In the WCRE November 2024 Newsletter, we discuss the current commercial real estate events that are impacting the Philadelphia, New Jersey, and New York communities. In Philadelphia we talk about the University of the Arts real estate portfolio, tenants moving into 3025 JFK Boulevard, a Delaware river pier up for sale, Septa acquiring a new warehouse. In New Jersey, Margate is emerging as a hot new luxury real estate market, JC Penney stores are being sold, a new cannabis store is opening in Mt. Laurel, and Cherry Hill has approved a 64 unity affordable housing complex. In New York we take a look at the mayor’s challenges when the Manhattan DA launched an investigation into the agency managing the city’s $1.5 billion real estate portfolio, and renters are pushing back on broker fees.
November 2024 – Philadelphia Commercial Real Estate News
- The University of the Arts’ prime Center City real estate portfolio has officially hit the market as part of the school’s Chapter 7 bankruptcy liquidation.
- Goodwin Procter has become the first tenant in Brandywine Realty Trust’s new office tower at 3025 JFK Blvd.
- Wells Fargo’s lease on 349,770 square feet expired, dropping occupancy from 100% to 28%
- A Delaware River pier with 33 boat slips is for sale, providing buyers with built-in income and opportunities for waterfront development.
- Affiliates of Endurance Real Estate Group and Greystar-Thackeray have acquired a six-building light industrial portfolio in West Norriton for $31.75 million.
- SEPTA has purchased a warehouse adjacent to Northeast Philadelphia Airport for $11.25 million
- Veho has leased a 148,611-square-foot industrial building in Northeast Philadelphia.
- Philadelphia’s office market shows signs of recovery
- Giant Co. is closing its Heirloom Market grocery store in Center City’s Fashion District
- Trader Joe’s is set to open its second Chester County store in Berwyn
- The Philadelphia Business Journal recently updated its Crane Watch map, showcasing development projects in the region that are proposed
- Adaptimmune plans to reduce its workforce by 33% next year to cut costs
- The Philadelphia metro area continues to outpace the national average in inflation
- The industrial vacancy rate in the Philadelphia region has declined
- Brandywine Realty Trust CEO Jerry Sweeney anticipates a rebound in office sales by 2025
November 2024 – South Jersey Commercial Real Estate News
- Margate City has emerged as the third hottest luxury real estate market in the U.S
- Two JC Penney’s sores sold amid bankruptcy
- A marijuana retailer is proposing to open a store in Mount Laurel
- A proposed 64-unit affordable housing complex is set for construction on Route 70 in Cherry Hill
- Advance Auto Parts is closing over 700 stores and four distribution centers
- The nine-story One Cherry Hill office tower, located near the popular Cherry Hill Mall, is currently undergoing demolition
November 2024 – New York Commercial Real Estate News
- Manhattan district attorney launched an investigation into the agency managing the city’s $1.5 billion real estate portfolio
- James Freiman and Alexander Durst, Brown and Mechanic discussed how occupier diversity is beginning to mirror pre-COVID trends.
- New York City renters can now bid farewell to broker fees
- William Rudin, heir to one of New York City’s top real estate dynasties, grew up with a cardinal rule his grandfather followed to build a property empire: Never sell.
