In the WCRE October 2024 Newsletter, we discuss the current commercial real estate events that are impacting the Philadelphia, New Jersey, and New York communities. In Philadelphia news we look at several very large transactions including warehouse, retail, university and Bio-Tech spaces. In New Jersey we explore new leases and sales, retail closures, medical expansions and a re-purpose of the once bustling Echelon Mall property. In New York we take a look at a recovering office space market thanks to the return to in-office employees as well as a number of trends driving increases in office rent prices.
October 2024 – Philadelphia Commercial Real Estate News
- Alterra Property Group has expanded its industrial outdoor storage portfolio in Charlotte, North Carolina.
- Velocity Venture Partners sold a 468,000-square-foot industrial building in Yeadon, Delaware County, for $59 million, a 41% increase from its purchase price two years ago.
- Legend Biotech Corp. is building a 31,000-square-foot R&D center at 2300 Market St., Philadelphia.
- A Northeast Philadelphia distribution warehouse was sold for $83.5 million to a global investment firm.
- Temple University purchased a shopping center on North Broad Street to potentially add medical offices.
- Philadelphia’s life sciences leasing market is showing recovery after over a year of stagnation, with optimism for the remainder of 2024 and into 2025.
- Legend Biotech Corp. is building a 31,000-square-foot R&D center at 2300 Market St., Philadelphia.
- A Northeast Philadelphia distribution warehouse was sold for $83.5 million to a global investment firm.
- Temple University purchased a shopping center on North Broad Street to potentially add medical offices.
October 2024 – South Jersey Commercial Real Estate News
- A developer proposes a self-storage facility in Mount Laurel, near Walmart on Route 73.
- An $80 million development at the former Echelon Mall site includes retail, housing, office space, and recreational facilities.
- Fountain Square, a new retail center, is set to be developed on former farmland in South Jersey.
- BuyBuy Baby is closing all stores, transitioning to an online-only model.
- The Philly Pretzel Factory is relocating in Cherry Hill.
- Jefferson Health opened a $15 million specialty care center at Fish Pond Road near its Washington Township Hospital.
- An office building in Cherry Hill is set for a receiver sale due to foreclosure agreements.
- Hillcrest Plaza LLC completed a successful lease of 2,400 square feet to Pyramid Hospitality in Berlin, NJ. The location is strategically positioned near major retailers.
- Independence Plaza in Lumberton reached full occupancy, leasing a final 1,200 square feet to Clean Living, LLC/Rainbow.
- The 3,705 square feet of flex/industrial space at 2091 Springdale Road in Cherry Hill has also been successfully leased to Ribbon Express Inc.
October 2024 – New York Commercial Real Estate News
- Manhattan’s office leasing market showed strong performance in Q3, with increased activity and decreasing vacancy rates.
- Despite high vacancy rates in New York’s office sector, the retail market demonstrates a stronger recovery.
- Following Amazon’s return to in-person work, major tech firms are pushing employees back to the office.
- Insight into commercial real estate trends highlights EQT Exeter as a leading player amidst rising rental rates.
