Chat with us, powered by LiveChat

Tag Archives: Philly commercial real estate listings


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.

Share

Philadelphia Office Space Vacancies Increase in First Quarter

research-information-graphic-phlVacancies in the market for Philadelphia office space increased in the first quarter 2015, ending the quarter at 10.8%, according to the latest report from the CoStar Group.

The Philly office space vacancy rate was up over the fourth quarter 2014, with net absorption registering negative 386,143 square feet of office space in Philadelphia in the first quarter 2015, compared to positive 378,460 square feet of office space in Philly in the previous quarter,  CoStar’s First Quarter 2015 Market Report said.

Vacant sublease space in the Philly office space market rose in the first quarter, closing the quarter at 1,306,325 square feet of office space in Philly, the market trend report said.

CoStar noted that among tenants that moved into large blocks of office space in Philadelphia in 2015 were:  Incyte Corporation, moving into 191,056 square feet in the Philadelphia office space market at 1801 Augustine Cut Off; and National Penn Insurance Services, moving into 126,369 square feet of Philly office space at 645 West Hamilton Street.

Rental rates for office space in Philly closed the first quarter at $21.89, which represented an increase over the fourth quarter 2014, CoStar said.

The first quarter saw seven buildings deliver to the Philly office space market, the report said, adding 145,650 square feet of office space in Philadelphia to the market.  At quarter’s end, another 2,602,750 square feet of Philadelphia office space was still under construction, CoStar reported.

In comparison, the national office market vacancy rate declined to 10.9% from the fourth quarter 2014, CoStar said.  Net absorption stood at positive 15.4 million square feet in the first quarter, according to the report.  Average rental rates nationally grew to $22.74 in the quarter and 244 new office buildings brought more than 16.5 million square feet to the market, CoStar said.

For more information about Philly office space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm with expertise in Philadelphia office space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philly 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 that specializes in Philly commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new office space in Philly with the Philadelphia commercial properties that best meets their needs.  As experts in Philly 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 office space in Philadelphia 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.

Share

South Jersey Commercial Real Estate Market Sails from Strong 2014 into Strong 2015

magnifying glassWith several large employers planning to relocate to Camden, NJ and improvements in key indicators across the board, South Jersey commercial real estate market experienced an overall strong year in 2014 and was well-positioned for another strong year in 2015, according to a new quarterly market analysis from Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm that specializes in South Jersey and Philadelphia commercial real estate listings and services, including Philadelphia office space and other Philadelphia commercial properties.

The fourth quarter featured a very busy commercial market, with a 20 percent increase in deal activity over the third quarter 2014, and a 30 percent increase over the fourth quarter 2013, as well as a high volume of transactions expected to consummate in the early part of the new year, the market analysis by the Philly commercial real estate broker said.

Approximately 481,761 square feet of new leases and renewals were executed in the three counties surveyed – Burlington, Camden and Gloucester counties, the report noted.  Positive absorption spiked, making up approximately 222,618 square feet of total activity. The sales market also was quite active during the fourth quarter, with eight significant sales transactions taking place, totaling approximately $95 million in value and in excess of 1.25 million square feet, according to the report issued by Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in South Jersey and Philly commercial real estate listings and services, including Philly office space and other Philadelphia commercial properties.

The report noted that the tightening of the 3M markets in Burlington County, coupled with incentives offered under the GROW NJ initiative, caused a surge of demand for space in Camden County, specifically in the city of Camden.

“Burlington and Camden have been in a horse race, with Burlington moving ahead the past few quarters, but on the strength of GROW NJ, Camden County clearly won this round,” said Jason Wolf, founder and managing principal of Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker.

Taking a combined $525 million in tax incentives, Subaru, Holtec, Lockheed Martin, and Cooper Health all announced plans to relocate corporate headquarters to the city of Camden. The Philadelphia 76ers ownership organization had previously announced plans to build a new team headquarters and practice facility in Camden, and a new 20-acre retail center anchored by a supermarket has been announced for 2016.

Other office market highlights in the report from Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in South Jersey and Philadelphia commercial real estate listings and service, including Philadelphia office space and other Philadelphia commercial properties:

  • Overall vacancy in the market continues to drop, and is now down to approximately 14.3%.
  • 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-$24.00/sf gross, with an overall market average showing strong support in the $10.00-$12.00/sf NNN or $20.00-$22.00/sf gross for the deals completed during the fourth quarter.
  • Despite strides made in the city of Camden, Burlington County continued to maintain a significantly lower vacancy rate than Camden County. Burlington’s vacancy rate sits at 9.8 percent, while Camden County’s is at 18.8 percent, the Philadelphia commercial real estate broker said.
  • All of the major private owners and REITS showed moderate leasing and prospect activity for the fourth 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.

The retail report from the Philly commercial real estate brokerage firm that specializes in South Jersey and Philly commercial real estate listings noted that consumer confidence reached a nearly seven-year high, and retail sales activity was up. Highlights from the retail section of the report include:

  • Overall retail vacancy in the tri-county area is hovering around 10.3%, marking tremendous improvement from the end of 2012, when it was hovering in the 17-18% range, according to the Philadelphia commercial real estate brokerage firm.
  • Class A retail product rental rates continue to show strong support in the range of $30.00-$40.00/sf NNN.
  • Several new retail development projects throughout the tri-county area are underway or have been announced.

The full report on the South Jersey commercial real estate market is available upon request from Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in South Jersey and Philadelphia commercial real estate listings and services, including Philly office space and other Philadelphia commercial properties.

For more information about Philadelphia office space or any 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 Philadelphia commercial real estate broker.

Wolf Commercial Real Estate is a premier Philly commercial real estate brokerage firm that provides a full range of South Jersey and Philly commercial real estate listings and services that include Philly office space and other Philadelphia commercial properties.  We market commercial offices, medical properties, industrial properties, land properties, retail buildings and other South Jersey and Philadelphia 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.

Share

Share

Share