WCRE says South Jersey commercial real estate is on the upswing

The commercial real estate market in South Jersey appears to be shifting into growth mode, according to brokerage firm Wolf Commercial Real Estate.WCRE said Monday that its third-quarter report found the region’s market continued the positive trend of leases and renewals first seen in the second quarter of 2014.

The Burlington, Camden and Gloucester county area saw approximately 398,778 square feet of new office leases and renewals in the third quarter, WCRE said, with about 215,794 square feet representing new transactions and 182,984 square feet representing renewals or expansions.

“The market’s fundamentals continue to strengthen, and it seems like the economy has found its footing after a prolonged period of recovery,” Jason Wolf, founder and principal of WCRE, said in a prepared statement. “We’re still a long way off from pre-recession levels, but hiring is up, office employment is up and businesses are showing signs of expansion, all of which bodes well for the commercial real estate market.”

WCRE added that approximately 530,000 square feet worth of deals are pending by year-end or early 2015, with four major transactions representing 300,000 square feet of that space.

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