2C — July 27 - August 9, 2018 — Brokerage Directory — M id A tlantic
Real Estate Journal
www.marejournal.com
B rokerage D irectory
ARLTON, NJ — Comme r c i a l r ea l es tat e brokerage While waiting for anticipated benefits from Tax Reform Law WCRE 2nd Quarter report: Southern NJ and Philly CRE markets see moderate gains M
“Our market continues to show quiet strength and may take off as consumers and businesses feel the effects of lower tax rates,” said Jason Wolf , founder and managing principal of WCRE. “We expect the new law to be a net positive for overall economic growth in 2018 and be especially ben- eficial to the commercial real estate industry.” There were 303,656 s/f of new leases and renewals ex- ecuted in the three counties surveyed (Burlington, Cam- den and Gloucester), which was a gain of about 10% over the previous quarter. Leasing
picked up, and the sales mar- ket stayed active, with about 1.46 million s/f on the market or under agreement and an additional 317,961 s/f trading hands. New leasing activity ac- counted for 61.4% of all deals. Overall, net absorption for the quarter was in the range of ap- proximately 253,000 s/f. Other office market high- lights from the report: ● Overall vacancy in the market is now approximately 10.4%, which is nearly one point 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 stayed near this range for most of 2018, though they are trending a bit higher. ● Vacancy in Camden Coun- ty improved dramatically, to 11.6% for the quarter. ● Burlington County vacan- cy was at 9.2%, which was also lower than the first quarter. WCRE has expanded into southeastern Pennsylvania, and the firm's quarterly re- ports now include a section on
transactions, rates, and news from Philadelphia and the suburbs. Highlights from the second quarter in Pennsylva- nia include: • Philadelphia’s office mar- ket vacancy rate was un- changed during Q2 2018. Though positive absorption was 547,339 s/f, a 20% im- provement over the first quar- ter. Vacancy rates for Class A properties stood at 10.5%, while Class C properties had vacancy of 5.5%. • Average asking rent across all office property classes in the Philadelphia market was $22.72/SF in the second quar- ter. Within the CBD it was $29.64/SF. • There are about 3.8 mil- lion s/f of office space currently under construction in Phila- delphia. During the second quarter 590,632 new s/f be- came available via completed new construction. • Philadelphia’s retail mar- ket is moving in the right di- rection. Average asking rents have jumped the past few quarters, net positive absorp- tion was 909,884 s/f, and retail vacancy rates ticked down to 4.4%. • Industrial vacancy in Southeastern PA was down to 5.6%. The market saw positive net absorption of more than 6.6 million s/f. WCRE also reports on the Southern New Jersey and Philadelphia retail market. The second quarter saw a drop in consumer confidence as well as a generally positive outlook for consumer spend- ing, buoyed by a strong job market. Other highlights from the retail section of the report include: ● Retail vacancy in Camden County stood at 7.7%, with average rents in the range of $13.75/sf NNN. ● Retail vacancy in Burling- ton County stood at 9.8%, with average rents in the range of $14.59/sf NNN. ● Retail vacancy in Glouces- ter County stood at 7.4%, with average rents in the range of $14.74/sf NNN. The full report is available upon request. WCRE is a full-service commercial real estate bro- kerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region.
WCRE re - ported in its latest quar- terly analy- sis that the S o u t h e r n N e w J e r - sey market remains in good shape,
Jason Wolf
making moderate gains and showing strong fundamentals. The firm believes the mar- ket may be poised for strong growth as benefits of the new tax law begin to materialize.
FULL SERVICE COMMERCIAL REAL ESTATE BROKERAGE & ADVISORY FIRM WHAT SEPARATES US FROM THE REST? 360 DEGREES OF PREPARATION.
Property Blogs & Email Marketing
Targeted Prospecting, Broker Outreach & Canvassing
Landlord Representation Tenant Representation
l
Property Signage
l
Research & Marketing Information Corporate Real Estate Representation
l
l
Investments
l
Property Management
l
Community Commitment
Strategic Alliances
Appraisal & Advisory Services
l
Construction Services
l
Social Media
Print Media
Public Relations
For more information, visit WolfCRE.com or call 856-857-6300 .
Building Successful Relationships TM
®
Marlton, NJ l King of Prussia, PA
Made with FlippingBook - Online magazine maker