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24C — November 22 - December 12, 2019 — Commercial Office Properties — M id A tlantic
Real Estate Journal
C ommercial O ffice P roperties CBRE Pittsburgh flexible space: Demands drivers
MOUNT LAUREL, NJ — Newmark Knight Frank (NKF) has been appointed as the broker in the sale of Liberty Walk at East Gate, a four-build- ing office park located in Mount Laurel. NKF’s Philadelphia Capital Markets team com- prising Mike Margolis, Dave Dolan and Dave Garonzik will market the property for sale. The 235,000 s/f office park, located at 300, 302, 330 and 350 Fellowship Rd., was acquired by current ownership in 2014 from Liberty Property Trust , the building’s developer, as part of a larger property portfolio. “The buildings, highlighted by a completely revitalized long-term corporate headquar- ters building and the only LEED Gold Certified building in Southern New Jersey out- side of Camden, are some of the highest quality buildings in the extremely accessible and desirable ‘3M’ submarket encompassing Mount Laurel, Marlton and Moorestown,” said Margolis. Pittsburgh is no stranger to the flexible leasing phenom- enon and shares several ad- ditional attributes that are in line with the national growth story. Pittsburgh’s universi- ties, such as Carnegie Mellon University and the University of Pittsburgh, are primary driv- ers of the expanding technology here is no denying the meteoric rise that flex- ible office space has demonstrated through compa- nies such as WeWork, who, in 2018, became the largest office tenant in London, Washington D.C. and NYC. Operators such as Spaces, Knotel, Industrious, Convene & Novel Coworking have also seen significant growth over the last 12 months. The disruptive effect that flexible space has had on the real estate industry during this cycle is driven by a need for flexibility and hedging against uncertainty. T
industry and have also con- tributed to a growing number of spin-offs and startups. In 2018, Pitt and CMU produced 32 spin-offs/startups and 100 in total since 2015. Record levels of investment into the technol- ogy sector have helped propel the organic growth emanating from the universities. Flexible operators have his- torically catered to startups and individuals needing flex-
ibility, but a paradigm shift to- wards enterprise clients is the now singular driver of growth for the industry. Tailored en- terprise suites, built for privacy and security, allow Fortune 500 companies an efficient pathway to incorporate an agile strategy into their portfolios. According to CBRE’s 2018 Americas Occu- pier Survey, 85% of real estate executives plan to implement flexible-office solutions into
continued from page 13C to track and receive immedi- ate results on your market- ing efforts. Understanding what keywords and content to integrate on your web- site along with other steps you need to take to increase visibility in search engine results are huge benefits for your business. Knowing your industry’s popular search terms and keywords, Google AdWords can land you on the relevant pages of your target audience. Remarketing is a way to connect with people who previously interacted with your website or mobile app. 8. Social Media Campaigns The top three social me- dia outlets you should be utilizing for your marketing efforts are LinkedIn, Twit- ter, and Facebook. At a very minimum, LinkedIn because it is the most effective as it is centered on a network of pro- fessionals’ business contacts. Additionally, scheduling paid social media advertising is extremely effective due to its ability to precisely reach your exact target audience specifics. 9. Attend Community Events, Set up a Display at a Trade Show, or Host an Open House/Network- ing Event Network, network, and net- work some more! Attending their portfolio strategy. Office rents continue to climb in Pittsburgh, specifically in the urban submarkets. class A office vacancy in the Oakland/ East End submarket recorded historical lows of 1% and ask- ing rates averaging $45 psf for newly constructed office in Q3 2019. Limited supply and the in- creasing cost of occupancy make traditional leasing pro-
community events or setting up at a trade show allows you to connect with your network and meet new potential pros- pects to spread the word about your available listing. Hosting an open house or a network- ing event at your available location provides the oppor- tunity for everyone to tour the space in person. Not only will you be increasing the ex- posure of your space but also adding value to the guests by being able to network with each other. 10. Direct Mail Direct mail is a great way to reach your audience, showing a higher return on investment than paid searches and online displays. It gives you the abil- ity to track success by provid- ing a specific phone number or landing page for mail re- cipients to use. It is said that 80% of direct mail recipients scan or read each piece before throwing it away, giving your mailer more attention and helping to increase brand awareness. Developing a strong mar- keting plan for each listing is essential in guaranteeing maximum success. By uti- lizing a mix of old and new marketing tactics, you can ensure you are marketing your available office location to the fullest. Staci Saeger is director of marketing at NAI Summit. Younger companies, or start- ups, find affordability through the inherent flexibility of these spaces and less financial com- mitment, while larger firms can reduce their risk when consid- ering future markets they wish to enter. gressively more challenging. Flexible office space offers non-traditional and attractive means to acquire coveted space for specific end-users.
Newmark Knight Frank retained to sell Liberty Walk at East Gate
Office Marketing 101
Liberty Walk at East Gate
Liberty Walk at East Gate is currently 76 percent leased to eight tenants, providing an investor long-term upside with a weighted average lease term of approximately 7.5 years, as well as the ability to create significant value through the lease-up of remaining vacan- cies. Investment grade compa- nies such as Morgan Stanley, Oracle, Comcast and PMA panies remain in Baltimore, the demand for high quality R&D space will only continue to increase. This will fuel the growth of the research parks and continue to transform the surrounding communities into
Companies highlight the office park’s impressive tenant ros- ter. Marlin Capital Solutions, another high-quality publicly traded company, is the office park’s long-term (since 2004) anchor tenant. Marlin Capital Solutions recently extended its lease term and is undertaking a gut-renovation of the 300 building and a portion of the 302 building. successful, dynamic live-work- play environments. Matthew Seward senior director and a member of the Office Services and Life Sciences teams at Cushman & Wakefield.
continued from page 7C The Impact of Life Sciences in Baltimore . . .
Continued advancements in commercialization efforts at these universities should yield a robust pipeline of future suc- cess stories. Additionally, if the current life sciences com-
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