Risk & Business Magazine Hardenbergh Insurance Group Magazine Summer 2018 - Page 7

TAX REFORM Tax Reform Optimism And Financial Market Shakiness T he Southern New Jersey commercial real estate (CRE) market is in largely good shape. We believe the market may be poised to take off as benefits of the new tax law begin to reverberate in personal and corporate checkbooks. “Our market appears to have picked up steam, with a healthy pace of business growth and continuing new investment,” said Jason Wolf, founder and managing principal of WCRE. “Despite corrections ending a long winning streak in the financial markets, the benefits of the new tax law should shore up commercial real estate, especially industrial and office demand.” There were approximately 272,550 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden, and Gloucester), which was a gain of 23 percent over the previous quarter. Leasing picked up, and the sales market stayed active, with about 1.63 million square feet on the market or under agreement and an additional 320,691 square feet trading hands. The sales figure is a 36 percent increase over the previous quarter. WCRE is a full-service commercial real estate brokerage and advisory firm, specializing in office, retail, medical, industrial, and investment properties in Southern New Jersey and Philadelphia. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. + Jason M. Wolf, Managing Principal of Wolf Commercial Real Estate, has 22 years of landlord, tenant, and corporate representation experience, specializing in office, retail, medical, industrial, and investment properties in Southern New Jersey and the Philadelphia region. You may reach him at [email protected] or 856-857-6300. Learn more about WCRE online at wolfcre.com. MOST REAL ESTATE MARKETING IS PRETTY TRADITIONAL. Here are some other office market highlights: • Overall vacancy in the market is now approximately 11.2 percent, up one full point higher than the previous quarter. • Average rents for Class A & B product continue to show strong support in the range of $10.00–$14.50/sf NNN or $20.00– $24.50/sf gross for the deals completed during the quarter. • Vacancy in Camden County improved steadily last year, but jumped nearly a point to 12.5 percent. BY: JASON M. WOLF, MANAGING PRINCIPAL, WOLF COMMERCIAL REAL ESTATE CRT Main Commercial Realty Real Estate Company AVAILABLE FOR SALE 856-555-1234 US Real Estate For Lease OURS IS ANYTHING BUT. • Burlington County vacancy was at 9.9 percent, which was also higher than the fourth quarter. • WCRE has now expanded into southeastern Pennsylvania. Highlights from the first quarter in Pennsylvania include the following: • Having closed out 2017 with a strong fourth quarter, Philadelphia’s office market began the year seeing increasing employment and new construction. The outlook for this sector is good. • The Philadelphia retail sector performed well in 2017, seeing gains over the previous year in both retail sales volume and employment. Analysts expect this trend to continue. • The Philadelphia industrial market continues its hot streak, and the outlook is positive. Vacancy rates for flex and industrial properties in Philadelphia are well below the regional and national averages. • Landlord Representation • Tenant Representation • Research & Marketing Information • Corporate Real Estate Representation • Investments • Property Management • Appraisal & Advisory Services • Construction Services For more information, visit WolfCRE.com or call 856-857-6300 Marlton, NJ | King of Prussia, PA