Chat with us, powered by LiveChat

Tag Archives: WCRE Press Releases


WCRE THIRD QUARTER 2019 REPORT

SOLID FUNDAMENTALS WITH MODEST GAINS IN SOUTHERN NEW JERSEY & PHILLY CRE MARKETS

Favorable Economic Conditions Expected to Continue into 2020

SOLID FUNDAMENTALS, BUT MODEST GAINS IN SOUTHERN NEW JERSEY & PHILLY CRE MARKETS

Commercial real estate brokerage WCRE reported in its analysis of the third quarter of 2019 that the Southern New Jersey and Southeastern Pennsylvania markets continued to show modest gains, continued investments, and overall solid fundamentals. Sales volume and prospecting activity held steady, leasing was up in Camden County, and especially in Cherry Hill, but dipped for the region overall. Gross leasing absorption was positive but trending lower quarter over quarter.

Download Printable PDF >>>

“We are in a continuing period of a strong economy with low unemployment. This has supported a long streak of slow, steady growth supported by strong fundamentals,” said Jason Wolf, founder and managing principal of WCRE. “Although a given indicator might fluctuate one quarter to the next, commercial real estate in this region remains strong, and there is reason to stay optimistic.”

There were approximately 266,867 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which was a decrease of seven percent compared to the previous quarter. The sales market increased, with about 1.67 million square feet on the market or under agreement. However, completed sales slowed to approximately 329,769 square feet trading hands, less than half the previous quarter, which had been notably active.

New leasing activity accounted for approximately 36 percent of all deals for the three counties surveyed. Overall, gross leasing absorption for the third quarter was in the range 70,000 square feet, down from 150,000 in the second quarter.

Other office market highlights from the report:

Overall vacancy in the market is now approximately 11.50 percent, which is a slight uptick from the previous quarter. This is still near a 20-year low.

Average rents for Class A & B product 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.

Vacancy in Camden County dropped slightly to 11.1 percent for the quarter, back to where it stood in the first quarter.

Burlington County’s vacancy stood at 11.9 percent, increasing 40 basis points. Burlington’s vacancy rate jumped earlier in the year due to several large blocks of space returning to the market.

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 third quarter in Pennsylvania include:

The vacancy rate in Philadelphia’s office market dropped slightly to 8.6 percent, the second consecutive quarter to post a decrease of two tenths of a percent. The office vacancy rate is still near a 20-year low, and below that of comparable major cities.

The industrial sector in Philadelphia remains very strong. The third quarter saw vacancy rates virtually unchanged, at 5.0 percent, while net absorption was constrained by a shrinking volume of available space. Rent growth of 6.0 percent has far exceeded long-term average of 1.7 percent.

Philadelphia retail is so far avoiding a major spike in vacancy due to the shift toward e-commerce. Rising wages and low unemployment are fueling retail spending, buoying the CRE market. The vacancy rate inched up to 4.7 percent, while net absorption was negative 562,000 square feet over the last twelve months.

WCRE also reports on the Southern New Jersey retail market. Highlights from the retail section of the report include:

  • Retail vacancy in Camden County jumped to 6.9 percent from 5.7 percent in Q2. While average rents increased in the range of $17.05/sf NNN.
  • Retail vacancy in Burlington County ticked up very slightly, to 7.6 percent, with average rents in the range of $12.68/sf NNN.
  • Retail vacancy in Gloucester County dropped to 7.4 percent, with average rents in the range of $13.41/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.

Share

WCRE SECOND QUARTER 2019 REPORT

SOLID FUNDAMENTALS, STEADY GAINS IN SOUTHERN NEW JERSEY & PHILLY CRE MARKETS

Quarterly Performance a Continuation of Success

WCRE SECOND QUARTER 2019 REPORTCommercial real estate brokerage WCRE reported in its analysis of the second quarter of 2019 that the Southern New Jersey and Southeastern Pennsylvania markets continued to show modest gains and overall solid fundamentals. Sales volume and prospecting activity were up over the first quarter totals, while leasing dipped for the overall region, but was up in Camden County, and Cherry Hill in particular. Gross leasing absorption was lower, but still positive.

Download Printable PDF >>>

“For several years in a row we have seen mostly slow, steady growth supported by strong fundamentals,” said Jason Wolf, founder and managing principal of WCRE. “Commercial real estate has performed very reliably, and although leasing volumes were down this quarter, there is a pipeline of approximately 450,000 square feet of pending deals expected to close in the near term.”

There were approximately 286,707 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which was a decrease of 23 percent over the previous quarter. The sales market stayed active, with about 1.18 million square feet on the market or under agreement. Sales were busy, with approximately 739,714 square feet trading hands. This is nearly four times the square footage sold during the first quarter.

New leasing activity accounted for approximately 75 percent of all deals for the three counties surveyed. Overall, gross leasing absorption for the first quarter was in the range 150,000 square feet, compared to 411,000 in the first quarter.

Other office market highlights from the report:

  • The city of Camden welcomed TRIAD1828 Centre, a newly constructed 394,164 square foot office tower on the waterfront. The Michaels Organization, Conner Strong & Buckelew, and NFI are all relocating their headquarters to the tower.
  • Overall vacancy in the market is now approximately 11.40 percent, which is 20 basis points better than the previous quarter.
  • Average rents for Class A & B product 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.
  • Vacancy in Camden County ticked up slightly to 11.3 percent for the quarter. It stood at 11.1 percent in the first quarter.
  • Burlington County’s vacancy dropped to 11.5 percent , improving 60 basis points. Burlington’s vacancy rate jumped earlier in the year due to several large blocks of space returning to the market.

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 in Pennsylvania include:

  • The vacancy rate in Philadelphia’s office market ticked down to 8.8 percent, from 9 percent in the previous quarter. The office vacancy rate is still near a 20-year low, and below that of comparable major cities.
  • The industrial sector in Philadelphia remains very strong. The second quarter saw a further decrease in vacancy rates, to 4.9 percent, while net absorption was constrained by a shrinking volume of available space. There are 25 industrial properties under construction which will bring an additional 5.27 million square feet to the market.
  • Philadelphia retail is treading water to avoid a major spike in vacancy. The vacancy rate inched down to 4.2 percent, while net absorption was positive at 1.4 million square feet over the last twelve months. This includes two straight quarters in negative territory.

WCRE also reports on the Southern New Jersey retail market. Highlights from the retail section of the report include:

  • Retail vacancy in Camden County dropped to 5.7 percent, with average rents in the range of $16.32/sf NNN.
  • Retail vacancy in Burlington County dropped half a point, to 7.4 percent, with average rents in the range of $12.75/sf NNN.
  • Retail vacancy in Gloucester County dropped to 7.9 percent, with average rents in the range of $15.95/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 wolfcre.com, on Twitter & Instagram @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at southjerseyofficespace.com, southjerseyindustrialspace.com, southjerseymedicalspace.com, southjerseyretailspace.com, phillyofficespace.com, phillyindustrialspace.com, phillymedicalspace.com and phillyretailspace.com.

# # #

Share

WCRE FIRST QUARTER 2019 REPORT

MODEST GAINS CONTINUE IN SOUTHERN NEW JERSEY & PHILLY CRE MARKETS

Another Solid Quarterly Performance Despite Ongoing Political Uncertainty

Commercial real estate brokerage WCRE reported in its analysis of the first quarter of 2019 that the Southern New Jersey and Southeastern Pennsylvania markets continued to show overall solid fundamentals, buoyed by new investments from outside the region and economic inflows to support local expansions. Leasing, net absorption, and prospecting activity all were up in the first quarter, while sales dipped slightly.

Download Printable article (PDF)

“We’ve been in this cycle for several years at this point, with steady growth supported by strong fundamentals,” said Jason Wolf, founder and managing principal of WCRE. “The financial markets and political climate have been somewhat less predictable, but commercial real estate has performed very reliably, and we believe will continue to do so.”

There were approximately 373,362 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which was an increase of 10 percent over the previous quarter. The sales market stayed active, too, with about 1.59 million square feet on the market or under agreement. Sales were active, with $24.7 million totaling approximately 186,000 square feet.

New leasing activity accounted for approximately 50 percent of all deals for the three counties surveyed. Overall, gross leasing absorption for the first quarter was in the range 411,000 square feet, an increase of 30 percent over the fourth quarter.

Other office market highlights from the report:

  • Overall vacancy in the market is now approximately 11.60 percent, which is 65 basis points higher the previous quarter.
  • Average rents for Class A & B product 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 stayed near this range throughout 2018 and have remained there into 2019.
  • Vacancy in Camden County dropped to 11.1 percent for the quarter, which is an improvement of 40 basis points compared to the fourth quarter.
  • Burlington County’s vacancy jumped to 12.1 percent after two straight quarters at 10.4 percent. Burlington was impacted by several large blocks of space returning to the market.

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 in Pennsylvania include:

  • The vacancy rate in Philadelphia’s office market moved to 9 percent, up from 7.8 percent at the end of the year. The market’s vacancy rate is at a 17-year low and below that of other major market. Despite this cooling off, demand for office space remains strong, and vacancy in Philadelphia is still below other major cities.
  • Net office space absorption in Philadelphia was 1.1 square feet for the quarter.
  • The industrial sector in Philadelphia remains very strong, though there may be signs of slowing down a bit. The first quarter saw a further decrease in vacancy rates, to 5.1 percent, but net absorption was off, at 4.7 million square feet.
  • Philadelphia retail is treading water to avoid a major spike in vacancy. The vacancy rate ticked down two tenths of a point, to 4.3 percent, while net absorption was positive at 161,406 square feet after two straight quarters in negative territory.

WCRE also reports on the Southern New Jersey retail market. Highlights from the retail section of the report include:

  • Retail vacancy in Camden County dropped to 5.8 percent, with average rents in the range of $16.25/sf NNN.
  • Retail vacancy in Burlington County increased to 7.9 percent, with average rents in the range of $13.10/sf NNN.
  • Retail vacancy in Gloucester County stood at 8.1 percent, with average rents in the range of $13.75/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.

Share

WCRE 2018 FOURTH QUARTER REPORT

MODERATE GROWTH CONTINUES IN SOUTHERN NEW JERSEY & PHILLY CRE MARKETS

Another Solid Quarterly Performance Amid Political and Financial Uncertainty

WCRE 2019 FOURTH QUARTER REPORTCommercial real estate brokerage WCRE reported in its analysis of the fourth quarter of 2018 that the Southern New Jersey and Southeastern Pennsylvania markets continued to show overall solid fundamentals, buoyed by new investments from outside the region and economic inflows to support local expansions. Leasing, sales, net absorption, and prospecting activity all were up in the fourth quarter.

Download Printable Article (PDF) >>>

“Although the financial markets were highly unpredictable, commercial real estate performed the way it has for most of the past several years – with steady growth supported by strong fundamentals,”

– Jason Wolf, founder and managing principal of WCRE.

There were approximately 336,466 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which was an increase of 18.3 percent over the previous quarter. The sales market stayed active, too, with about 1.4 million square feet on the market or under agreement. Sales were active, with $28.5 million totaling approximately 316,476 square feet.

New leasing activity accounted for approximately 36 percent of all deals for the three counties surveyed. Overall, gross leasing absorption for the fourth quarter was in the range 286,215 square feet.

Other office market highlights from the report:

  • Overall vacancy in the market is now approximately 10.95 percent, which is an improvement of 35 basis points over the previous quarter.
  • Average rents for Class A & B product 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 stayed near this range throughout 2018.
  • Vacancy in Camden County increased to 11.5 percent for the quarter, which is an improvement of nearly a point compared to the third quarter.
  • Burlington County vacancy stayed at 10.4 percent, unchanged.

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 fourth quarter in Pennsylvania include:

  • The vacancy rate in Philadelphia’s office market was 7.8 percent. This is a slight improvement over the previous quarter. Demand for office space continues to be strong.
  • Net office space absorption in Philadelphia was 1,224,697 square feet for the quarter.
  • The industrial sector is as strong as ever in Philadelphia. The fourth quarter saw a small decrease in vacancy rates, to 5.3 percent, but a jump of about 1 million square feet in net absorption quarter over quarter, to 7.1 million square feet.
  • Philadelphia retail was the lone true weak spot in Q4. The vacancy rate ticked up two tenths of a point, to 4.5 percent, while net absorption was negative for the second straight quarter, at -611,261 square feet.

WCRE also reports on the Southern New Jersey retail market. The fourth quarter saw the contrast of a spending surge that propelled holiday sales to their best season in six years and at the same time, consumer confidence inching downward as the year drew to a close. The job market has stayed remarkably strong, with low unemployment supporting consumer spending and reverberating through other indicators. Other highlights from the retail section of the report include:

  • Retail vacancy in Camden County stood at 7.0 percent, with average rents in the range of $16.19/sf NNN.
  • Retail vacancy in Burlington County stood at 6.7 percent, with average rents in the range of $13.11/sf NNN.
  • Retail vacancy in Gloucester County stood at 8.6 percent, with average rents in the range of $13.76/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.

Share

Share

Share