls of The Gallery – literally – to create more active Philadelphia retail space uses at street level that will make Market Street more inviting to foot traffic than it has been in the nearly 40 years since The Gallery was built.

On the south side of the street, National Real Estate is in the midst of constructing a 775,000 square foot mixed-use development consisting of 322 residential units, as well as Philly commercial properties that include office space, hospitality, parking and retail. National’s Philadelphia commercial real estate development will also open up the block to provide greater pedestrian access to Chestnut Street, where Brickstone Realty is developing several Philadelphia commercial properties, the most notable being 112 apartment units and 95,000 square feet of retail on the 1100 block of Chestnut.

Although rents have remained relatively stable, occupancy rates for retail space in Philly have dramatically increased over the last 10 years. With Greater Center City now home to more than 183,000 people, and a record number of upcoming bookings at the nearby Convention Center, demand for retail space in Philadelphia should remain strong for the foreseeable future.

mannino spFor more information about Philly retail space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Anthony V. Mannino, Esq., Vice President-Corporate Strategies, at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specializes in Philadelphia 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 Philly 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 retail space in Philly with the Philly commercial properties that best meet their needs.  As experts in Philadelphia commercial real estate listings, including retail space in Philadelphia, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about retail space in Philly and other Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for 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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