Prime Philly Office Space for Lease in the Monroe Office Center

1 Winding WayWolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm with expertise in Philadelphia commercial real estate listings and services, now has available prime Philly office space for lease in the Monroe Office Center at 1 Winding Drive Philadelphia PA.

This Philadelphia office space for lease features suites ranging in size from 2,000 to 71,000 square feet of divisible Philly office space for lease.  The asking lease price for this professional office space in Philadelphia is $16.00 sf modified gross plus electric.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services, was appointed exclusive leasing agent for the Monroe Office Center at 1 Winding Drive Philadelphia PA in June.

This Philadelphia professional office space for lease is owned by Post Brothers, which has relocated its headquarters to approximately 15,000 square feet in the Monroe Office Center.  Among other tenants that have recently leased space in this Philadelphia office building for lease at 1 Winding Drive Philadelphia PA are DYK Automotive, LLC, an affiliate of Atlantic Pacific Automotive, and VT Cellular, LLC, a dealer affiliate for Metro PCS.

This two-story, elevator-served Philadelphia office space for lease is located within the Presidential City Complex on the Philadelphia side of City Line Avenue.  This professional office space in Philadelphia is directly across from the desirable Bala Cynwyd submarket and immediately off the I-76 exit at Presidential Boulevard.  At a ratio of 4/1,000 sf, parking in the two-and-one-half-level structure at this Philadelphia professional office space for lease is ample.

This Philadelphia office building for lease at 1 Winding Drive Philadelphia PA in the Monroe Office Center offers tenants highly efficient suite layouts. There also is secured 24/7 gate access at this professional office space in Philadelphia.  Suites in this Philadelphia office building for lease are available for immediate occupancy exclusively through Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm that specializes in Philadelphia commercial real estate listings and services.

Tenants in this Philadelphia professional office space for lease will be within the premier walkable town center environment at Presidential City Complex with access to numerous upscale residential communities, retail centers, restaurants, hotels, and other nearby amenities.

For more information about this Philadelphia office space for lease in the Monroe Office Center at 1 Winding Drive Philadelphia PA or about any other Philadelphia commercial properties for sale or lease, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, 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 Market Remains Steady despite National Economic Volatility

new Jason stats graphic - June 2015While the national economy was affected by turmoil in the global markets, the Philadelphia commercial real estate market continued its progress for another quarter, according to the latest quarterly analysis from Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in Philly commercial real estate listings and services, including Philly office space and other Philadelphia commercial properties.

An expected summer slow-down did slow the pace of transactions, but overall growth, expansion, and positive absorption stayed on track said the report from this Philly commercial real estate brokerage firm. Healthcare, insurance, financial services, defense contracting, and technology companies led the way.

“As in the past several quarters, we saw a healthy volume of transactions due to business expansion and improving job growth during the third quarter,” said Jason Wolf, founder and managing principal of Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm.. “We also saw an uptick in deal activity among small and mid-size businesses, which is welcome good news that the market had been waiting for.”

The report from this Philly commercial real estate broker details many factors contributing to continued strength in the market, including large and small lease deals, the beginning of new construction activity, several investment acquisitions of office properties, and continued repositioning among the area’s REITs.

According to the report issued by Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm with expertise in Philadelphia commercial real estate listings and services, including Philadelphia office space and other Philly commercial properties, this repositioning also covers the latest coup for the GROW NJ program, a recently announced 1.7 million square-foot mixed use development along the waterfront in Camden, NJ.

According to Wolf Commercial Real Estate, the third quarter posted approximately 477,983 of new leases and renewals executed in the Philly commercial real estate market. This is a nearly 20 percent improvement over the third quarter a year ago. New tenant leases consisted of approximately 280,360 square feet, and renewals and expansions made up approximately 197,623 square feet. New leasing activity represented approximately 58.7% of all deals for the quarter.

Overall, gross absorption for Q3 is in the range of approximately 233,610 square feet. In addition to the consummated deals, this section of the report from the Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings indicated a pipeline of approximately 350,000 square feet of significant pending lease deals expected to close in the near term.

Other office market highlights in the analysis from Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services, including Philly office space and other Philadelphia commercial properties:

  • Overall vacancy in the market continues to drop, and is now down to approximately 12.15 percent, an improvement of three quarters of a point over the previous quarter. Vacancy in Burlington County is now down to 8 percent, while in Camden County it stands at 16.3 percent.
  • The majority of leasing activity for the third quarter was comprised of deals ranging in size from 3,000-80,000 square feet.
  • Average rents for Class A & B product continue to show strong support in the range of $10.00-$13.00/sf NNN or $21.00-$23.00/sf gross, with an overall market average showing strong support in the $10.00-$13.00/sf NNN or $20.00-$23.00/sf gross for the deals completed during the quarter. Rents have remained stable.

The full report is available upon request from Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services, including Philadelphia office space and other Philadelphia commercial properties.

For more information about Philly office space, Philly retail space or any Philly commercial properties, please contact Jason Wolf (856-857-6301; jason.wolf@wolfcre.com) or Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a Philadelphia commercial real estate broker.

Wolf Commercial Real Estate is a premier Philly commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services that include Philadelphia office space and other Philadelphia commercial properties.  Wolf Commercial Real Estate markets 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 lease or sale through our Philadelphia commercial real estate brokerage firm.

Prime Philly Office Space for Lease in the Neshaminy Interplex Business Center

4 Neshaminy InterplexWolf Commercial Real Estate, a premier Philly commercial real estate brokerage firm with expertise in Philly commercial real estate listings and services, now has available prime Philly office space for lease in the Neshaminy Interplex Business Center at 4 Neshaminy Interplex Trevose PA.

There is one suite at this Philly office building for lease at 4 Neshaminy Interplex Trevose PA of approximately 4,482 square feet of Philly professional office space for lease.  This office space for lease in Philly at 4 Neshaminy Interplex Trevose PA is a subleased property with a lease term that expires on November 30, 2017.

The asking lease price for this professional office space in Philly in the Neshaminy Interplex Business Center at 4 Neshaminy Interplex Trevose PA is $17.00/sf plus electrical and janitorial. This Philly office space for lease is being offered by Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in Philly commercial real estate listings and services.

This office space for lease in Philly has onsite ownership and management. This professional office space in Philly is in walking distance to restaurants and food services. The 274-room Radisson Hotel is nearby this Philly professional office space for lease at 4 Neshaminy Interplex Trevose PA.

There is a child care center and Interplex Fitness Center at this professional office space in Philly from Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm that specializes in Philly commercial real estate listings and services. This Philly office space for lease is located in close proximity to I-95 and the Pennsylvania Turnpike.

For more information about this Philly professional office space for lease at 4 Neshaminy Interplex Trevose PA or about other Philly commercial properties for sale or lease, please contact Jason Wolf (856-857-6301; jason.wolf@wolfcre.com) or Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a Philly commercial real estate broker.

Wolf Commercial Real Estate is the foremost Philly commercial real estate broker that provides a full range of Philly commercial real estate listings and services, 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 Philly commercial properties for lease or sale through our Philly commercial real estate brokerage firm.

Report: Every Sector of Philadelphia Office Space Development at Its Peak

new Jason stats graphic - June 2015Office space in Philadelphia is springing up with many major real estate developments, and Center City is undeniably at its center. For a couple of years, the city has been observing the development of level it hasn’t seen since the construction of Liberty Place towers during the late 1980s. And the same trend will continue for next few years. So says the latest Center City Development report on office space in Philly prepared by CenterCityPhila.org.

Be it Philadelphia commercial properties, Philadelphia commercial real estate or Philadelphia commercial real estate listings, every sector is being transformed with a number of new Philadelphia office space projects. The CenterCityPhila.org report features over 60 ambitious Philly office space projects of different sectors proposed to be built between 2014 and 2018. Some have already been completed, many are under way, and some are yet to begin. But undoubtedly, this development phase will change the Philly and life here forever and for better.

Some of the most eye-catching projects involving office space in Philadelphia are Comcast Innovation & Technology Center, a 1,121 feet tall skyscraper; Children’s Hospital of Philadelphia at South Street, which will house a research staff of 1000+; a 51-story hotel building with 460 rooms divided among two hospitality brands; Penn’s Landing Park, spanning across 11 acres; Renaissance Plaza, a residential complex of 1,398 units, and many more.

With all the new Philadelphia office space projects under way, certainly a huge number of employment opportunities will be created in time to come. This in effect will attract thousands of people to the City of Brotherly Love from not just the US but from across the world, all looking for Philadelphia commercial properties, Philadelphia commercial real estate and Philadelphia commercial real estate listings. Meanwhile, there are plenty of alluring Philly office space opportunities for real estate investors in Philadelphia, especially in the residential sector.

However, it isn’t just the pace of construction of office space in Philly that has picked up recently that fascinates investors. There are many other factors that make Philadelphia an ideal place to develop and invest in real estate properties.

For instance, there is no property tax for first 10 years on new constructions in Philadelphia. Philadelphia is also among that handful of cities where the housing market is still stable, while the entire country is whining about a tight housing market and steeply rising house prices. Additionally, the markets involving Philadelphia commercial properties, Philadelphia commercial real estate and Philadelphia commercial real estate listings are among top 10 cities with highest rental return rates.

For more information about Philadelphia office space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in office space in Philly.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail 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 and services, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia 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.

Premier Philadelphia Office Space for Lease in Monroe Office Center

1 Winding WayWolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services, is now offering premier Philadelphia office space for lease in the Monroe Office Center at 1 Winding Drive Philadelphia PA.

This Philadelphia office building for lease will have suites that range in size from 1,325 to 71,000 square feet of divisible Philadelphia PA office space for lease. The asking lease price for this Philadelphia professional office space for lease is $16.00 sf modified gross plus electric.

This Philadelphia office space for lease in the Monroe Office Center at 1 Winding Drive Philadelphia PA is available for immediate occupancy through Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm that specializes in Philadelphia commercial real estate listings and services.

This Philadelphia professional office space for lease is a two-story, elevator-served office building within the Presidential City Complex. This Philadelphia office building for lease at 1 Winding Drive Philadelphia PA is located on the Philadelphia side of City Line Avenue and this Philadelphia PA office space for lease is immediately off the I-76 edit at Presidential Boulevard.

This Philadelphia office space for lease features highly efficient suite layouts. There is secured 24/7 gate access near this Philadelphia professional office space for lease through Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services.

There is 4/1,000 sf of parking in a two-and-one-half-level structure at this Philadelphia office building for lease in the Monroe Office Center at 1 Winding Drive Philadelphia PA. Tenants of this Philadelphia PA office space for lease will be within a premier walkable town center environment.

For more information about this Philadelphia office space for lease in the Monroe Office Center at 1 Winding Drive Philadelphia PA or about any other Philadelphia commercial properties for sale or lease, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) or Leor Hemo (leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm that specializes in Philadelphia commercial real estate listings and services.

Wolf Commercial Real Estate is a premier Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, 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.

Philly Office Space Vacancies Rise in First Quarter

research-information-graphic-phlThe Philly office space vacancy rate rose in the first quarter 2015, closing the quarter at 10.8%, according to a new market report from the CoStar Group.

The vacancy rate for office space in Philadelphia in the first quarter was an increase over the previous quarter, the CoStar Group’s First Quarter 2015 Market Report noted.  Net absorption was negative 386,143 square feet of office space in Philly for the first quarter, compared to positive 378,460 square feet of Philadelphia office space in the fourth quarter, CoStar said.

Vacant sublease space in the market for office space in Philadelphia was up in the first quarter, closing at 1,306,325 square feet of Philly office space, CoStar added.

Among tenants moving into large blocks of office space in Philly in 2015 were:  Incyte Corporation, moving into 191,056 square feet of Philly office space at 1801 Augustine Cut Off; and National Penn Insurance Services, moving into 126,369 square feet of office space in Philadelphia at 645 West Hamilton Street, the report noted.

Philadelphia office space rental rates ended the quarter at $21.89, an increase over the fourth quarter, according to the report.

Seven buildings were delivered to the market for office space in Philly in the first quarter, CoStar reported.  That tally added 145,650 square feet of Philly office space to the market.  Another 2,602,750 square feet of office space in Philadelphia remained under construction at the end of the first quarter, CoStar said.

Comparatively, national office vacancies dropped to 10.9% in the first quarter, CoStar reported.  Net absorption was positive 15.4 million square feet for the quarter, the report noted.  Average rental rates increased to $22.74 and 244 office buildings delivered in the quarter, bringing more than 16.5 million square feet to the national market, according to CoStar.

For more information about Philadelphia office space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in office space in Philly.

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail 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 and services, provides unparalleled expertise in matching companies and individuals seeking new Philadelphia 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.

First Quarter Report: Strong Start for South Jersey Commercial Real Estate

research-information-graphic-phlMaintaining the momentum it experienced in fourth quarter 2014, the South Jersey commercial real estate market started 2015 on a strong note, according to a new market report from Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in South Jersey and Philly commercial real estate listings and services, including Philly office space and other Philadelphia commercial properties.

The latest quarterly analysis by the Philly commercial real estate brokerage firm found that some challenges remain in the marketplace, but that the Garden State’s overall office space market has been bolstered in the first quarter by major healthcare institutions, investors and large tenants.

“The moves we’ve seen this quarter signal significant business expansion and job growth,” said Jason Wolf, founder and managing principal of Wolf Commercial Real Estate, a leading  Philly commercial real estate brokerage firm. “This has helped to boost commercial real estate confidence and lending conditions, leading to a more optimistic atmosphere that is expected to continue throughout 2015.”

The report underscores significant moves announced and/or anticipated by key players in the South Jersey office market, including Virtua’s plan to relocate to a 62,000-square-foot office this fall and the sale of two Brandywine Realty Trust trophy assets to out-of-market investors — Libertyview and 1000 Atrium Way. The two buildings totaled 221,405 square feet, selling for an average of about $134/sf.

The first quarter saw a 7% increase in new leases and renewals, according to the report issued by Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm with expertise in South Jersey and Philadelphia commercial real estate listings and services, including Philadelphia office space and other Philly commercial properties.  Executed transactions rose from 441,141 square feet in the first quarter a year ago to approximately 472,154 square feet in this first quarter 2015, the firm said.

New tenant leases amounted to approximately 186,427 square feet, while renewals and expansions stood at approximately 285,727 square feet in the state’s southern office market, the Philly commercial real estate broker said.  New leasing activity represented approximately 39.5% of deals in the first quarter. Overall, gross absorption for first quarter was in the range of approximately 255,161 square feet. Beyond the closed transactions, a pipeline of approximately 450,000 square feet of noteworthy South Jersey lease deals stood ready to close in the near future.

Other office market highlights in the analysis from Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm that specializes in South Jersey and Philly commercial real estate listings and services, including Philly office space and other Philadelphia commercial properties:

  • GROW NJ continues to draw businesses to the state, the Philly commercial real estate broker said.  In the first two months of 2015 alone, 10 projects were approved for $84.6 million in funding.
  • Overall vacancies in the South Jersey commercial real estate market continued to decrease, and are now down to approximately 13.6 percent, an improvement over the fourth quarter 2014.
  • Average rents for Class A & B product in the office market continue to show strong support in the range of $10.00-$14.00/sf NNN or $21.00-$24.00/sf gross, with an overall market average showing strong support in the $10.00-$12.00/sf NNN or $20.00-$22.00/sf gross for the deals completed during the first quarter. Rents remained stable.
  • All major private owners and REITS showed moderate leasing and prospect activity for the quarter.  As vacancies tightened in Burlington County, many larger vacancy opportunities are also shifting toward Camden County, which is not controlled by these ownership entities.

The retail section of the report from the Philadelphia commercial real estate broker that specializes in South Jersey and Philadelphia commercial real estate listings observed that consumer confidence had reached its highest monthly level since the start of the recession and was likely to strengthen more as the year goes on.  Highlights from the retail section include:

  • Overall retail vacancy in South Jersey’s tri-county area was lingering at about 10.5%, a slight increase from the previous quarter, but still encouraging in comparison to recent years.
  • Class A retail product rental rates maintained strong support in the range of $30.00-$40.00/sf NNN, as rents remained steady.
  • National chains experiencing growth were responsible for much of the demand for local space, while smaller retailers and local based retailers continued to struggle.

The full report is available upon request from Wolf Commercial Real Estate, a Philly commercial real estate brokerage firm with expertise in South Jersey and Philly commercial real estate listings and services, including Philadelphia office space and other Philadelphia commercial properties.

For more information about Philly office space or any Philly commercial properties, please contact Jason Wolf (856-857-6301; jason.wolf@wolfcre.com), Leor Hemo (856-857-6302; leor.hemo@wolfcre.com), Christina Del Duca (856-857-6304; christina.delduca@wolfcre.com), Todd Levin (856-857-6319; todd.levin@wolfcre.com), Scott Seligman (856-857-6305; scott.seligman@wolfcre.com) or Christopher Henderson (856-857-6337; chris.henderson@wolfcre.com at Wolf Commercial Real Estate, a Philadelphia commercial real estate broker.

Wolf Commercial Real Estate is a premier Philly commercial real estate broker that provides a full range of South Jersey and Philadelphia commercial real estate listings and services that include Philadelphia office space and other Philadelphia commercial properties.  Wolf Commercial Real Estate markets commercial offices, medical properties, industrial properties, land properties, retail buildings and other South Jersey and Philly 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.

Largest Philadelphia Office Space Leases Signed in Q4 2014

research-information-graphic-phlThe largest lease for Philadelphia office space signed in the fourth quarter 2014 was for Subaru of America’s new corporate headquarters in the Philadelphia market, according to a new report from the CoStar Group.

Subaru signed the lease for 250,000 square feet of Philly office space in the Gateway Office Campus – Building 4 in the North Camden County submarket, according to CoStar’s Fourth Quarter 2014 Market Report.

The fourth quarter’s second largest lease in the market for office space in Philadelphia was for 62,880 square feet at Two Logan Square in the Market Street West submarket, CoStar said.

The report also recognized Thomas Jefferson University Hospital’s fourth quarter lease for 43,369 square feet at 833 Chestnut East in the Market Street East submarket of the market for  office space in Philly.

Other significant leases signed in 2014 included Comcast Corporation’s second quarter lease for 982,275 square feet at Comcast Innovation & Technology Center in the Philly office space market’s Market Street West submarket.

In comparison to the lease signings for office space in Philly, CoStar said the top new leases signed in the national market in fourth quarter 2014 included Google Inc.’s 1.89 million-square-foot lease in the South Bay / San Jose market; Amazon’s 422,682-square-foot lease in New York City; ServiceNow, Inc.’s lease for 310,346 square feet in the South Bay / San Jose market; MITRE’s lease for 270,000 square feet in the Washington market; and Subaru of America’s lease for 250,000 square feet in the Philadelphia office space market.

For more information about office space in Philadelphia or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm with expertise in Philly office space.

Wolf Commercial Real Estate is a Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new office space in Philly 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 office space in Philadelphia and other Philadelphia commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philadelphia 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 Fourth Quarter Construction, Deliveries, Inventory

research-information-graphic-phlThe Philly office space market received, during the fourth quarter of 2014, two new office buildings totaling 343,850 square feet, according to the CoStar Group’s newest market trend report. This was in contrast to the third quarter 2014 when two buildings that add up to 219,036 square feet were finished in the Philadelphia office space market, CoStar said.

At the end of the fourth quarter, an additional 2,966,000 square feet of office space in Philadelphia was still under construction, according to CoStar’s Third Quarter 2014 Market Report.

Deliveries of note in the Philadelphia office space market in 2014 were: 3737 Market St, a 340,000-square-foot facility that delivered in fourth quarter 2014 and is now 83% occupied, and Two City Center, a 296,025-square-foot building that delivered in second quarter 2014 and is now 96% occupied the market report said.

The largest projects being erected by the completion of the fourth quarter 2014 were Comcast Innovation & Technology Center, a 1,336,682-square-foot building with 100% of its space pre-leased, and FMC Tower / Walnut Street Tower, an 830,000-square-foot facility that is 65% pre-leased.

Total office inventory in the Philadelphia market area was 405,122,371 square feet in 21,069 buildings as of the end of the fourth quarter 2014. The Class-A office sector was 129,738,709 square feet in 967 projects. The office market had 980 owner-occupied buildings with 37,342,438 square feet of office space.

This trend is like the U.S. National Office deliveries and construction, which was 194 buildings totaling 15.92 million square feet complete construction, with more than 117.6 million square feet of office space still under construction at the end of the fourth quarter.

One Franklin Park, a 267,751-square-foot facility opened in Tennessee as did, in Houston the 1 million-square-foot ExxonMobil Campus – Ph. 1. At the same time, the 366,858-square-foot North Hills Tower II in the Raleigh/Durham market was being built. This makes inventory of office space in America nearly 10.47 billion square feet in more than 503,600 buildings at the end the fourth quarter of 2014. This also counted 22,000 owner-occupied buildings with 937 million square feet.

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

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that provides a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail 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 Philadelphia 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.

Strong Demand for U.S. Office Space Expected through 2016

research-information-graphic-phlDemand for U.S. office space is predicted to continue at post-recession highs for two years, thanks to declining vacancy rates and rising rents in an increasing number of submarkets, a new report from the CoStar group says.

A CoStar Portfolio Strategy analyst, reporting in CoStar’s State of The U.S. Office Market 2014 Review and Forecast, also attributed the positive outlook to the U.S. office space market’s stellar performance in 2014.  Net absorption in 2014 increased 42% from 2013 levels, with the fourth quarter alone seeing net absorption of more than 30 million square feet, according to the report.

In the U.S. market, net absorption of office space went from 64 million square feet in 2013 to 91 million square feet in 2014, CoStar noted.  The level of U.S. office space absorbed in 2014 was twice the level of new U.S. office space brought to the market, CoStar said.

CoStar expects annual absorption to remain near the 90 million square-foot mark through 2016.  Construction deliveries are anticipated to rise over the two-year period as increasing rents and tightening vacancy rates encourage new development.

The healthy demand for U.S. office space clearly demonstrates occupiers are no longer following the trend of shrinking square foot-per-employee office footprints, CoStar reported.  The analysis also said the shadow supply of empty office space that has been lingering since the Great Recession is now thinning with growth continuing at a “very strong clip.”

The vacancy rate for U.S. office space plummeted 70 basis points from 12% to 11.3% in the year just ended, representing the single largest drop since the end of the recession, CoStar noted.  Vacancies were down across the board across markets, submarkets and building types and quality levels, with the one exception being vacancy rates for medical office properties, which remained at their historically solid 9.6% levels, CoStar added.

With almost every metro market posting year-over-year declines in vacancy rates, many markets are dropping below the national average for office space vacancies, CoStar said.  The single exception in this area is the Washington, D.C. market, where vacancies increased slightly, mostly because of strong constructions activity.

The drop in vacancies in office submarkets is a “feel-good story across the country,” a CoStar analyst reported.  Newer properties have recovered more strongly as vacancies for 2008 and newer buildings fell from a high of 45% in 2008 to almost 10% in the last quarter of 2014.  Meanwhile, older buildings from the 1980s haven’t recovered at all, CoStar noted.  More and more tenants are opting for buildings in Central Business Districts (CBDs) or the closer-in suburban markets, but the older 1980s buildings often can be found in less desirable outer-ring suburban submarkets, CoStar said.

The analysis also noted that demand for high-quality space is on the rise.  Newer 4 and 5 Star space saw double the rate of absorption than did lower-quality space.  High-quality space rose 2% from 2013 to 2014, compared to 0.9% for 1-, 2- and 3-star space, the report explained.

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

Wolf Commercial Real Estate is a Philadelphia commercial real estate brokerage firm that specializes in Philadelphia office space, providing a full range of Philadelphia commercial real estate listings and services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Wolf Commercial Real Estate, a Philadelphia commercial real estate broker with extensive 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, including Philly office space, to our clients and prospects to help them achieve their real estate goals.  If you are looking for Philadelphia 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.