4D — January 25 - February 7, 2019 — 2019 Forecast — M id A tlantic
Real Estate Journal
www.marejournal.com
Southern New Jersey & Philly CRE Broker
ARLTON, NJ — Commer c i a l rea l estate brokerage Another solid quarterly performance amid political and financial uncertainty WCRE 4 th Qtr. 2018 report: Moderate growth continues in Southern NJ & Philly CREMarkets M 10.95%, which is an improve- ment of 35 basis points over the previous quarter.
Leasing, sales, net absorption, and prospecting activity all were up in the fourth quarter. “Although the financial markets were highly unpre- dictable, commercial real estate performed the way it has for most of the past several years – with steady growth supported by strong fundamentals,” said Jason Wolf , founder and managing principal of WCRE. There were approximately 336,466 s/f of new leases and renewals executed in the three counties surveyed (Bur- lington, Camden and Glouces- ter), which was an increase
of 18.3% over the previous quarter. The sales market stayed active, too, with about 1.4 million s/f on the market or under agreement. Sales were active, with $28.5 mil- lion totaling approximately 316,476 s/f. New leasing activity ac- counted for approximately 36% of all deals for the three counties surveyed. Overall, gross leasing absorption for the fourth quarter was in the range 286,215 s/f. Other office market high- lights from the report: • Overall vacancy in the market is now approximately
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 fourth quarter in Pennsyl- vania include: • The vacancy rate in Phila- delphia’s office market was 7.8%. This is a slight improve- ment over the previous quar- ter. Demand for office space continues to be strong. •Net office space absorption in Philadelphia was 1,224,697 s/f for the quarter. • The industrial sector is as strong as ever in Philadel- phia. The fourth quarter saw a small decrease in vacancy rates, to 5.3%, but a jump of about 1 million s/f in net ab- sorption quarter over quarter, to 7.1 million s/f. • Philadelphia retail was the lone true weak spot in Q4. The vacancy rate ticked up two tenths of a point, to 4.5%, while net absorption was negative for the second straight quarter, at -611,261 s/f. WCRE also reports on the Southern New Jersey retail market. The fourth quarter saw the contrast of a spend- ing surge that propelled holi- day sales to their best season in six years and at the same time, consumer confidence inching downward as the year drew to a close. The job mar- ket has stayed remarkably strong, with low unemploy- ment supporting consumer spending and reverberating through other indicators. Other highlights from the retail section of the report include: • Retail vacancy in Camden County stood at 7.0%, with average rents in the range of $16.19/sf NNN. • Retail vacancy in Burl- ington County stood at 6.7%, with average rents in the range of $13.11/sf NNN. • Retail vacancy in Glouces- ter County stood at 8.6%, with average rents in the range of $13.76/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.
• 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 dur- ing the quarter. These aver- ages stayed near this range throughout 2018. • Vacancy in Camden Coun- ty increased to 11.5% for the quarter, which is an im- provement of nearly a point compared to the third quarter. • Burlington County vacan- cy stayed at 10.4%, unchanged.
WCRE re - ported in its analysis of the f our th quar t er o f 2 0 1 8 t h a t the Southern New Jersey and South- e a s t e r n
Jason Wolf
Pennsylvania markets con- tinued to show overall solid fundamentals, buoyed by new investments from outside the region and economic inflows to support local expansions.
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