Risk & Business Magazine Hardenbergh Insurance Group Magazine Summer 2018 - Page 7
Tax Reform Optimism
And Financial Market
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
“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
Main Commercial Realty
Real Estate Company
US Real Estate
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
• 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
• Property Management
• Appraisal & Advisory Services
• Construction Services
For more information, visit WolfCRE.com or call 856-857-6300
Marlton, NJ | King of Prussia, PA