WCRE FIRST QUARTER REPORT
WCRE FIRST QUARTER REPORT:
Strong Economy Leads to Fundamental Growth for Southern New Jersey & Southeastern Pennsylvania CRE Markets
BY: JASON M. WOLF
W
olf Commercial Real
Estate (WCRE) is a
commercial real estate
brokerage and advisory
firm operating in
Philadelphia, southern New Jersey and the
surrounding areas. What separates them
from many other real estate companies
is the range of services that they provide
and their intense focus on the business
goals of their clients. The approach is
highly personal, and people who work with
WCRE never feel like they have been put
into a box with everyone else. The result
is a unique work culture and a higher
standard, allowing WCRE to go beyond
the transactions and to serve as a strategic
success partner.
Their first quarter analysis for 2019
showed that the southern New Jersey and
the southeastern Pennsylvania markets
continued to show fundamental growth.
That growth was bolstered by a strong
economy supported by local expansions and
by an influx of new investments from other
regions.
“We’ve been in this cycle for several years at
this point, with steady growth supported
by strong fundamentals,” said Jason Wolf,
founder and managing principal of WCRE.
“The financial markets and political climate
have been somewhat less predictable, but
commercial real estate has performed very
reliably and we believe will continue to do
so.”
Leases and renewals were expanded by
almost 374,000 feet in three key areas that
were surveyed: Burlington, Camden and
Gloucester. This was a 10 percent increase
from the previous quarter. New leasing
activity accounted for almost 50 percent of
the deals in those three counties, signifying
strong growth.
WCRE has recently expanded into
southeastern Pennsylvania, and their
report also includes information about its
commercial real estate markets. Perhaps one
of the most surprising things to come out
of the report was the potential for vacancy
in office spaces in Philadelphia. While the
industrial sector maintained strong growth,
the office market vacancy rate increased to
nine percent. That rate is 1.2 percent higher
than the 7.8 percent vacancy rate seen at
the end of the last year. Most major markets
have a higher vacancy rate, but the increase
is still something to keep in mind.
Strong growth on fundamentals is the name
of the game, and the markets WCRE has
surveyed have shown just that.
For a copy of the full report, reach out to us
at 215-799-6900 or visit us online at wolfcre.
com.
FULL SERVICE COMMERCIAL REAL ESTATE BROKERAGE & ADVISORY FIRM
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.
l Landlord Representation l Investments
l Tenant Representation l Property Management
l Research & Marketing Information l Appraisal & Advisory Services
l Corporate Real Estate Representation l Construction Services
For more information, visit WolfCRE.com or call 215-799-6900.
Building Successful Relationships
Marlton, NJ
l Philadelphia
l
King of Prussia, PA
27
TM