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Tag Archives: Wolf Commercial Real Estate


NJEDA Small Business Financing Programs

NJEDA Small Business Financing ProgramsLet’s look at some of the NJEDA small business financing programs. The New Jersey Economic Development Authority (“NJEDA”) is an independent state-level financing agency providing various programs and services that support business growth and expansion in New Jersey. NJEDA small business financing focuses on job growth and retention, making loans more accessible to business, and reducing risk for banks while administering several incentive programs that support job creation and real estate development.

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NJEDA Small Business Financing Programs

The NJEDA menu of programs including small- and medium-sized business financing programs that assist with real estate acquisition, fixed assets, and working capital. Three programs in this category are the Premier Lender Program, Direct Loans, and the Small Business Fund.

NJEDA’s Premier Lender Program provides up to $2 million in loan participation to supplement financing from banks for fixed assets. NJEDA may also provide loan guarantees of up to $1.5 million for fixed assets. Funding is limited to $65,000 per job created or retained within two years, with 100 percent loan to value for real estate and 90 percent for equipment.

The program makes it easier for businesses to qualify, creates blended terms, and reduces bank risk. Direct Loans also provide up to $2 million in financing, limited to $65,000 per full-time job created or retained within two years. Businesses located in targeted urban areas, regional centers, and metropolitan planning areas may apply for up to $3 million. NJEDA may also approve loans for working capital of up to $750,000. Direct Loans rates are the higher of either the five-year U.S. Treasury or two percent.

The Small Business Fund focuses on creditworthy small, women- and minority-owned businesses in New Jersey. Businesses that have been in operation for at least one year are eligible for up to $500,000 in fixed-asset or working capital financing.

Not-for-profits in operation for three years are also eligible to apply for this program. These financing programs are just a few of the full menu of NJEDA financing and incentive programs available to business.

In 2019, look for a greater focus on small business with a few new NJEDA small business financing programs as Governor Murphy’s administration implements their goals to develop the state economy with an emphasis on small business, innovation, and technology.

gary marx

Life in the Fast-Food Lane: Restaurants Add Drive-Thrus Across the Country

Jack in the Box Chief Executive Leonard Comma knows his fast-food chain’s sales are dependent on drive-thru lanes. That’s why he said his company is investing as much as $45 million the next three years on digital menu boards and canopies to make the experience faster and more personal.

Quick-service purveyors across the national and Philadelphia commercial real estate market such as Starbucks Corp. and Dunkin’ Brands Group Inc. are also changing how they view their real estate by collectively spending tens of millions of dollars to let people eat in their cars as customers increasingly demand speed and convenience.

This Co-Star Research report involving U.S. and Philadelphia commercial properties is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Drive-thru lanes contribute more than 70 percent of San Diego-based Jack in the Box’s sales, Comma said during a recent earnings call concerning the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space. “They represent a sizable sales opportunity,” he said.

Modern drive-thru technology has been around since the 1940s but came of age in “car-crazy California” in the 1950s, according to the National Museum of American History, which noted that by the 1970s “major fast-food franchises nationwide began to install drive-thru windows.”

The concept has never been more popular.

A study by trade publication QSR Magazine found that most fast-food chains among national and Philadelphia commercial real estate properties report about 70 percent of their sales happen at a drive-thru window, saying “the outdoor lane is just as important today to quick-service business as ever before – if not more so.”

Starbucks, which said in its Nov. 1 earnings call that it plans to build 600 new locations across North America in 2019, adding to its roster U.S. and Philadelphia commercial real estate listings, is expanding a push it began last summer to equip about 80 percent of all new stores with a drive-thru lane. Many of those won’t have interior seating, resulting in a much smaller store footprint.

Drive-thru, out-the-window and mobile-order-and-pay combined accounted for more than 50 percent of all orders in the U.S. commercial real estate market, including Philly office space, Philly retail space and Philly industrial space, in the past three months, up more than 10 percentage points in two years, Starbucks Chief Financial Officer Rosalind Brewer said.

“Last quarter, our stores with drive-thru well outperformed our café comp,” Brewer said. “This format will be a continued focus into 2019.”

Last summer, Seattle-based Starbucks said sales were 25 percent to 30 percent higher at stores with drive-thru lanes. Competitor Dunkin’ Brands Group, based in Canton, Massachusetts, said the drive-thru restaurants among its national and Philadelphia commercial real estate listings boast 40 percent higher sales volume.

For more information about Philly office space, Philly retail space and Philly industrial space or other Philadelphia commercial properties, 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 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 Philly office space, Philly retail space or Philly industrial 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.

WCRE HELPS FEED NEIGHBORS WITH 5th ANNUAL THANKSGIVING FOOD DRIVE

Wolf Commercial Real Estate (WCRE) wrapped up its fifth annual Thanksgiving Food Drive today by delivering over 100 bags of food and $1,400 in supermarket gift cards and donations to the Jewish Family and Children’s Service food pantry.

As in previous years, the firm spent the past several weeks collecting food and grocery store gift cards from friends, clients, and colleagues throughout the region. More than thirty area businesses contributed to the effort.

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“Over the past five plus years, WCRE has become an integral charitable partner in our efforts,” said Marla Meyers, MSW, executive director of Samost Jewish Family and Children’s Services of Southern New Jersey. “We thank Jason Wolf and the entire WCRE team for their generosity and leadership today and throughout the year.”

The food drive is part of WCRE’s Community Commitment program, which also includes donating a portion of the proceeds from transactions to one of several local charities. In September the firm hosted its third annual celebrity charity hockey game, in which local business leaders played alongside several former Philadelphia Flyers. That event raised more than $60,000 that was shared among several local charities.

Over the past 3 years, The WCRE Foundation has successfully raised approximately $200,000 from its community fundraising efforts.

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 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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Opportunity Zone Property Sales Up 8 Percent Over Last Year

Investors pumped $2.6 billion more into properties covered by the federal Opportunity Zone tax incentive initiative — an 8 percent increase from the same time last year — even before the Treasury Department released guidelines on the program.

Almost 40,000 properties in the more than 8,760 zones in the national and Philadelphia commercial real estate market have sold this year, according to CoStar data. More than 51,400 properties are being actively marketed for sale, and the release this month of the first round of regulations is expected to amplify that flow of money through the next couple of years.

This report involving U.S. and Philadelphia commercial properties is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Opportunity Zone investments are a provision of the Tax Cuts and Jobs Act signed into law last December, deferring or eliminating capital gains taxes for new investments throughout the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – in communities that state and federal officials define as economically distressed. The Treasury worked into October this year to provide regulatory guidelines for the program.

Estimates range widely for the amount of capital that could flow into national and Philadelphia commercial real estate properties to take advantage of the tax benefits from investing in properties in these zones and holding onto them for at least 10 years. The federal government calculates the capital flow at $100 billion, while some industry estimates reach as high as $250 billion — and it could go higher if all benefits are factored in.

Not every property in a zone is eligible for tax benefits. To qualify, investment buyers must double the value of the investment in a specific time frame. Many zone properties among U.S. and Philadelphia commercial real estate listings, however, are newly constructed or not in need of new development or redevelopment. Nonetheless, these properties could also see an upswing in investment.

Other investors in the U.S. commercial real estate market, including Philly office space, Philly retail space and Philly industrial space, will be pumping money directly into businesses in the opportunity zones –- investments that are also eligible for the tax benefits.

This early activity this year tallied by CoStar may provide a clue to where the expected surge of money could flow into national and Philadelphia commercial real estate listings and for what property types. In CoStar’s analysis of this year’s opportunity zone sales, it excluded properties that were part of portfolio sales of $100 million or more, and that were targeting large national or regional portfolios and not specifically opportunity zone properties.

For more information about Philly office space, Philly retail space and Philly industrial space or other Philadelphia commercial properties, 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 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 Philly office space, Philly retail space or Philly industrial 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.

HOME SWEET HOME FOR OFFICE DESIGN – RIGHT HERE AT COFCO

With many of us spending so much time at work, Office Design is changing. Office Design is beginning to look more like our homes. This article takes a look at how Office Design is changing.

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By Dean Molz, VP of Business Development, COFCO

Office DesignWe have seen a tremendous evolution in Office Design in the last 35 years. The freestanding “tank” desk with a typewriter stand was the standard at one point. In came the “cubicle” – a modular wall that provided privacy, and data connectivity. We’ve since seen the cubicle “farm” go by the wayside in favor of open office space. Corner Offices – well moved out of the corner, and the completely “open plan” with non-assigned seats came in vogue. Am I showing my age??

All interesting concepts, with a lot of buzz words.

So, what’s next? According to Jeff Pochepan of StrongProject, Inc., there’s no place like home – unless your office can recreate it. This is an interesting trend, of which you will see signs of at COFCO’s newly renovated Resource Center. It is called close-tohome design.

On average we spend 35% of our waking hours in the office. That’s a lot of time. Therefore, our clients are listening to the wants and needs of their workforce now more than ever. They are also paying attention to what recent graduates are looking for, given the recent influx of millennials in the workforce. This makes for good business, and is a time when we must compete to attract and retain top talent for future generations.

What is it? It’s the simple idea of making your office feel more like home – a place where you are relaxed, have no trouble putting in more hours and feel comfortable doing so. A place that creates a sense of community where you can collaborate with colleagues, work anywhere and in a variety of different types of spaces, based on what you need and want at the moment.

Office DesignThe institutional breakroom has turned into a café. A place where more intimate lighting, restaurant style comfort, and large café’ tables inspire casual conversation. A place to bond, share a meal, and where some of the best inspiration can happen. Maybe the happy hour can come to us, instead of going out to the corner restaurant.

The board room has turned into a living room of sorts. Where more comfortable couches make conversation feel more like friends having a get together, than doing business. This is a space where you may be encouraged to formulate ideas, before they become formal presentations. A place where you enjoy spending time, and can put your feet up.

The office space is more bright, open and collaborative. We are creating a sense of community where you can collaborate, see, talk and mingle with my colleagues. A place where meetings can be simple conversations in the hallway and ideas can come casually and without pretense; where decisions can be made and executed in a flash. It’s about fostering a culture of involvement. The saying “two heads are better than one” has real meaning.

Some common ideas include:

  • Game rooms
  • Yoga rooms (generally in the vicinity of onsite exercise facilities)
  • Food trucks
  • Showers
  • Living room style conversation pits
  • Quiet spaces designed like a study
  • Phone rooms
  • Outdoor spaces

Office DesignHow far should you go?? Your individual culture will determine the answer to that question. Here at COFCO, we have created a sense of relaxed professionalism. This is a perfect blend of comfort, design, collaboration and culture.

Creating this comfort is so intrinsic, that people relax when they enter their workplace. Just like you would when you get home from a long day. We put in longer hours than ever at work now. Technology has allowed us to work “anywhere, and at any time”. Why not create a space where people won’t HAVE TO go to work every day, they’ll WANT TOO.

Office Design - COFCO

Bank Branch Closings Accelerate as Consolidations Continue to Rise

New Jersey Bill Aims to Help Vacant Malls, Office ParksBanks are closing more branches at a faster pace as clients choose technology over tellers, with the outlets shut in the third quarter running about 50 percent higher than the quarterly average over the past two years.

Branch consolidation in the national and Philadelphia commercial real estate market has been a response to the growing use of mobile apps to complete banking transactions that used to occur face-to-face. However, in their most recent earnings reports calls, bankers indicate the latest round of consolidations is helping them meet expense reduction goals.

This report involving U.S. and Philadelphia commercial properties is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

The nation’s more than 5,400 banks closed 1,129 offices in the third quarter in the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – according to Federal Deposit Insurance Corp. data. They opened only 507, resulting in a net loss of 622 branches or roughly 3.4 million square feet based on the average size of a bank branch. Over the past two years, the net loss of bank branches per quarter averaged 422.

Wells Fargo & Co. is one of the banks most actively shrinking its portfolio in the national and Philadelphia commercial real estate properties market. In the third quarter, it consolidated 93 branches and said it was on track to consolidate 300 branches this year. In the fourth quarter, it expects to complete the previously announced divestiture of 52 branches to Flagstar Bancorp. As of Sept. 30, there was about $2.12 billion of deposits attached to those 52 Wells Fargo bank branches.

Wells Fargo’s downsizing across its U.S. and Philadelphia commercial real estate listings began last year. With about 5,940 offices in the United States, Wells has plans to shrink to about 5,000 branch locations by 2020. The moves are designed to help reduce Wells Fargo’s annual expenses expectations for 2018 of $53.5 billion to a range of $50 billion to $51 billion for the full year 2020.

SunTrust Banks too has already been well into the process of consolidating branches in the U.S. commercial real estate market, including Philly office space, Philly retail space and Philly industrial space. The institution has closed 74 locations in the past year, according to FDIC data.

“We’ve actually shrunk our branch count by about 25 percent already,” Allison Dukes, SunTrust chief financial officer, told analysts. “As I think about where we could go from here, I’d say, we expect to continue to shrink our branch network somewhere in the range of 4 percent or so a year.”

The percentage to close in SunTrust’s national and Philadelphia commercial real estate listings base will be influenced by consumer behavior patterns and the need to deliver continuous efficiency improvement, Dukes said.

For more information about Philly office space, Philly retail space and Philly industrial space or other Philadelphia commercial properties, 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 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 Philly office space, Philly retail space or Philly industrial 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.

Wire Fraud in Commercial Real Estate

Wire Fraud in Commercial Real EstateLet’s examine Wire Fraud in Commercial Real Estate and how you can avoid it. No industry is exempt from cyber crime, and the commercial real estate industry has become a common target. As hackers devise plans to obtain sensitive information about commercial real estate transactions, real estate professionals need to take particular interest in cyber security to protect their clients and themselves from wire fraud.

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Wire Fraud in Commercial Real Estate: WHAT IS IT?

In instances of wire fraud in commercial real estate, a common ploy involves hackers breaking into a real estate agent’s email account to obtain details about upcoming transactions. Once the hackers have all the information they need, they send an email to the buyer, pretending to be the agent or a representative of the title company.

In an email to the buyer, the hackers state that there has been a change in the closing instructions and that the buyer needs to follow new wire instructions listed in the email. If a buyer falls victim to the scam and wires money to the fraudulent account, they’re unlikely to see the money again.

Wire Fraud in Commercial Real Estate: RED FLAGS

A potential indicator of wire fraud in commercial real estate is an email that makes any reference to a Society for Worldwide Interbank Financial Telecommunication (SWIFT) wire transfer, which is sent via the SWIFT international payment network and indicates an overseas destination for the funds. However, since the emails tend to include detailed information pertaining to the transaction—due to the perpetrator having access to the agent’s email account—many people make the mistake of assuming the email is from a legitimate source. The email addresses often appear to be legitimate, either because the hacker has managed to create a fake email account using the name of the real estate company or because they’ve hacked the agent’s actual email account.

Wire Fraud in Commercial Real Estate: HOW TO AVOID IT

Wire fraud is one of many types of online fraud targeting commercial real estate professionals and their clients. To prevent cyber crime from occurring, every party involved in a real estate transaction needs to implement and follow a series of security measures that include the following:

• Never send wire transfer information, or any type of sensitive information, via email. This includes all types of financial information, not just wire instructions.

• If you’re a real estate professional, inform clients about your email and communication practices, and explain that you will never expect them to send sensitive information via email.

• If wiring funds, first contact the recipient using a verified phone number to confirm that the wiring information is accurate. The phone number should be obtained by a reliable source—email is not one of them.

• If email is the only method available for sending information about a transaction, make sure it is encrypted.

• Delete old emails regularly, as they may reveal information that hackers can use.

• Change usernames and passwords on a regular basis, and make sure that they’re difficult to guess.

• Make sure anti-virus technology is up to date, and that firewalls are installed and working.

• Never open suspicious emails. If the email has already been opened, never click on any links in the email, open any attachments or reply to the email. IF YOU’VE BEEN HACKED

Take the following steps if you suspect that your email, or any type of account, has been hacked:

• Immediately change all usernames and passwords associated with any account that may have been compromised.

• Contact anyone who may have been exposed to the attack so they too can change their usernames and passwords. Remind them to avoid complying with any requests for financial information that come from an unverified source.

• Report fraudulent activity to the FBI via the Internet Crime Complaint Center at www.ic3.gov/default.aspx. Also contact the state or local realtor association, which will alert others to the suspicious activity.  Contact Hardenbergh Insurance Group today for more information on avoiding real estate fraud and other types of cyber crime.

For More Information about how you can prevent Wire Fraud in Commercial Real Estate, please contact:

Brian Blaston, Partner
Hardenbergh Insurance Group
phone: 856.489.9100 x 139
fax: 856.673.5955
www.hig.net

Office Space Near Philadelphia Independence Hall in Great Demand

Could there be signs the Philadelphia Independence Hall office market is heating up?

Throughout 2015 and 2017 Independence Hall was an outlier with noticeably higher vacancies than other submarkets in and around Philadelphia’s central business district (CBD) such as Market Street West and University City. These higher vacancies were caused by move outs by both government and private sector tenants including the U.S. Navy, the GSA and Dow Chemical.

Independence Hall’s concentration of older office buildings and its distance from key center city regional rail stations are potential drawbacks from many office tenants’ perspective. However, a slew of office renovations, restaurant/bar openings and high-end residential construction throughout the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – are now coalescing in what was once a relatively sleepy submarket.

This report on U.S. and Philadelphia commercial properties, being made available through Philadelphia commercial real estate broker Wolf Commercial Real Estate – a Philadelphia commercial real estate brokerage firm, is part of the Market Insights series from the CoStar Group research organization. These periodic reports provide a snapshot of recent real estate trends. CoStar monitors commercial real estate across 390 metro areas and analyzes the economic trends that move these markets.

Since 2014, Keystone Property Group has re-energized the ground floor of 100 Independence by bringing Independence Beer Garden — which includes outdoor seating and a gaming area — and modernist café La Colombe. One block away, MRP Realty’s newly-renovated Bourse — previously home to the nation’s first commodity exchange — is reopening this fall with an impressive array of new dining and drinking options on the ground floor. Coworking operator Make Offices also recently leased 35,000 square feet on the fifth floor of one of these key national and Philadelphia commercial real estate properties.

More than 850 new, high-end apartment units have either completed or broken ground in the Independence Hall submarket over the past five years. Parkway Corporation recently completed its Civic Design review for a proposed 278-unit apartment tower at 709 Chestnut in this key segment of the national and Philadelphia commercial real estate market. Toll Brothers is also planning an 85-unit condo development on the 700 block of Sansom Street.

These improvements to Independence Hall’s ambience and amenity offerings are beginning to bear fruit for office owners. A handful of large leases including Macquaire Investment Management, Five Below and a few coworking operators have been signed in recent years. These leases, combined with conversions of older office space into apartments, have helped bring Independence Hall’s office space availability rate — the percentage of space being marketed for lease — back in line with other Center City submarkets in 2018.

Given Independence Hall’s complete lack of new office construction, the submarket’s availability rate has nowhere to go but further down if tenants’ interest in these U.S. and Philadelphia commercial real estate listings continues to rebound. It will be interesting to see just how much more tenant interest Independence Hall can garner in the years ahead.

 

For more information about Philly office space, Philly retail space and Philly industrial space or other Philadelphia commercial properties, 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 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 Philly office space, Philly retail space or Philly industrial 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.

Landlords Could Seize Opportunity If Papa John’s Shuts Stores

It’s not often that commercial real estate landlords want to lose tenants, but that may be the case with the criticized pizza chain Papa John’s as it faces the prospect of closing 250 restaurants across the country.

Landlords throughout the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – are concerned the chain’s highly publicized missteps by its former chief executive, who received swift criticism after using a racial slur on a recent conference call, could dissuade shoppers and they may hope the chain shuts stores, an industry spokesperson said recently.

“There’s a need for that size of space in the market and there’s not that much of it,” the spokesperson explained. “They (landlords) may be able to get higher rents from other tenants.”

This report on U.S. and Philadelphia commercial properties from the CoStar Group research organization is being made through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

Papa John’s, the country’s third-largest pizza chain, has suffered public blows this past year from, among others, owners of national and Philadelphia commercial real estate properties. Founder and former Chairman and Chief Executive John Schnatter — who still owns about 30 percent of the company — this summer used a racial slur to describe African Americans on a conference call. Last fall, he blamed NFL leadership for allowing players to kneel during the National Anthem and complained the controversy was hurting the chain’s sales. At the time, Papa John’s was an NFL sponsor. It has since been replaced by Pizza Hut.

In a recent earnings call, Papa John’s Chief Executive Steve Ritchie said the chain was struggling and may be forced to close some locations.

“We’re going to evaluate all the options as they’re presented to us, if there is some sort of increase in closures that exist here because of the declines in the sales,” he said.

A Papa John’s spokeswoman declined to comment.

If the chain does close stores, a new commercial real estate report providing insight into the national and Philadelphia commercial real estate market offers clues as to which businesses might replace them. The report said non-retail and non-restaurant space in shopping centers increased to 23.1 percent this year from 19.2 percent in 2012. Forty-four percent of shoppers say they prefer to visit shopping centers that have a wide variety of non-retail tenants.

“The growing focus on experience has led to a rising share in non-retail tenants, including food and beverage, salons, movie theaters, fitness centers and medical clinics,” the report said.

Most Papa John’s stores are in shopping and strip centers, and industry observers believe two popular concepts — Mediterranean or taco restaurants — could backfill the space in these U.S. and Philadelphia commercial real estate listings and drive traffic.

Rival pizza chain Domino’s, the country’s second-largest pizza chain, in particular is taking advantage of Papa John’s woes, said Henry Renaud, president of retail brokerage Renaud Consulting. In contrast to Papa John’s, Domino’s Chief Executive Richard Allison said this summer that the chain was preparing to build about 2,500 restaurants in the next decade or so and two supply chain centers in the next two years to keep pace with growth.

For more information about Philly office space, Philly retail space and Philly industrial space or other Philadelphia commercial properties, 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 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 Philly office space, Philly retail space or Philly industrial 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.

Do You Need A Corporate Move Management Company

Move Management CompanySelecting a move management company that’s right for your business is critical for an office relocation and/or expanding business. Today, companies are so focused on moving into their new space they rarely look at their old or existing space and all the costs associated with it. Moving an office can be a huge undertaking, and move management often despises the thought of relocation due to the disruption and disorganization that often follows. In order to move an office successfully without unnecessary disruption to the daily flow of business, business owners and management should consider hiring a move management company.

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Too often companies don’t have the manpower to dedicate to manage their office relocation. And they often don’t have the time to evaluate the benefits of a move management company. Move management companies are professionals who specialize in office relocation and expansion – and these experts know how to make the process flow smoothly. They understand the process of moving in great detail, and they are able to organize the process effectively, and manage details, budgets, timelines, and people.

Selecting a move management company that’s right for you is critical for an office relocation and/or expanding business. You’ll want to select a company who has expertise in relocation and project management, outstanding planning services, and highly skilled team members to meet the client’s ever changing needs. These experts will work with the client to determine what the office already has in place and what is needed in the new location. They will also implement the plans for specific designs and layout within your new office and set up the layout for your new location with relative ease. They will also handle all of the incidentals that often get put off or forgotten until after the move is complete.

Benefits of Hiring a Move Management Company

• Industry experts who can work with architecture/design firms and construction companies when needed
• Project planners who manage everything for you
• Time savings by avoiding unnecessary delays
• Cost savings
• Flexibility
• Employee satisfaction and productivity

KEEP IN MIND YOUR BOTTOM LINE
Before you decide to tackle your relocation, keep in mind your bottom line. This is the most important reason why you would want to hire a professional move management expert. You will save time and money in the long run which is always good for business.

FOR MORE INFORMATION, CONTACT:
Shawn O’Neil at 609-744-4112 or
Paul Sipera at 609-760-8312

ABOUT ARGOSY MANAGEMENT GROUP, LLC
Argosy Management Group (AMG) is a leader in office relocation and logistics project/move management. AMG services companies throughout the U.S. and worldwide. AMG delivers a wide range of comprehensive services: move management and transition planning, space planning and furniture needs, office and industrial relocation and liquidation, storage solutions and asset management, furniture disassembly and installation, and I.T./data center relocation.

visit www.argosymg.com

Preparing Commercial HVAC Systems for Winter

Preparing Commercial HVAC Systems for WinterWith the fall season in full swing, it’s time to start preparing commercial HVAC systems for winter, well before Ol’ Man Winter comes to town. Hutchinson, a leading energy services and mechanical services contractor serving the region’s commercial customers, offers tips to help add life to your systems, enhance comfort and improve your bottom line.

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Seven Tips for Preparing Commercial HVAC Systems for Winter

1. Use Energy Star Portfolio Manager
Use Energy Star Portfolio Manager to see how your building rates with other similar buildings. If you rate low, there are many things you can do to improve the operation of your building.

2. Check HVAC settings
Check HVAC settings to get maximum efficiency. Set your thermostat at 68°during the day and at 60° at night. You can save approximately 3% on heating costs for every degree under 70.

3. Install a programmable thermostat.
A web and cloud based control system offers peace of mind by keeping settings maintained during and after office hours.

4. Establish a preventive maintenance program.
• Change or clean all air filters, preferably every month.
• Repair leaks in piping, air duct s, coils, fittings and at the unit(s).
• Replace defective equipment insulation, ducting and piping.
• Install/upgrade HVAC controls to include new energy management systems technologies.

5. Clean Heating Ducts
Heating ducts should be cleaned periodically to allow efficient heating and provide fresh, clean air. Also check to make sure the ducts are properly insulated.

6. Take Advantage of Energy Efficiency Programs
Hutchinson is a designated contractor of Direct Install, a program offered by New Jersey Office of Clean Energy. Upgrade to energy efficiency with Direct Install and 70% of the cost will be covered for energy upgrades, including lighting and HVAC equipment. Instead of pumping money into your outdated, inefficient units, why not upgrade to a new, state-of the-art energyefficient system?

7. Conduct daytime/nighttime audits.
Check to see if the lights are on. Is the building comfortable? Make adjustments as needed.

Contact Hutchinson at 888-777-4501 or dicoordinator@hutchbiz.com for help preparing commercial HVAC systems for winter

About Hutchinson
Hutchinson is a leading energy/mechanical service contractor performing energy services, mechanical construction and retrofit installation work in the Greater Philadelphia Tri-State Region. Hutchinson’s
technicians are factory trained, NATE certified and are on-call 24/7 365 days a year. Visit www.hutchbiz.com for more information.

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Commercial Real Estate Mortgage Debt Surges to New Record

Mortgage debt underlying offices, apartments, and other non-farm commercial real estate rose the most in any quarter on record to a new high of $3.27 trillion in the second quarter of 2018 as all major investor groups increased their holdings amid strong economic growth.

The $52.3 billion growth in debt on office, multifamily, retail, industrial and hotel properties in the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space – outpaced the previous record growth from the first quarter by 1.6 percent. This led to the record total debt as of June 30, according to the Mortgage Bankers Association.

This report on U.S. and Philadelphia commercial properties from the CoStar Group research organization is being offered through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm.

“The four major investor groups all increased their holdings, and multifamily mortgage debt outstanding topped $1.3 trillion for the first time,” Jamie Woodwell, the association’s vice president of commercial real estate research, said in releasing the data.

Overall demand for national and Philadelphia commercial real estate properties is rising, fueled by job growth and early benefits of the new tax law passed in December, as U.S. economic growth rose 4.2 percent in the second quarter, the strongest since 2014. The four major investor groups are bank and thrift; federal agency and government sponsored enterprises; life insurance companies; commercial mortgage-backed securities and other asset-backed securities issuers.

Woodwell added that “strong property fundamentals and values, coupled with still-low mortgage rates and strong loan performance” all support the growth of commercial real estate lending.

Commercial banks hold the largest share of the retail, office, industrial, hospitality and multifamily mortgages in the national and Philadelphia commercial real estate market — $1.3 trillion, or 40 percent of the total. In the second quarter, banks and thrifts had the largest increase in dollar terms in their holdings of commercial mortgage debt – an increase of $23.9 billion, or 1.9 percent.

Life insurance companies hold $486 billion, or 15 percent of the total. Life insurance companies increased their holdings of U.S. and Philadelphia commercial real estate listings by $10.6 billion, or 2.2 percent.

Commercial mortgage-backed securities and other asset-backed securities issuers hold $452 billion, or 14 percent of the total throughout the U.S. commercial real estate market – including Philly office space, Philly retail space and Philly industrial space. They increased their holdings by $5.7 billion, or 1.3 percent.

While the major groups were upping their holdings, state and local government retirement funds decreased their holdings about 72 percent, according to the Mortgage Bankers.

Separate data released last week from the Federal Reserve shows that real estate investment trusts also shrunk their share of commercial mortgage debt outstanding by about $3.2 billion, or roughly 1.9 percent.

Multifamily mortgage debt made up a huge chunk of the increase with outstanding amounts rising to $1.3 trillion, an increase of $20 billion from the first quarter of 2018, representing a 1.6 percent increase.

For more information about Philly office space, Philly retail space and Philly industrial space or other Philadelphia commercial properties, 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 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 Philly office space, Philly retail space or Philly industrial 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.