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.

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 meets 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 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 Philadelphia 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 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 office space in Philadelphia 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 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), Leor Hemo (215-799-6900-office; 215-514-1750-cell; leor.hemo@wolfcre.com) or Scott Seligman (215-799-6900; scott.seligman@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 and advisory 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.

Wolf Commercial Real Estate – A Leader In Research And Information For The Philadelphia Commercial Real Estate Market

research-information-graphic-phlWolf Commercial Real Estate (WCRE), a full-service Philadelphia commercial real estate brokerage firm, is an industry leader when it comes to deep knowledge about the Philadelphia commercial real estate market.  We put our resources, transaction experience, relationships and technology to work for our clients, so that each decision is made with the most up-to-date understanding of the local market conditions affecting Philadelphia office space for sale or lease.

At the core of WCRE is a team of seasoned Philadelphia commercial real estate investment experts.  Jason Wolf, Principal, and Leor Hemo, Executive Vice president, bring a combined 29 years of investment sales, tenant and landlord experience to the table, specializing in Philly office space for sale or lease, as well as retail and industrial properties in the Greater Philadelphia region.  Rounding out the team is Scott Seligman, Director – Business Development, who has 19 years of financing experience and 12 years of landlord and tenant experience.

With these dedicated professionals in place to provide the highest levels of commercial real estate information about Philadelphia office space for sale or lease and other Philadelphia commercial properties, Wolf Commercial Real Estate is creating a new culture and a higher standard.  At WCRE, we learn about our client’s goals, make them our own, and integrate those goals into an enduring partnership.  We go well beyond helping with property transactions and serve as a strategic partner invested in each of our client’s long-term growth and success.

For more information about how Wolf Commercial Real Estate can put this knowledge, experience and information to work for you, please contact Jason Wolf (215-799-6900-office; 215-588-8800-cell; jason.wolf@wolfcre.com), Leor Hemo (215-799-6900-office; 215-514-1750-cell; leor.hemo@wolfcre.com) or Scott Seligman (215-799-6900; scott.seligman@wolfcre.com) at Wolf Commercial Real Estate, the premier Philadelphia Commercial Real Estate Broker. As real estate brokerage and advisory experts in the Greater Philadelphia region, 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 with Philadelphia commercial properties.

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

WCRE specializes in representing Philly office space for sale or lease and provides a full range of Philadelphia commercial real estate services, marketing commercial offices, medical properties, industrial properties, land properties 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, industrial space or land for sale or lease from this Philadelphia Commercial Real Estate Broker.