Philly Office Space

Philly Office SpaceWolf Commercial Real Estate (WCRE), a full-service Philadelphia commercial real estate brokerage firm, specializes in representing Philly office space for buyers, tenants, investors and sellers throughout the Greater Philadelphia region.

Strategically located between New York City and Washington, D.C., and easily accessible via a major international airport, Amtrak’s north-south corridor and several major highways, Philadelphia office space offers global, national and regional companies a highly desirable location in which to conduct business.

As experts in Philadelphia commercial real estate services, the team at our Philly commercial real estate brokerage firm provides ongoing detailed information about Philadelphia office properties to our clients and prospects to help them achieve their real estate goals. At Wolf Commercial Real Estate, our Philadelphia commercial real estate services encompass the highest quality of service and proven expertise.

Philly Office Space Property Owner Representation

WCRE, a leading Philadelphia commercial real estate broker, helps owners of Philly office space for sale or lease put tenants or buyers in their properties through a defined marketing process that is tailored to each property and sub-market. Our proven marketing strategy is implemented by commercial real estate professionals who are experts in the Greater Philadelphia-area office markets, providing the unparalleled levels of Philadelphia Property Owner Representation. As a premier Philadelphia commercial real estate brokerage firm, we treat your Philadelphia office properties as if they were our own and work closely with you as part of our total commitment to client-focused relationships.

Philly Office Space Tenant Representation

For companies and individuals seeking to lease or acquire new Philly office space, Wolf Commercial Real Estate will identify the office space that best suits your needs, whether in the Greater Philadelphia area or anywhere in the country. Through our Philadelphia Tenant Representation services, we ensure that the sale or lease terms of the Philadelphia office space or any other new property are tailored to meet your goals. As a full-service Philly commercial real estate broker, we assist in the relocation analysis process from start to finish, facilitating a smooth transition into your new Philly office space and serving as your strategic partner invested in your long-term growth and success.

For more information about Philadelphia office space for sale or lease or about commercial properties for sale or lease elsewhere in the United States, please contact Jason Wolf (215-799-6900-office; 215-588-8800-cell; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, the premier Philly commercial real estate brokerage firm.

About Us

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate services, marketing commercial offices, medical properties, investment properties, industrial properties, land parcels and retail buildings for buyers, tenants, investors and sellers in the Greater Philadelphia area and beyond. Please visit our websites for information about our Philadelphia commercial real estate services for office space, retail space, medical space, investments, industrial space or land for sale or lease, or for information about other commercial real estate listings and commercial real estate services from Wolf Commercial Real Estate, the leading Philly commercial real estate broker.

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Astoban Investments Buys Freeman’s Former Headquarters for $14.3 Million

Local Developer Plans Condo Project in Philadelphia’s Center City

Local full service development firm Astoban Investments has purchased the former headquarters of Freeman’s auction house in Philadelphia’s Center City from a private family trust for $14.3 million, or about $330 per square foot.

The 43,284-square-foot, six-story building at 1808-1810 Chestnut St. was completed for the auction house in 1924.

Astoban Investments said in a June application to the Philadelphia Historical Commission that it wanted to convert the property into condos.

Freeman’s plans to move to an office building anchored by Aramark at 2400 Market St. on the Schuylkill waterfront.

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia commercial properties for sale or lease, please contact WCRE at 215-799-6900

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Local Gene Therapy Company Signs Large Lease in Philly’s University City

Across the globe, Philadelphia is known more for its homegrown hip hop giants and boxing greats than for its long history of health sciences innovation. But as the home of the United States’ first teaching hospital, surgical amphitheater and medical library, Philadelphia continues to build on its legacy as a healthcare powerhouse.

Since late 2018, Philadelphia has seen a surge of expansions by companies using innovative gene therapy techniques to treat cancer and rare diseases. If momentum continues at its current pace, the city even stands a fighting chance at surpassing biotechnology hubs like the San Francisco Bay Area and Boston/Cambridge as the U.S.’ center for healthcare innovation over the next decade.

In October, Limelight Bio joined the list of life sciences firms, including Iovance Biotherapeutics, Spark Therapeutics and Amicus Therapeutics, which have all committed to major Philly-area growth plans over the past 13 months.

Limelight Bio has leased 25,000 square feet, taking the entire 16th floor at Healthpeak Properties’ Science Center at 3535 Market. The firm plans to move into its new space by the second quarter of 2020.

Among the recent batch of life sciences expansions, this deal is unique for at least two reasons:

Limelight Bio Is a Product of the University of Pennsylvania’s Pennovation Center

Unlike Iovance and Amicus, which are headquartered out-of-state but have announced recent Philadelphia expansions to enhance their collaboration with Philly’s wealth of healthcare research institutions, Limelight Bio is strictly a product of hometown innovation.

When it takes occupancy at 3535 Market, the venture capital-backed firm will be moving out of its birthplace, the Pennovation Center on Gray’s Ferry Avenue. Owned and operated by the University of Pennsylvania, Pennovation Center is a business incubator which offers startups a mix of coworking space, lab facilities and an auditorium/event space.

Limelight Bio’s growth is an early sign that the work at Pennovation Center, which opened in 2016, is bearing fruits for Philadelphia’s economy and real estate markets. It also foreshadows future expansions that will come from the Cambridge Innovation Center, which opened a 125,000-square-foot incubator at 3675 Market less than one year ago.

This Lease Involves a 1970s-Built Property, Rather Than a New Development

Due to their advanced technological needs, most recent leases by gene therapy firms including Iovance and Amicus have gone to newly developed properties. While these expansions provide a huge boost to Philadelphia’s economy, and to developers’ profits, they do little to help owners of already existing properties who are trying to fill their space.

3535 Market was built in 1973, but since losing Children’s Hospital of Philadelphia (CHOP) as an anchor tenant in 2017, the building’s owner, Healthpeak Properties, completed a $40 million renovation. Healthpeak added a new lobby and facade, while replacing its windows, roof and cooling tower.

These renovations have brought revitalized office space to market in University City at a critical time. With leasing improving and no new office projects likely to deliver before 2021, 2.0 University Place and 3600 Market are the only other modern office properties west of 32nd Street near the heart of Penn’s Campus with more than 20,000 square feet available for immediate occupancy.

The recent upgrades at 3535 Market even convinced CHOP to return to some of its former space within the property. With CHOP continuing to grow and the office market tightening, the healthcare giant recently agreed to move back into a full floor at 3535 Market during the first quarter of 2020.

In higher rent, university-oriented office submarkets like Cambridge’s Kendall Square and Silicon Valley’s Palo Alto, tenant demand is strong enough that tech firms clamor for space, not just in high end new developments, but also existing properties. Limelight Bio’s lease at 3535 Market helps push University City further in that direction as the submarket enters a new decade with plenty of cause for optimism.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, rettail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly office space with the Philadelphia commercial properties that best meets their needs.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need – a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Philly Office Space Vacancy Rate Among Lowest in U.S.

Philadelphia’s office market is rounding out 2019 in good health.

Thanks in large part to minimal levels of new construction, the vacancy rate in the Philadelphia commercial real estate market remains among the lowest of any major market in the U.S., and tighter than current vacancy levels in Chicago, Los Angeles and Washington, D.C.

Leasing by life science, health care and coworking tenants have helped propel rent growth in centrally located submarkets involving Philly office space in such areas as University City and Market Street West to more than 4 percent year-over-year.

This CoStar Realty Information Inc. report involving Philadelphia commercial properties is being made available through Philadelphia commercial real estate broker Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm. You can view the report by clicking here.

There are some signs of weakness under the surface. As low unemployment and an increasingly weaker economic outlook make it more challenging for companies to expand their payrolls, job growth in the Philly office space market is slowing and office tenant expansions have been following suit.

But compared to most major U.S. markets, Philadelphia remains well positioned to weather any potential economic slowdown. Sky-high local construction costs in the Philly office space market has kept office construction to a minimum here, meaning there’s no risk of speculative office development driving up vacancies over the next two years. Meanwhile, the local economy’s outsized exposure to the nearly recession proof healthcare sector also limits downside risks. – By Adrian Ponsen, CoStar Realty Information Inc.

For more information about Philly office space or other Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philly office space.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, rettail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with expertise in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Philly office space with the Philadelphia commercial properties that best meets their needs.

As experts in Philadelphia commercial real estate listings and services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information about Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philly office space for sale or lease, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need – a strategic partner who is fully invested in your long-term growth and success.

Please visit our websites for a full listing of South Jersey and Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Architectural firm moving HQ to Center City

Formcraft, an architectural firm based in Delaware County, has decided to relocate its headquarters to Philadelphia and bring a total of 31 jobs to the city.

The move comes after the company opened a Philadelphia satellite office in 2016 in 2,800 square feet at 1515 Market St. “Our goal at that point was to get our foot in the door and test the waters and figure out where we really wanted to be,” said Owen Druckenmiller, managing director at Formcraft. “Earlier this year, we realized how much better it would be under one roof.”

It was also became apparent the company’s location at 712 Henderson Road in Folcroft wasn’t giving it the access it needed to talent. The building, which it owns, isn’t convenient to mass transit and the location is not as hip as Center City.

The company made the decision in April and accelerated plans to make the move to Philadelphia. In its search for new space, the company knew it wanted to be in a trophy building to reflect the type of clients it provides architectural services. Formcraft focuses on corporate office interiors and it is working on an 8,000-square-foot space for CapREIT at Two Liberty Place and a 16,000-square-foot headquarters for AGC Chemicals Americas Inc. in Exton.

Formcraft narrowed its choices to Two Logan Square, 1735 Market St., and Two Commerce Square. It signed a deal for 8,500 square feet at Two Commerce Square.

“This fits into our continued growth plans,” Druckenmiller said. “The company has been growing over the last eight years and it’s going to help continue that growth and give us access to talent.”

The company is figuring out what it will do with its 8,000-square-foot building in Folcroft. The structure sits on 2 acres and is not far from Philadelphia International Airport. Options include possibly redeveloping it or selling.

The company will move November into Two Commerce Square.

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia commercial properties for sale or lease, please contact WCRE at 215-799-6900

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

*Article is courtesy of Philadelphia Biz Journal,  Natalie Kostelni

Philly Office Space for Lease at 6712-6714 Rising Sun Avenue

Wolf Commercial Real Estate, the leading Philadelphia commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, is offering well-located Philadelphia office space for lease at 6712-6714 Rising Sun Avenue Philadelphia PA.

The asking lease price for this office space in Philly is $24.00 sf NNN. This Philadelphia office space for lease is being offered for immediate occupancy through Wolf Commercial Real Estate, a Philly commercial real estate broker with expertise in Philadelphia commercial real estate listings and services.

This Philly office space for lease at 6712-6714 Rising Sun Avenue Philadelphia PA contains a total of +/- 4,600 of divisible Philadelphia office space for lease. Exterior building signage is available at this Philly office space for lease and there is an excellent office layout for either a medical office or a legal office at this office space in Philadelphia.

This Philly office space for lease is available for lease through Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services.

More than 15,000 vehicles a day pass this Philadelphia office space for lease and more than 39,000 people reside within a one-mile radius of this office space in Philadelphia. The average household income in that same area near this Philly office space for lease is $55,847.

For more information about this Philly office space for lease at 6712-6714 Rising Sun Avenue Philadelphia PA or about any other Philadelphia commercial properties for sale or lease, please contact Ty Martin (215-799-6144; ty.martin@wolfcre.com) or Mitch Russell (215-799-6143; mitch.russell@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philadelphia commercial real estate listings and services.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philadelphia commercial properties for sale or lease through our Philly commercial real estate brokerage firm.

Philadelphia’s Market Street West Vacancies Near 10-Year Low

CoStar Market Insights: Center City Philadelphia’s Minimal New Office Construction and Rising Rents Have Local Office Owners in a Comfortable Position Heading Into Late 2019

Philadelphia’s largest office submarket, Market Street West, wrapped up the second quarter in good health.

As cited in the latest Market Street West video update, the submarket’s vacancy rate is holding steady around 8%, close to a 10-year low and even tighter than vacancy rates in other prime northeast submarkets, including Washington, D.C.’s, CBD, and the Plaza District in Midtown Manhattan.

Market Street West’s office absorption has been slightly negative year-to-date, but the complete lack of new office construction underway has helped keep the overall market tight and asking rents growing by over 6% year-over-year.

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia commercial properties for sale or lease, please contact WCRE at 215-799-6900

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

*Article is courtesy of CoStar News, Adrian Ponsen, August 2, 2019

Center City Coworking Leasing Hits All-Time High in 2019

CoStar Market Insights: Philadelphia Office Fundamentals Are Benefiting As Growing Coworking Operators Move Into This Market for the First Time

This week, San Diego-based flexible workspace provider CommonGrounds announced its 62,461-square-foot lease at Shorenstein’s 1700 Market, with the new location scheduled to open by the first quarter of 2020.

When CommonGrounds opens the facility, it will be Center City Philadelphia’s largest coworking space, surpassing MakeOffices’ 57,000-square-foot space less than a block away, at 1635 Market. CommonGrounds’ announcement was also the third in a chain of large leases signed by coworking operators in Center City during 2019 including WeWork’s 50,000-square-foot lease at 1100 Ludlow and Industrious’ 55,000-square-foot lease at Two Liberty Place.

All told, these three deals have pushed Center City’s coworking leasing to over 160,000 square feet seven months into 2019, already surpassing any full year on record.

Many of Center City’s largest leases by more-traditional government, financial and legal tenants have involved companies switching Center City addresses, but downsizing their overall amount of office square footage. This was the case with the EPA’s recent announcement that it would shed more than 125,000 square feet when it moves to Four Penn Center.

Meanwhile, coworking companies are some of the few new tenants increasing the number of locations they operate in Center City, or in the case of CommonGrounds moving into Philadelphia for the first time.

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia commercial properties for sale or lease, please contact WCRE at 215-799-6900

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

*Article is courtesy of CoStar News, Adrian Ponsen, July 24, 2019

Prime Philly Office Space for Lease on Rising Sun Avenue

Wolf Commercial Real Estate, the leading Philadelphia commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, is offering prime Philadelphia office space for lease at 6712-6714 Rising Sun Avenue Philadelphia PA.

The asking lease price for this office space in Philly is $24.00 sf NNN. This Philadelphia office space for lease is being offered for immediate occupancy through Wolf Commercial Real Estate, a Philly commercial real estate broker with expertise in Philadelphia commercial real estate listings and services.

This Philly office space for lease at 6712-6714 Rising Sun Avenue Philadelphia PA contains a total of +/- 4,600 of divisible Philadelphia office space for lease. Exterior building signage is available at this Philly office space for lease and there is a full fit-out for a legal or medical office at this office space in Philadelphia.

This Philly office space for lease is available for lease through Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services.

More than 39,000 people reside within a one-mile radius of this office space in Philadelphia while the average household income in the same geographic area near this Philly office space for lease is $55,847. More than 15,000 vehicles a day pass this Philadelphia office space for lease.

For more information about this Philly office space for lease at 6712-6714 Rising Sun Avenue Philadelphia PA or about any other Philadelphia commercial properties for sale or lease, please contact Mitch Russell (215-799-6143; mitch.russell@wolfcre.com), Ty Martin (215-799-6144; ty.martin@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philadelphia commercial real estate listings and services.

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philly commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philly commercial properties for buyers, tenants, investors and sellers. Please visit our websites for a full listing of Philadelphia commercial properties for sale or lease through our Philly commercial real estate brokerage firm.

Medecision Inks Deal at CrossPoint at Valley Forge

Medical Software Company Signs Sublease in Wayne, Pennsylvania

Medecision, a leader in software solutions for the healthcare industry, subleased 24,726 square feet at Prime US REIT’s Class A office building at CrossPoint at Valley Forge in Wayne, Pennsylvania.

The 272,360-square-foot, four-story building at 550 E. Swedesford Road was built in 1974 and renovated in 2014. The 4-Star property spans 25.3 acres less than four miles from King of Prussia.

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia commercial properties for sale or lease, please contact WCRE at 215-799-6900

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

*Article courtesy of CoStar News, JULY 12, 2019|ALDEN DYSON

Philadelphia’s Center City Office Rent Growth Outperforms Most East Coast Central Business Districts

Market Stat: Center City Office Rent Growth Outpaces Manhattan, Downtown Boston and the District of Columbia on a Year-Over-Year Basis

The Central Business Districts of global gateway markets such as New York, Washington, D.C., and Boston, have long been perceived as the powerhouses for office rent growth in the Northeastern U.S. But that dynamic appears to be changing.

Since 2016, rents in the CBDs of the most-expensive East Coast markets have been flat-lining. With average office rents now between $55 to $75 per square foot, affordability constraints are coming into play for CBD tenants in New York, Washington, D.C., and Boston. Meanwhile, these three locations have seen a combined 48 million square feet of new office projects either complete, or break ground in the past five years. For owners of existing office properties, this rapid expansion in high-end office inventory means more properties to compete with and less bargaining power during lease negotiations.

The situation is very different in Center City Philadelphia, where the list of technology and finance tenants looking to expand may be limited, but sky-high construction costs are keeping new office development to a minimum. Averaging $33 per square foot, Center City’s rents are vastly more affordable than those in other nearby East Coast CBDs, and rent growth, which made a strong showing from 2013 to 2015, has only accelerated in recent years.

Investors who have piled into Midtown Manhattan and District of Columbia properties at 3% to 4% capitalization rates in recent years may not like it, but this divergence may well continue over the long-term, given the prohibitively high cost of doing business in the Northeast’s global gateway markets.

For more information about Philadelphia office space for sale or lease in Philadelphia or about any other Philadelphia commercial properties for sale or lease, please contact WCRE at 215-799-6900

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

*Article courtesy of CoStar News,  JULY 03, 2019|ADRIAN PONSEN