New Philly Office Space Introduced with Completion of Three Philadelphia Office Buildings

william pennThree new Philadelphia office buildings were completed in the third quarter 2013, introducing a total of 61,700 square feet of new Philly office space to the market, according to a new market trend report from the Costar Group.

In comparison, three Philadelphia office buildings totaling 33,100 square feet were completed in the second quarter 2013, eight buildings totaling 726,360 square feet in the first quarter 2013, and six buildings totaling 276,492 square feet in the fourth quarter 2012, according to CoStar’s Third Quarter 2013 Market Report.

Another 791,386 square feet of office space in Philadelphia was under construction at the end of the third quarter 2013, CoStar said.

The notable new Philadelphia office space delivered in 2013 includes Endo Pharmaceuticals, a 300,000-square-foot facility that delivered in first quarter 2013 and is fully occupied, and Five Crescent Drive, a 207,779-square-foot building that delivered in first quarter 2013 and is also is now 100% occupied, according to the report.

The largest projects underway at the end of the third quarter 2013 were 3737 Market Street, a 272,700-square-foot building and CrossPoint at Valley Forge, which will add 272,109 square feet of Philly office space to the market.

Total Philadelphia office space inventory equaled 396,322,067 square feet in 20,316 buildings as of the end of the third quarter 2013.  The Class-A office sector of office space in Philadelphia consisted of 127,191,204 square feet in 948 projects.  Within the Philly office space market there were 900 owner-occupied Philadelphia office buildings accounting for 35,387,640 square feet of Philadelphia office space.

This trend is compared to U.S. National Office deliveries and construction, which saw 244 buildings totaling 12.2 million square feet complete construction, with an additional 83.8 million square feet of office space still under construction at the end of the third quarter, CoStar said.  A 1.05 million-square-foot facility at 250   W. 55th St. in the New York City market delivered, while the 3.04 million-square-foot OneWorldTradeCenter in New York City is still underway. Total office inventory in the U.S. market totaled 10.34 billion square feet in almost 497,000 buildings at the end of the third quarter 2013, including almost 20,000 owner-occupied buildings accounting for 876.2 million square feet, according to the report.

For more information about office space in Philadelphia or any Philadelphia commercial properties, please contact Jason Wolf (215-799-6900-office; 215-588-8800-cell; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm that specializes in office space in Philadelphia.

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, 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 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 Vacancies Decrease

philadelphia-skylineVacancies for Philadelphia office properties dropped to 11.5% at the end of the third quarter 2013, a decrease over the previous quarter, according to a new market trend report from the Costar Group.

Net absorption in the Philly office space market was positive 193,270 square feet in the third quarter, compared to positive 786,597 square feet in the second quarter 2013.  Vacant sublease space in the Philadelphia office space market decreased in the third quarter, ending the quarter at 1,243,897 square feet, CoStar’s Third Quarter 2013 Market Report said.

Tenants moving into large blocks of Philly office space in 2013 include Endo Pharmaceuticals, Inc., moving into 300,000 square feet at Atwater Corporate Center; GlaxoSmithKline, moving into 205,000 square feet at Five Crescent Drive; and Drexel University, moving into 117,464 square feet at Three Parkway.

Rental rates for Philadelphia office properties ended the third quarter at $21.06, a decrease over the previous quarter, the report said.

A total of three buildings delivered to the Philadelphia office space market in the quarter totaling 61,700 square feet, with 791,386 square feet still under construction at the end of the quarter, according to the report.

This trend for Philadelphia office properties is compared to the U.S. National Office vacancy rate, which decreased to 11.6% from the previous quarter, with net absorption positive 23.48 million square feet in the third quarter. Average rental rates increased to $21.75, and 244 office buildings delivered to the market totaling more than 12.2 million square feet.

For more information about Philadelphia office space or any Philadelphia commercial properties, please contact Jason Wolf (215-799-6900-office; 215-588-8800-cell; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm that specializes 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, 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 office 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.

Third Quarter Report: South Jersey Commercial Real Estate Market Begins Picking Up Steam

research-information-graphic-phlAided by increased confidence among area businesses, and further boosted by positive financial news, the South Jersey commercial real estate market exceeded expectations in the third quarter, according to a new quarterly market analysis issued by Wolf Commercial Real Estate, a leading South Jersey and Philadelphia commercial real estate brokerage firm that specializes in South Jersey and Philadelphia commercial real estate listings and services.

During what has traditionally been the slowest quarter of the year, Wolf Commercial Real Estate, a South Jersey and Philly commercial real estate broker, identified approximately 443,173 sf of new leases and renewals executed in the South Jersey commercial real estate market – a gain of nearly 48% compared to the third quarter of 2012. New leasing activity in the office and retail markets accounted for approximately 57% of the total transactions, a sign that the regional commercial real estate market is truly in recovery mode.

“Instead of a summer slow-down we found many signs that optimism and confidence have returned,” said Jason Wolf, founder and principal of Wolf Commercial Real Estate, a South Jersey and Philadelphia commercial real estate broker that specializes in South Jersey and Philly office space and South Jersey and Philly retail space.  “There were several large lease transactions, slight improvement in the state’s unemployment rate, repositioning projects commenced or have been announced, and near the end of the quarter, a new state law was signed that is expected to retain and attract many new businesses to the region.”

The new law is the Economic Opportunity Act of 2013, which created Grow New Jersey (GrowNJ) and the Economic Redevelopment and Growth Program (ERG). These programs are designed to incentivize growth and investment by large and small companies across several industries.

Wolf Commercial Real Estate, a South Jersey and Philadelphia commercial real estate broker that specializes in South Jersey and Philly commercial real estate listings and services, reported encouraging news about the Southern New Jersey office space market, even in areas that had been vulnerable, particularly CamdenCounty.  Vacancy rates continued to fall slowly, coming in at 17% for the region, with CamdenCounty at 21% and BurlingtonCounty stronger at 13%. “This market is still challenged by a surplus of vacant space, but we have seen steady progress in positive absorption for several consecutive quarters, and the conditions are in place to potentially speed up the pace,” Wolf said.

The research conducted by Wolf Commercial Real Estate, a South Jersey and Philly commercial real estate brokerage firm specializing in Philadelphia commercial real estate listings and services, includes snapshots of the office and retail markets and details on the major deals being consummated or planned.

The regional office market highlights from the report issued by Wolf Commercial Real Estate, a South Jersey and Philly commercial real estate broker:

• Total leasing activity for the quarter comprised 443,173 sf of new leases and renewals executed.

• New lease and expansion deal activity comprised approximately 252,631 square feet. This is a 37% increase over Q2 figures, according to the report from this premier South Jersey and Philadelphia commercial real estate brokerage firm that specializes in South Jersey and Philly commercial real estate listings and services.

• Positive absorption for the second quarter was in the range of 148,000+/-sf of new deals and/or expansions.

• Average rents for Class A & B product in were up by 5% over the previous quarter. Rents continue to show strong support in the range of $11.00-$14.00/sf NNN or $21.00-$24.00/sf gross, with an overall market average showing strong support in the $11.60/sf NNN or $21.60/sf gross for the deals completed during the third quarter.

• The unemployment rate in New Jersey ticked down from 8.6 percent at the end of Q2 to 8.5 percent at the end of Q3. It has dropped steadily over the past year, and is now at the lowest point since March 2009. Figures continue to improve, but the state rate remains above the national rate of 7.3%.

The regional retail market highlights from South Jersey and Philadelphia commercial real estate brokerage firm report include:

• Area retail businesses and landlords did experience the expected summer slow-down in the form of slower growth, but growth remained positive.

• Overall vacancy has continued to drop. It hovered around 10.5% for the quarter, compared to 15% in the previous quarter.

• Average rents for upscale lifestyle centers continue to show strong support in the range of $30-$40.00/sf NNN, and average rents for neighborhood and strip shopping centers remain in the range of $15-$23/sf NNN.

The full report, including details about several key deals, is available upon request from Wolf Commercial Real Estate, a South Jersey and Philly commercial real estate broker specializing in South Jersey and Philadelphia commercial real estate listings and services.

For more information about South Jersey or Philly office space, South Jersey or Philly retail space or any South Jersey or Philadelphia commercial properties, please contact Jason Wolf (215-799-6900-office; 215-588-8800-cell; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, the foremost South Jersey and Philly commercial real estate brokerage firm that specializes in South Jersey and Philly office space and South Jersey and Philly retail space.

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

Wolf Commercial Real Estate Philadelphia Tenant Representation

handshake graphic for tenant blogWolf Commercial Real Estate, a full-service Philadelphia commercial real estate brokerage firm that specializes in Philadelphia commercial real estate, provides unparalleled expertise in matching companies and individuals seeking new office space in Philadelphia or anywhere in the country with the properties that best meet their needs.

Through our Philadelphia Tenant Representation services, Wolf Commercial Real Estate works with clients from the beginning of the property search process straight through to move-in assistance at their new Philadelphia office space.  The team at our full-service Philadelphia commercial real estate brokerage firm starts by understanding the goals you have for your new Philly office space.

As your Philadelphia commercial real estate broker, Wolf Commercial Real Estate will survey building options to ensure you qualify for the right Philadelphia office space. We’ll help you select the best office space in Philadelphia by providing employee ZIP code analysis, employee commuting optimization, space plan programming, property tours, site identification, requests for proposals, property comparison cost analysis, lease negotiation, and construction cost review.

Then, as part of our full range of Philadelphia Tenant Representation services, we ensure that the sale or lease terms for your new Philadelphia office space are the best fit for your commercial real estate goals.

If you are looking for new office space in Philadelphia, Wolf Commercial Real Estate is the Philadelphia commercial real estate broker you need.  We are your strategic partner — a partner who is fully invested in your long-term growth and success.

For more information about Philly office space, about other Philadelphia commercial real estate listings, or about commercial real estate 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 Philadelphia commercial real estate brokerage firm.

Wolf Commercial Real Estate is a full-service Philadelphia commercial real estate broker specializing Philadelphia commercial real estate and Philadelphia Tenant Representation services for Philly office space, medical properties and retail buildings for buyers, tenants, investors and sellers. Please contact our offices for listings of Philadelphia commercial real estate for lease or purchase or for information about office, retail or medical space for sale or lease from this Philadelphia commercial real estate brokerage firm.

Wolf Commercial Real Estate (WCRE) Philadelphia Tenant Representation

property management photoWolf Commercial Real Estate (WCRE), a full-service Philadelphia commercial real estate brokerage firm that specializes in Philadelphia commercial real estate, provides unparalleled expertise in matching companies and individuals seeking new office space in Philadelphia or anywhere in the country with the office properties that best meet their needs.

WCRE’s Philadelphia Tenant Representation services ensure that the sale or lease terms of your new Philadelphia office space are the best fit for your goals. As a full-service Philadelphia commercial real estate brokerage firm, Wolf Commercial Real Estate’s approach is to help our clients from beginning to end in their search for new Philadelphia office properties for sale or lease or for suburban Philadelphia commercial real estate.

Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate properties, starts by understanding the goals you have for your new Philly office space for sale or lease.  Then, WCRE offers clients a full range of services that takes them all the way to move-in assistance at their new office space in Philadelphia.  Acting as your Philly commercial real estate broker, Wolf Commercial Real Estate will survey building options to ensure you qualify for the right Philadelphia office space for sale or lease. To help you select the best Philadelphia office properties for sale or lease or your ideal suburban Philadelphia commercial real estate properties, we perform employee ZIP code analysis, employee commuting optimization, space plan programming, property tours, site identification, requests for proposals, property comparison cost analysis, lease negotiation, and construction cost review.

If you are looking for new Philly office space for sale or lease, or for suburban Philadelphia commercial real estate listings, Wolf Commercial Real Estate is the Philly commercial real estate broker you need.  We are your strategic partner — a partner who is fully invested in your long-term growth and success.

For more information about Philadelphia office space for sale or lease, about other Philadelphia commercial real estate listings, or about commercial real estate 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.

Wolf Commercial Real Estate (WCRE) is a full-service Philadelphia commercial real estate broker specializing Philadelphia commercial real estate for lease or purchase, including Philly office space, medical properties and retail buildings for buyers, tenants, investors and sellers. Please contact our offices for listings of Philadelphia commercial real estate for lease or purchase or for information about office, retail or medical space for sale or lease from this Philly commercial real estate brokerage firm.

Second Quarter Report: WCRE Finds Substantial Spike In Southern New Jersey CRE Deal Activity, But New Questions Arise

research-information-graphic-phlThe Southern New Jersey commercial real estate market continues to emerge solidly from the havoc caused by the Great Recession, but significant South Jersey office space vacancies and the possibility of rising interest rates may provide challenges for the future of the Southern New Jersey office space market, according to a new quarterly market analysis issued by Wolf Commercial Real Estate (WCRE), a leading Southern New Jersey and Philadelphia commercial real estate brokerage firm that specializes in South Jersey and Philadelphia commercial real estate services.

Approximately 540,000 square feet of new lease deals and renewals for Southern New Jersey commercial real estate were executed during the second quarter, and about 35 percent, or some 185,000 square feet of the total, comprised new deals, according to WCRE’s quarterly Southern New Jersey Office and Retail Market Update, which is now in its second year.  The jump in Southern New Jersey professional office space and retail space activity was one of several positive developments noted in the report.

“Several of the fundamentals needed for a sustained return to growth are either steadily gaining strength or are already in place,” said Jason Wolf, founder and principal of Wolf Commercial Real Estate, a South Jersey and Philly commercial real estate broker that specializes in Southern New Jersey and Philadelphia commercial real estate listings. “However, this market still must absorb much more of its vacant space.”

The report on South Jersey commercial real estate activity notes that the stock market closed Q2 up 12 percent on the year – its best first half of a year since 1999 – and that unemployment rates both in New Jersey and nationwide continue to fall, while South Jersey office space rental rates have stabilized and continue to rise, and Southern New Jersey retail space rental rates were rising for the first time in five years.  Still, according to WCRE, vacancy rates in the office market for Class A and B product remain in the range of 18-19 percent.

Amid all the good news for the South Jersey office space market, the report finds a possible indicator that inflation may be on the horizon, noting the sharp rise in the 10-Year Treasury yield through May and June and the effect that could have on interest rates in both the Southern New Jersey and Philly commercial real estate markets.

“If interest rates go up, our borrowing costs go up, which will have an effect on pricing and cap rates,” according to the report from Wolf Commercial Real Estate, a Southern New Jersey and Philly commercial real estate brokerage firm that specializes in South Jersey and Philly commercial real estate listings.

WCRE’s research includes snapshots of the Southern New Jersey professional office space and retail space markets and details on the major deals being consummated or planned in the Southern New Jersey commercial real estate market.

Among the South Jersey professional office space highlights from the report:

— Positive absorption for the second quarter was in the range of 185,000+/-sf of new deals and/or expansions in South Jersey commercial real estate. This is a 20 percent increase over the second quarter of 2012, and an astonishing 80 percent gain over the first quarter of this year.

—  Average rents for Class A & B product remained at or above the improved level they reached last year, continuing to show strong support in the range of $10-$14.00/sf NNN with an overall market average of $11.00/sf NNN for the Southern New Jersey office space deals completed during the quarter.

— Healthcare, computer services, insurance, defense contracting, consulting, engineering, and finance companies all were very active in the South Jersey office space market during the second quarter.

South Jersey retail space highlights from the report include:

— Retail landlords are experiencing increased rental rates for Southern New Jersey retail space for the first time since 2008.

— Overall South Jersey retail space vacancy has fallen to 15% and the Southern New Jersey retail space market has stabilized. Community and lifestyle shopping centers have much less vacancy than neighborhood and strip shopping centers.

— Average rents for upscale lifestyle centers in the Southern New Jersey retail space market continue to show strong support in the range of $30-$40.00/sf NNN, and average rents for neighborhood and strip shopping centers remain in the range of $15-$23/sf NNN.

The full report, including details about several key deals, is available upon request from Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm that specializes in South Jersey and Philly commercial real estate listings.

For more information about South Jersey or Philadelphia office space or about any other Southern New Jersey or Philadelphia commercial real estate listings, please contact Jason Wolf (215-799-6900-office; 215-588-8800-cell; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Southern New Jersey and Philadelphia commercial real estate broker that provides South Jersey and Philly commercial real estate services.

As real estate brokerage and advisory experts that specialize in Southern New Jersey and Philadelphia commercial real estate services, the team at our South Jersey and Philly commercial real estate brokerage firm provides ongoing detailed information to our clients and prospects to help them achieve their real estate goals. At WCRE, our South Jersey and Philly commercial real estate services encompass the highest quality of service, proven expertise, and a total commitment to client-focused relationships.

Learn more about WCRE, a Southern New Jersey and Philadelphia commercial real estate brokerage firm that specializes in Southern New Jersey and Philadelphia commercial real estate services, online at www.wolfcre.com, on Twitter @WCRE1, LinkedIn and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog page at www.phillyofficespace.com http://www.phillyofficespace.com/.

WCRE is a leading Southern New Jersey and Philadelphia commercial real estate broker that provides a full range of Southern New Jersey and Philadelphia commercial real estate services, marketing commercial offices, medical properties, industrial properties, land properties and retail buildings for buyers, tenants, investors and sellers.  Please visit our websites for information about Southern New Jersey office space, Philadelphia office space and other commercial real estate services or for information about South Jersey and Philadelphia commercial real estate listings for office space, retail space, medical space, industrial space or land for sale or lease from this South Jersey and Philly commercial real estate broker.

Wolf Commercial Real Estate (WCRE) Philadelphia Tenant Representation

property management photoWolf Commercial Real Estate (WCRE), a full-service Philadelphia commercial real estate brokerage firm that specializes in Philadelphia commercial real estate, provides unparalleled expertise in matching companies and individuals seeking new office space in Philadelphia or anywhere in the country with the office properties that best meet their needs.

WCRE’s Philadelphia Tenant Representation services ensure that the sale or lease terms of your new Philadelphia office space are the best fit for your goals. As a full-service Philadelphia commercial real estate brokerage firm, Wolf Commercial Real Estate’s approach is to help our clients from beginning to end in their search for new Philadelphia office properties for sale or lease or for suburban Philadelphia commercial real estate.

Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker that specializes in Philadelphia commercial real estate properties, starts by understanding the goals you have for your new Philly office space for sale or lease.  Then, WCRE offers clients a full range of services that takes them all the way to move-in assistance at their new office space in Philadelphia.

Acting as your Philly commercial real estate broker, Wolf Commercial Real Estate will survey building options to ensure you qualify for the right Philadelphia office space for sale or lease. To help you select the best Philadelphia office properties for sale or lease or your ideal suburban Philadelphia commercial real estate properties, we perform employee ZIP code analysis, employee commuting optimization, space plan programming, property tours, site identification, requests for proposals, property comparison cost analysis, lease negotiation, and construction cost review.

If you are looking for new Philly office space for sale or lease, or for suburban Philadelphia commercial real estate listings, Wolf Commercial Real Estate is the Philly commercial real estate broker you need.  We are your strategic partner — a partner who is fully invested in your long-term growth and success.

For more information about Philadelphia office space for sale or lease, about other Philadelphia commercial real estate listings, or about commercial real estate 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.

Wolf Commercial Real Estate (WCRE) is a full-service Philadelphia commercial real estate broker specializing Philadelphia commercial real estate for lease or purchase, including Philly office space, medical properties and retail buildings for buyers, tenants, investors and sellers. Please contact us for listings of Philadelphia commercial real estate for lease or purchase or for information about office, retail or medical space for sale or lease from this Philly commercial real estate brokerage firm.

Wolf Commercial Real Estate (WCRE) Philadelphia Tenant Representation

handshake graphic for tenant blogWolf Commercial Real Estate (WCRE), a full-service Philadelphia commercial real estate brokerage firm, provides unparalleled expertise in matching companies and individuals seeking new office space in Philadelphia or anywhere in the country with the office properties that best meet their needs.

WCRE’s Philadelphia tenant representation services ensure that the sale or lease terms of your new Philly office space are the best fit with your goals. As a full-service Philadelphia commercial real estate brokerage firm, Wolf Commercial Real Estate’s approach is to help our clients from beginning to end in their search for new Philly office properties for sale or lease or for suburban Philadelphia commercial real estate.

Wolf Commercial Real Estate starts by understanding the goals you have for your new Philly office space, and then we offer a full range of services that will take you all the way to move-in assistance. WCRE will survey building options to ensure you qualify for the right Philadelphia office space for sale or lease.

To help you select the best Philadelphia office properties for sale or lease or your ideal suburban Philly commercial real estate properties, we perform employee ZIP code analysis, employee commuting optimization, space plan programming, property tours, site identification, requests for proposals, property comparison cost analysis, lease negotiation, and construction cost review.

If you are looking for new Philadelphia office space, for Philly commercial properties or for suburban Philadelphia commercial real estate, Wolf Commercial Real Estate is the strategic partner you need — a partner who is fully invested in your long-term growth and success.

For more information about our tenant representation and other industry-leading services, please contact Jason Wolf (215-799-6900-office; 215-588-8800-cell; jason.wolf@wolfcre.com) or Leor Hemo (215-799-6900-office; 215-514-1750-cell; leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm.

As real estate brokerage and advisory experts that specialize in Philadelphia tenant representation services, the team at our Philly commercial real estate brokerage firm provides ongoing detailed information to our clients and prospects to help them achieve their real estate goals. At WCRE, our Philadelphia commercial real estate services encompass the highest quality of service, proven expertise, and a total commitment to client-focused relationships.

You can learn more about WCRE, a Philadelphia commercial real estate brokerage firm that specializes in Philly tenant representation services, online at www.wolfcre.com, on Twitter @WCRE1, on LinkedIn and on Facebook at Wolf Commercial Real Estate, LLC and by visiting our blog page at www.phillyofficespace.com <http://www.phillyofficespacespace.com/>.

WCRE is a leading Philadelphia commercial real estate broker that provides a full range of Philly commercial real estate services, marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors and sellers.

Please contact Wolf Commercial Real Estate (WCRE) or visit our website at www.wolfcre.com to learn more about our firm and Philadelphia commercial real estate,  Philadelphia office space for lease or sale and other Philadelphia commercial real estate for sale or lease or for information about Philadelphia commercial real estate services for office space, retail space, medical space, industrial space or land for sale or lease from this Philadelphia commercial real estate brokerage firm.

Property Management Services From Wolf Commercial Real Estate (WCRE)

property management photoWolf Commercial Real Estate (WCRE), a full-service Philadelphia commercial real estate broker, provides a full range of Property Management Services for commercial properties throughout the Philadelphia region.

WCRE’s management team works aggressively toward reducing operating expenses and increasing cash flow for clients with Philadelphia office space and other Philadelphia commercial properties.

The experts in our Philadelphia commercial real estate brokerage firm are attentive and highly responsive to the individual needs of our clients, as well as their tenants.  Performance excellence, professionalism, communication, responsive/personal service and attention to detail are among the many qualities our clients with Philadelphia office space have come to expect from our property management team at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker.

Every management contract for Philadelphia office space and other Philadelphia commercial properties is approached with the sensitivity of a personal investment.

WCRE’s Philadelphia Property Management Services include: responsiveness to tenant service calls, aggressive receivable collections, regular communication with owners, bankruptcy & REO services, preparation of fiscal operating budget, and expense control/revenue maximization for clients with Philadelphia office space and other Philadelphia commercial properties.

The team at our Philadelphia commercial real estate brokerage firm also handles an array of other Philadelphia Property Management Services including:  preventative maintenance programs, regular detailed inspection of each property, preparing scope of services for vendor bidding, supervision of contractors/vendors, and maintaining property files/tenant records for clients with Philadelphia office space and other Philadelphia commercial properties.

Optional services available as part of our full suite of Philadelphia commercial real estate services include: maintenance personnel services, construction management, and marketing/leasing.

For more information about our property management and other industry-leading services, please contact Jason Wolf (215-799-6900-office; 215-588-8800-cell; jason.wolf@wolfcre.com) or Leor Hemo (215-799-6900-office; 215-514-1750-cell; leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm.

As real estate brokerage and advisory experts that specialize in Philadelphia property management services, the team at our Philadelphia commercial real estate brokerage firm provides ongoing detailed information to our clients and prospects to help them achieve their real estate goals. At WCRE, our Philadelphia commercial real estate services encompass the highest quality of service, proven expertise, and a total commitment to client-focused relationships.

Learn more about WCRE, a Philadelphia commercial real estate brokerage firm that specializes in Philadelphia property management services, online at www.wolfcre.com, on Twitter @WCRE1, LinkedIn 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/>,  www.southjerseyretailspace.com<http://www.southjerseyretailspace.com/> and www.southjerseyindustrialspace.com<http://www.southjerseyindustrialspace.com/>.

WCRE is a leading Philadelphia commercial real estate broker that provides a full range of Philadelphia commercial real estate 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 listings of Philadelphia office space for lease or sale and other Philadelphia commercial real estate for sale or lease or for information about Philadelphia commercial real estate services for office space, retail space, medical space, industrial space or land for sale or lease from this Philadelphia commercial real estate brokerage firm.

Philly Office Space Vacancies Increase; Philly Retail Space Stable

research-information-graphic-phlVacancies for Philadelphia office properties rose to 11.7% at the end of first quarter 2013, while Philly retail space remained unchanged from fourth quarter 2012 levels, according to a new market trend report from the Costar Group.

Net absorption in the Philly office space market reached negative 285,641 square feet in the first quarter, compared to negative 454,307 square feet in fourth quarter 2012. Vacant sublease space grew to 1,326,929 square feet for the first quarter, according to the report.

Two buildings with a total of 505,170 square feet of new Philly office space were delivered to the market in first quarter 2013.  In addition, rental rates for Philadelphia office space, dropped in the first quarter to $20.87, the report said.  Tenants moving into large blocks of Philadelphia office properties in 2013 include: GlaxoSmithKline, Auxilium Pharmaceuticals, and Healthcare Solutions.

On the retail side, Philadelphia commercial real estate remained essentially stable in first quarter 2013, with the vacancy rate unchanged at 6.3%, Co-Star said.

Net absorption for Philly retail space was positive 40,514 square feet.  Vacant sublease space for the Philadelphia retail space market increased by 91,278 square feet.  New absorption for Philly retail space in fourth quarter 2012 totaled negative 120,533 square feet, according to the report.

Four retail buildings brought a total of 59,481 square feet of Philadelphia retail space to the market in first quarter 2013, the report said.  Quoted rental rates for retail space in the Philadelphia commercial real estate market ended the quarter at $13.85 per square foot per year, an increase from fourth quarter 2012 rates.  Tenants moving into large blocks of Philadelphia retail space this year include: Weis Markets, Tractor Supply Company, and Goodwill.

In related news, a new State of Center City Philadelphia 2013 report released by the Center City District notes the suburbs are outpacing the city in terms of new office space available for sale or lease.  Suburban Philadelphia added 10 million square feet of new office space in the past decade, while the Philadelphia office space market grew by only 1.9 million square feet over the same time period.  That shift translates to a drop in the city’s share of regional office space, from 41 percent in 1993 to about 33 percent in 2012.

The report also noted that Philadelphia’s Center City population increased 9.8 percent from 2000 to 2010, making Philly the third-largest residential downtown in the country, with 175,000 residents.

Wolf Commercial Real Estate (WCRE), a full-service Philadelphia commercial real estate brokerage firm, provides unparalleled expertise in matching companies and individuals seeking new office space in Philadelphia or new retail space in Philadelphia with the commercial properties that best meets their needs.

If you are looking for Philadelphia office space for sale or lease, Philadelphia retail space for sale or lease, or for suburban Philadelphia commercial real estate, Wolf Commercial Real Estate is the strategic partner you need — a partner who is fully invested in your long-term growth and success.

For more information about Philadelphia office space for sale or lease, Philadelphia retail 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.

Wolf Commercial Real Estate (WCRE) is a full-service Philadelphia commercial real estate brokerage firm specializing Philadelphia commercial real estate for lease or purchase, including Philly office space, medical properties and retail buildings for buyers, tenants, investors and sellers. Please click the links below for listings of Philadelphia commercial real estate for lease or purchase or for information about office, retail or medical space for sale or lease from this Philly commercial real estate brokerage firm.