Real Estate Journal — Brokerage Directory — July 26 - August 8, 2019 — 5C
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ARLTON, NJ — Commercial real es- tate brokerage WCRE Quarterly performance a continuation of success WCRE 2nd Quarter report: Southern NJ and Philly CRE markets see steady gains M
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% for the quarter. It stood at 11.1% in the first quarter. • Burlington County's vacan- cy dropped to 11.5%, 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 trans- actions, rates, and news from Philadelphia and the suburbs. Highlights from the first quar- ter in Pennsylvania include: • The vacancy rate in Phila- delphia’s office market ticked down to 8.8%, from 9% 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%, while net ab-
sorption was constrained by a shrinking volume of available space. There are 25 industrial properties under construction which will bring an additional 5.27 million s/f to the market. • Philadelphia retail is tread- ing water to avoid a major spike in vacancy. The vacancy rate inched down to 4.2%, while net absorption was positive at 1.4 million s/f 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%, with average rents in the range of $16.32/sf NNN. • Retail vacancy in Burl- ington County dropped half a point, to 7.4%, with average rents in the range of $12.75/ sf NNN. • Retail vacancy in Glouces- ter County dropped to 7.9%, with average rents in the range of $15.95/sf NNN. The full report is available upon request. WCRE is a full-service commercial real estate bro- kerage and advisory firm.
reported in its analysis o f the sec - ond quarter of 2019 that the Southern New Jersey and South- e a s t e r n Pennsylva-
Jason Wolf
nia 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. “For several years in a rowwe have seen mostly slow, steady growth supported by strong fundamentals,” said Jason Wolf , founder and managing principal of WCRE. “Commer- cial real estate has performed very reliably, and although leasing volumes were down this quarter, there is a pipeline of approximately 450,000 s/f of pending deals expected to close in the near term.” There were 286,707 s/f of new leases and renewals ex- ecuted in the three counties surveyed (Burlington, Camden and Gloucester), which was a decrease of 23% over the previ- ous quarter. The sales market stayed active, with about 1.18 million s/f on the market or under agreement. Sales were busy, with 739,714 s/f trading hands. This is nearly four times the s/fage sold during the first quarter. New leasing activity account- ed for 75% of all deals for the three counties surveyed. Over- all, gross leasing absorption for the first quarter was in the range 150,000 s/f, compared to 411,000 in the first quarter. Other office market high- lights from the report: • The city of Camden wel- comed TRIAD1828 Centre, a newly constructed 394,164 s/f 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 11.40%, which is 20 basis points better than the previous quarter. • Average rents for class A & B product continue to show
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