WCRE Q4 2012 Report: Neither Hurricane, Nor Election, Nor Fiscal Cliff Can Stay The South Jersey Commercial Real Estate Market From Its Slow, Steady Climb.

WCRE (Wolf Commercial Real Estate) reports that the South Jersey commercial real estate market exceeded several of its third quarter benchmarks, despite uncertainty caused by a natural disaster and other major news events.  The latest quarterly analysis from WCRE, a premier South Jersey Commercial Real Estate Broker, found that while the third quarter was marked by caution, the fourth quarter market proved its resiliency.

“Though Hurricane Sandy, the election, and the threat of the temporarily-resolved fiscal cliff exerted pressure on businesses, investors, and consumers, there were signs of accelerated growth and reasons for optimism amid the overall climate of cautiousness,” said Jason Wolf, founder and principal of WCRE.

According to WCRE, the fourth quarter showed a significant uptick in both new deal activity and expansion in the market for Southern New Jersey commercial land sites and other Southern New Jersey commercial properties. Several deals of significant size were completed, and South Jersey commercial land sites and other South Jersey commercial properties in prime locations performed better than the overall market vacancy rate. There were approximately 389,000 sf of notable Southern New Jersey commercial property deals executed in the market, a nearly 25% increase over the third quarter. This includes new lease and expansion transactions of approximately 235,000 sf.  Notably, expansions and new deals for South Jersey office space and other South Jersey commercial space outpaced lease renewals this quarter.

The report also noted that New Jersey’s unemployment rate improved to 9.6% – coming down from a 35-year-high notched during the previous quarter – and that there are many new South Jersey commercial real estate deals nearing completion. Other South Jersey commercial real estate market highlights from the report:

— Average rents for Class A & B product remained at the improved level they reached earlier this year, continuing to show strong support in the range of $11-$14.00/sf NNN with an overall market average of $11.00/sf NNN for the deals completed during the fourth quarter.

— New deals and expansion transactions of 235,000 sf for the fourth quarter were more than double the third quarter mark of 106,000 sf.

— Moorestown, Marlton and Mount Laurel (3M) continue to show strength, while a large share of the region’s vacancies remain in Voorhees, Pennsauken, and the west side of Cherry Hill. Burlington County continued to maintain a significantly lower vacancy rate than Camden County.

— Tenants continue to take advantage of low rental rates and are securing long-term lease commitments. The pattern of this flight to quality – upgrading to better locations and spaces – is expected to continue, especially among larger firms.

— All of the new major owners and REITS are showing a significant increase in deal activity and occupancy – both renewals and new deals – and are all cautiously optimistic.

Retail market highlights from the report include:

— Moorestown has issued its first ever liquor licenses, and PREIT acquired them in order to bring four new high-end restaurants to the Moorestown Mall.

— Overall South Jersey retail space vacancy is still hovering in the 17-18% range, but the market has stabilized, and prime retail locations have very little vacancy.

— Average rents for Class A retail product continue to show strong support in the range of $30-$40.00/sf NNN. Class B product shows support in the range of $15-$23/sf NNN.

— The Haddonfield Road corridor, Route 70, and Route 73 are the prime destinations for retailers.

The report also anticipated challenges in 2013, with at least 250,000 sf of additional Southern New Jersey office space and Southern New Jersey commercial space vacancies expected to return to the market as Lockheed-Martin, Catalent Pharma, and others follow through on plans to downsize. But Wolf said that even this development could be positive, because large blocks of quality South Jersey office space and other South Jersey commercial space in excess of 30,000 sf have become scarce.

The full report is available upon request.

For more information about South Jersey commercial land parcels, South Jersey office space for sale or South Jersey office space for lease, please contact Jason Wolf (856-857-6301; jason.wolf@wolfcre.com), Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Scott Seligman (856-857-6305; scott.seligman@wolfcre.com) at Wolf Commercial Real Estate, the premier Southern New Jersey and Philadelphia region Commercial Real Estate Brokerage and Advisory firm. As real estate brokerage and advisory experts in Southern New Jersey and the Philadelphia region, the team at our New Jersey commercial real estate brokerage firm provides ongoing detailed information to our clients and prospects to help them achieve their real estate goals.

Learn more about WCRE, a Southern New Jersey Commercial Real Estate Brokerage Firm, online at www.wolfcre.com, on Twitter @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com<http://www.southjerseyofficespace.com/>, www.southjerseymedicalspace.com<http://www.southjerseymedicalspace.com/>, www.southjerseyland.com<http://www.southjerseyland.com/> and www.southjerseyretailspace.comhttp://www.southjerseyretailspace.com/.

WCRE markets Southern New Jersey and Philadelphia commercial offices, medical properties, industrial properties and retail buildings for buyers, tenants, investors and sellers in such areas as Marlton, Moorestown, Mount Laurel, Cherry Hill, Voorhees, and Pennsauken. Please visit our websites for listings of Southern New Jersey commercial land parcels for lease or purchase and other Southern New Jersey commercial real estate for lease or purchase or for information about medical space, retail space, office space or South Jersey land for sale or lease from this Southern New Jersey Commercial Real Estate Broker.

 

Wolf Commercial Real Estate – A Leader In Research And Information

WCRE (Wolf Commercial Real Estate) is an industry leader when it comes to our deep knowledge about the commercial real estate market in Southern New Jersey and the Philadelphia region. We put our resources, relationships, and technology to work for our clients, so that each decision is made with the most up-to-date understanding of market conditions.

At the core of WCRE is a team of seasoned commercial real estate experts with an excellent track record in investment sales, tenant and landlord representation and corporate real estate transactions.  We specialize in South Jersey office space, as well as in retail and industrial properties throughout the Southern New Jersey and Philadelphia regions.

Our team of dedicated professionals is in place to provide the highest levels of commercial real estate research and information about Southern New Jersey land and other Southern New Jersey commercial properties.  Wolf Commercial Real Estate is creating a new culture and a higher standard of service.  At WCRE, we learn about our client’s goals, make them our own, and integrate those goals into an enduring partnership.  We go well beyond helping with property transactions and serve as a strategic partner invested in our client’s long-term growth and success.

For more information about how Wolf Commercial Real Estate can put this knowledge, experience and information to work for you, please contact Jason Wolf (856-857-6301; jason.wolf@wolfcre.com), Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Scott Seligman (856-857-6305; scott.seligman@wolfcre.com) at Wolf Commercial Real Estate, the premier Southern New Jersey and Philadelphia region Commercial Real Estate Brokerage and Advisory firm. As real estate brokerage and advisory experts in Southern New Jersey and the Philadelphia region, the team at our New Jersey commercial real estate brokerage firm provides ongoing detailed information to our clients and prospects to help them achieve their real estate goals.

Learn more about WCRE online at www.wolfcre.com, on Twitter @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com<http://www.southjerseyofficespace.com/>, www.southjerseymedicalspace.com<http://www.southjerseymedicalspace.com/>, www.southjerseyland.com<http://www.southjerseyland.com/> and www.southjerseyretailspace.comhttp://www.southjerseyretailspace.com/.

WCRE markets Southern New Jersey and Philadelphia commercial offices, medical properties, industrial properties and retail buildings for buyers, tenants, investors and sellers in such areas as Marlton, Moorestown, Mount Laurel, Cherry Hill, Voorhees and Pennsauken. Please visit our websites for listings of Southern New Jersey commercial real estate for lease or sale or for information about medical space, retail space or office space for sale or lease from this premier Southern New Jersey Commercial Real Estate Brokerage firm.

Land for Lease Or Sale From Wolf Commercial Real Estate

WCRE (Wolf Commercial Real Estate) is a full-service commercial real estate brokerage and advisory firm specializing in office, medical, retail, industrial, investment and land properties. We provide a complete range of real estate services to commercial property owners, companies, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. We value relationships more than any other aspect of our business. We’re connectors with the people, resources, properties, and partners that your company needs to achieve its goals.

Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We learn about your goals, make them our own, and integrate those goals into an enduring partnership. We go well beyond helping with property transactions and serve as a strategic partner invested in your long term growth and success.

Each WCRE client is treated as though they are our only client, no matter their particular need. Your goals become our goals. We understand how to think like investors, owners, and tenants, and we leverage our deep roots and extensive experience in Philadelphia, Southern New Jersey, and throughout the United States to connect clients with the properties, resources, and opportunities they need.

For more information about WCRE, please contact Jason Wolf (856-857-6301; jason.wolf@wolfcre.com), Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Scott Seligman (856-857-6305; scott.seligman@wolfcre.com) at Wolf Commercial Real Estate, the premier Southern New Jersey and Philadelphia region Commercial Real Estate Brokerage and Advisory firm. As real estate brokerage and advisory experts in Southern New Jersey and Philadelphia region our team provides ongoing information to our clients and prospects to help them achieve bottom line savings, reduce their costs, and mitigate their levels of risk.

Learn more about WCRE online at www.wolfcre.com, on Twitter @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com<http://www.southjerseyofficespace.com/>, www.southjerseymedicalspace.com<http://www.southjerseymedicalspace.com/>, www.southjerseyland.com<http://www.southjerseyland.com/> and www.southjerseyretailspace.com<http://www.southjerseyretailspace.com/>.

WCRE markets Southern New Jersey and Philadelphia commercial offices, medical properties, industrial properties, retail buildings and land for buyers, tenants, investors and sellers in such areas as Marlton, Moorestown, Mount Laurel, Cherry Hill, Voorhees and Pennsauken. Please visit our websites for listings of Southern New Jersey commercial real estate and landn for lease or purchase or for information about medical space, retail space, office space and land for sale or lease from this Southern New Jersey Commercial Real Estate Broker.

WCRE Appointed Exclusive Agent For Two Premier South Jersey Land Sites

Wolf Commercial Real Estate (WCRE) has been appointed exclusive agent to market two premier Southern New Jersey land sites: 593 Route 73 in West Berlin NJ and 1001 Laurel Oak Road in Voorhees NJ.

The highly visible 3.75-acre site in West Berlin is located on Route 73 North, in close proximity to Sahara Sam’s, the largest indoor water park in the tri-state area, the new Virtua Hospital, and many other retail businesses and medical facilities.  With more than 43,000 vehicles per day, this prime South Jersey land site offers a great development opportunity for hospitality, health, retail, or professional uses.

The site at 1001 Laurel Oak Road in Voorhees is part of the South Jersey Professional Center, located in the Voorhees Corporate Center. This premier approved land parcel can be purchased with the approved +/-10,000 square foot medical/professional office plans in place and/or the ownership can build to suit based on a buyer’s specific needs. This site offers a great opportunity to any medical or professional practice looking to expand within a prestigious professional park. Other major occupants of the Voorhees Corporate Center include Children’s Hospital of Philadelphia, Flyer’s Skate Zone, AAA of Southern New Jersey, Thomas Jefferson University Hospital, KinderCare, Hampton Inn, and Kellman Brown Academy Day School.

WCRE’s Jason Wolf & Leor Hemo were retained to market these sites. More information and marketing brochures are available upon request.

WCRE is a full-service commercial real estate advisory firm specializing in office, retail, industrial and investment properties. We provide a complete range of real estate services to commercial property owners, companies, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long term growth and success.

Learn more about WCRE online at www.wolfcre.com, on Twitter @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com,   www.southjerseymedicalspace.com, www.southjerseyland.com and www.southjerseyretailspace.com.

WCRE markets Southern New Jersey and Philadelphia commercial offices, medical properties and retail buildings for buyers, tenants, investors and sellers. Please contact us for listings of Southern New Jersey commercial real estate for lease or purchase or for information about office space, retail space or medical space for sale or lease from this Southern New Jersey Commercial Real Estate Broker.