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A Quarter of Houston CRE Properties Suffer Flood Damage

As the flood waters continue to recede in Texas and Louisiana, officials caution the storm waters continue to pose threats to life and property. However, the region is shifting into recovery mode and beginning to take a full measure of the unprecedented destruction brought by Hurricane Harvey.

An assessment of the potential impact of the epic storm on the Houston commercial real estate market indicates 27 percent of the market’s gross leasable area, representing approximately $55 billion in property value, was likely affected by flooding.

This report is being offered through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm, based on information collected and studies conducted by the by the CoStar commercial real estate information company.

Included in the estimated is 175 million square feet of commercial real estate market space located within the Houston metro’s 100-year flood zone that appears to have been inundated by the epic floodwaters, including some 72,000 apartment units and 20 million square feet of office space.

Harvey, which first made landfall at Rockport, TX, as a Category 4 hurricane early August 26 and then stalled over the Texas coast, broke all records to become the wettest tropical cyclone in the contiguous United States. Weather experts have estimated that through the middle of last week, the storms had dumped an estimated 20 to 25 trillion gallons of water on Texas and Louisiana.

The greater Houston commercial real estate market ranks as the sixth-largest metro area in the U.S. by total CRE space at 1.6 billion square feet. According to CoStar data as presented Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm, $16 billion of the $55 billion in property at risk is comprised of apartment buildings within the 100-year flood zone.

The densely populated Southwest Houston submarket segment of the overall Houston commercial real estate market, home to more than 66,000 apartment units, is likely to be the district most affected by flooding. Nearly 30 percent of the submarket’s apartment units are estimated to be impacted, with the Braeburn, Greater Fondren and Sharpstown neighborhoods having the largest number of units within the 100-year flood zone.

For more information about Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm specializing in Philly office space, Philly retail space, and Philly industrial space, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space, Philly retail space and Philly industrial space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings, Philly office space, Philly retail space, Philly industrial space, 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 Philly office space, Philly retail space or Philly industrial 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 commercial real estate listings and services – including Philly office space, Philly retail space, and Philly industrial space – 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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Title Insurance In Commercial Real Estate

title insuranceWhat is the importance of title insurance in commercial real estate? Purchasing a commercial property for some can be both daunting and exciting. It is important to note that purchasing title insurance for any commercial transaction is imperative, and finding out that title is “clean or “clear,” will ease some of those overwhelming thoughts.

Clear Title is defined as title without any kind lien or encumbrances from creditors or other parties and poses no question as to who is the legal owner. Commercial Real Estate involves high risks for the buyer, seller and the lender who have a vested interest in the overall transaction. Although viewed as a mere formality in the residential transaction process, it is an integral part of both the due diligence phase and the closing process due to the typical high acquisition cost of commercial real estate.

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Title Insurance, by definition, “is an insurance policy that covers the loss of ownership in property due to legal defects.” What defines those defects?

1. Undisclosed heirs
2. Illegal Deeds
3. Forgery
4. Errors in public records
5. Liens and encumbrances that have not been properly removed
6. Unknown easements
7. Survey Issues

In the title search process, most of these defects should be uncovered and corrected. However, on the outside chance something is missed, such as a prior lien, your policy is in place to cover you.

All lenders require a buyer to get title insurance if they are taking out a mortgage. More specifically, they are looking for a lenders title insurance policy, which only protects their interest. An owner’s policy can also be purchased, and this protects the owner and their heirs for as long as they have interest in the property. If the property is being bought for cash, it is up to the buyer whether or not to obtain a policy. However protection when purchasing any asset is key and the cost far outweighs the potential loss.

A new buyer or the most experienced one can learn more about the process of title insurance from a real estate attorney or title company that specializes in commercial transactions. Most title companies either work in conjunction with an attorney to provide settlement on the deal or with the purchaser directly.

Purchasing title insurance is just one of the items necessary in the due diligence process prior to purchasing a property. Whether you are purchasing your first commercial property or your tenth, having a seasoned real estate attorney and title company as part of your team will set you up for a successful closing.

FOR MORE INFORMATION:

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WCRE Honored With 2016 CoStar Power Broker Award

WCRE, a local South Jersey commercial real estate firm was selected by commercial real estate’s largest research organization (CoStar) as one of the top leasing and sales firms in the market. 

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Wolf Commercial Real Estate (WCRE) has been selected by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces, to receive a CoStar Power Broker TM Award. This annual award recognizes the “best of the best” in commercial real estate brokerage by highlighting the firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases in 2016 within their respective markets.

With the largest independently researched database of commercial real estate property information available online, CoStar can easily identify the top firms and brokers in each market throughout the U.S. and Canada. All awards are based on transaction data maintained in CoStar’s commercial real estate database.

WCRE qualified as one of the top commercial brokerage firms in the Philadelphia region based on total leasing transactions closed during the year. In order to be selected for this honor, WCRE’s overall transaction volumes were evaluated by CoStar against other commercial real estate brokerage firms active in its region, and subsequently ranked among the top firms in the market.

“We are thrilled to have earned this recognition from CoStar for a fourth consecutive year. I am grateful to our entire team and to all our clients and associates. Congratulations to all the winners,” said Jason Wolf, managing principal of WCRE, who was separately honored as a Top Office Leasing Broker.

“With such an active year in commercial real estate, CoStar is proud to honor the individual brokers and firms who perform at the industry’s highest level,” said CoStar Group founder and CEO Andrew C. Florance. “These industry leaders deserve to be recognized for their expertise, hard work and superior deal-making abilities. We extend our congratulations to this year’s winners on their exceptional sales and leasing success.”

The complete list of 2016 CoStar Power Broker Awards winners can be found at CoStarPowerBrokers.com.

About CoStar Group

CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. LoopNet is the most heavily trafficked commercial real estate marketplace online with more than 10 million registered members. Apartments.com, ApartmentFinder.com, ApartmentHomeLiving.com, and Westside Rentals form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Through an exclusive partnership with Move, a subsidiary of News Corporation, Apartments.com is the exclusive provider of apartment community listings across Move’s family of websites, which include realtor.com®, doorsteps.com and move.com.  CoStar Group’s websites attracted an average of nearly 24 million unique monthly visitors in aggregate in 2016. Headquartered in Washington, DC, CoStar maintains offices throughout the U.S. and in Europe and Canada with a staff of over 3,000 worldwide, including the industry’s largest professional research organization. For more information, visit www.costargroup.com. 

About WCRE

Wolf Commercial Real Estate 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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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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