Commercial real estate firm Wolf Commercial Real Estate recently reported it has found 2017’s first quarter to have begun on a “cautiously optimistic” foot in southern New Jersey.Commercial real estate firm Wolf Commercial Real Estate recently reported it has found 2017’s first quarter to have begun on a “cautiously optimistic” foot in southern New Jersey.
“Even with an expected winter slowdown affecting office leasing activity, and added anxiety with the transfer of political power in Washington, the overall mood of the market seems to be positive,” Jason Wolf, founder and managing principal of WCRE, said. “As we’ve seen the past couple of years, several business sectors increased their occupancy needs during the first quarter, and we continue to see increased capital spending, construction hiring and expansions.”
In its findings, the firm reported 317,886 square feet of new leases and renewals in Burlington, Camden and Gloucester counties. Approximately 767,988 square feet, totaling more than $133.5 million, traded hands, WCRE reported.
Vacancy is 11.05 percent, and average rents ranged from $10 to $14.50, the firm found.
“While much of the pricing for commercial real estate accounts for increasing interest rates, many purchasers are showing signs of hesitation and fears of potential decreases in market fundamentals,” the firm said in a release. “The industrial market in the city of Philadelphia and its suburbs is fetching price points never experienced in the marketplace. The lack of available product coupled with significant demand is putting further upward pressure on overall pricing.”
WCRE focuses in office, retail, medical, industrial and investment properties in southern New Jersey and the Philadelphia region.