South Jersey Retail Space for Lease in Pep Boys Plaza in Cinnaminson

202 Route 130 NorthWolf Commercial Real Estate, the foremost South Jersey commercial real estate brokerage firm with expertise in Southern New Jersey commercial real estate listings and services, is now offering South Jersey retail space for lease in the Pep Boys Plaza Shopping Center in Cinnaminson.

This Southern New Jersey retail space for lease at 202 Route 130 North Cinnaminson NJ is located in a retail strip center on the heavily traveled corner at Route 130 and Highland Avenue, providing maximum daily exposure to thousands of potential customers.

This Cinnaminson retail space for lease has two units now available for lease. One unit in this South Jersey retail building for lease provides 1,600 square feet of retail space in Cinnaminson, and the other features 7,130 square feet of retail space in South Jersey. There is both storefront and pylon signage available to tenants at this South Jersey retail building for lease.

The asking lease rate for this retail space in Cinnaminson is $15.00/SF NNN. This Southern New Jersey retail space for lease in the Pep Boys Plaza Shopping Center at 202 Route 130 North Cinnaminson NJ is being offered for immediate occupancy through Wolf Commercial Real Estate, a South Jersey commercial real estate broker that specializes in Southern New Jersey commercial real estate listings and services.

Other tenants in this Cinnaminson retail space for lease include Pep Boys, Subway, Eastern Dental, Zio’s Tuscan Grille and more. This South Jersey retail space for lease is located directly across from The Shoppes at Cinnaminson, a South Jersey retail power center. Among the other retailers in the immediate vicinity of this retail space in South Jersey are TD Bank, Dunkin Donuts, McDonald’s, Burlington Coat Factory, ShopRite and many other national chains.

More than 360,000 residents and potential customers live within a five-mile radius of this South Jersey retail building for lease at 202 Route 130 North Cinnaminson NJ. The average household income in the same area near this Southern New Jersey retail space for lease is $65,982. This retail space in South Jersey is available through Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm with expertise in Southern New Jersey commercial real estate listings and services.

Parking is abundant at this Cinnaminson retail space for lease with parking ratio of 4.08/1,000 sf. On average, more than 55,000 vehicles per day drive through the intersection of Route 130 and Highland Avenue, where this Southern New Jersey retail space for lease is located.

For more information about this South Jersey retail space for lease in the Pep Boys Plaza Shopping Center at 202 Route 130 North Cinnaminson NJ, about other retail space in Cinnaminson or about any other South Jersey commercial properties for sale or lease, please contact Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Jason Wolf (856-857-6301; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a South Jersey commercial real estate broker.

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

South Jersey Retail Space For Lease at Plaza 42 Turnersville NJ

Plaza 42Wolf Commercial Real Estate, a premier Southern New Jersey commercial real estate brokerage firm that specializes in South Jersey commercial real estate listings and services, now has available South Jersey retail space for lease at Plaza 42 Turnersville NJ.

This highly visible Southern New Jersey retail space for lease at 5851 Route 42 Turnersville NJ features five inline spaces available for lease ranging in size from 1,120 square feet to 8,025 square feet.

The asking lease price for this retail space in South Jersey at Plaza 42 Turnersville NJ is $15 per square foot NNN.  This retail space in Southern New Jersey is available for immediate occupancy through Wolf Commercial Real Estate, a Southern New Jersey commercial real estate broker with expertise in South Jersey commercial real estate listings and services.

This South Jersey retail space for lease at 5851 Route 42 Turnersville NJ is located at Black Horse Pike (Route 42) and Shoppers Lane.  This retail space in South Jersey is in close proximity to the Atlantic City Expressway.

Plaza 42, where this Southern New Jersey retail space for lease is located, is a 207,719 square foot neighborhood center anchored by Kohl’s, Petsmart and Ashley Furniture.  Other retailer located near this retail space in Southern New Jersey include Walmart, Target, Lowe’s, LA Fitness and Burlington Coat Factory.

Parking is plentiful at this Southern New Jersey retail space for lease at 5851 Route 42 Turnersville NJ.  The Plaza 42 shopping center features both above-store and pylon signage.  This South Jersey retail space for lease is currently available through Wolf Commercial Real Estate, a Southern New Jersey commercial real estate brokerage firm with expertise in South Jersey commercial real estate listings and services.

This retail space in South Jersey is surrounded by a densely populated area.  More than 72,500 people reside within three miles of this Southern New Jersey retail space for lease.  The average household income within the same area of this retail space in Southern New Jersey is $92,426.

For more information about this South Jersey retail space for lease at Plaza 42 Turnersville NJ or about other South Jersey commercial properties for sale or lease, please contact Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Jason Wolf (856-857-6301; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, the foremost Southern New Jersey commercial real estate broker.

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

Desirable South Jersey Retail Space for Lease in Egg Harbor Township NJ

6716a Black Horse PikeWolf Commercial Real Estate, a leading South Jersey commercial real estate broker that specializes in Southern New Jersey commercial real estate listings and services, is now offering highly desirable South Jersey retail space for lease in the Circle Plaza Shopping Center at 6716 Black Horse Pike Egg Harbor Township NJ.

This Southern New Jersey retail space for lease features approximately 2,652 square feet of prime retail space in the busy Circle Plaza Shopping Center.  The Circle Plaza Shopping Center, where this Egg Harbor Township retail space for lease is located, is anchored by TJ Maxx, Payless Shoe Source and Rent-A-Center.

The asking lease price for this retail space in South Jersey at 6716 Black Horse Pike Egg Harbor Township NJ is $15 per square foot NNN.  This retail space in Egg Harbor Township is available for immediate occupancy through Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm that specializes in Southern New Jersey commercial real estate listings and services.

The Southern New Jersey retail space for lease in the Circle Plaza Shopping Center is centrally located off Black Horse Pike and Washington Avenue and includes entrances from both roads.  This Egg Harbor Township retail space for lease sits conveniently just off Exit 37 of the Garden State Parkway.

There is more than 1,000,000 square feet of retail space in Egg Harbor Township situated within a 1.5 mile radius of this South Jersey retail space for lease in the Circle Plaza Shopping Center at 6716 Black Horse Pike Egg Harbor Township NJ.  This retail space in South Jersey is being offered by Wolf Commercial Real Estate, a South Jersey commercial real estate broker that specializes in Southern New Jersey commercial real estate listings and services.

Both pylon and above-store signage are available to tenants in this Southern New Jersey retail space for lease.  Parking in this Egg Harbor Township retail space for lease is abundant.

This retail space in South Jersey in the Circle Plaza Shopping Center at 6716 Black Horse Pike Egg Harbor Township NJ services the dense population in Atlantic County.

Nearly 96,000 residents live within five miles of this retail space in Egg Harbor Township.   The average household income within the same radius of this Egg Harbor Township retail space for lease is $78,655.

For more information about this South Jersey retail space for lease in the Circle Plaza Shopping Center at 6716 Black Horse Pike Egg Harbor Township NJ or about other South Jersey commercial properties for sale or lease, please contact Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Christina Del Duca (856-857-6304; christina.delduca@wolfcre.com) at Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm.

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

South Jersey Retail Space for Lease in Clementon NJ

328 White Horse PikeWolf Commercial Real Estate, a leading South Jersey commercial real estate brokerage firm with expertise in Southern New Jersey commercial real estate listings and services, is now offering South Jersey retail space for lease in the Clementon Crossing Shopping Center at 328 White Horse Pike Clementon NJ.

This well-located Clementon retail space for lease offers six units ranging in size from approximately 1,200 square feet to 4,000 square feet.  This retail space in Clementon has multiple potential uses, including retail stores, restaurants and office space.  There is a liquor license available at this Southern New Jersey retail space for lease.

The asking lease price for this retail space in South Jersey is $12 per square foot NNN.  This South Jersey retail space for lease in the Clementon Crossing Shopping Center at 328 White Horse Pike Clementon NJ is available for immediate occupancy through Wolf Commercial Real Estate, a South Jersey commercial real estate broker that specializes in Southern New Jersey commercial real estate listings and services.

This Clementon retail space for lease is located in the highly visible Clementon Crossing Shopping Center, a redeveloped shopping center.  This retail space in South Jersey at 328 White Horse Pike Clementon NJ has easy access to public transportation.  This retail space in Clementon has direct access from the White Horse Pike (Route 30).

Both pylon and above-store signage are available at this Southern New Jersey retail space for lease.  Abundant parking also is available at this Clementon retail space for lease through Wolf Commercial Real Estate, a South Jersey commercial real estate broker with expertise in Southern New Jersey commercial real estate listings and services.

There is a significant residential population surrounding this retail space in South Jersey in the Clementon Crossing Shopping Center at 328 White Horse Pike Clementon NJ. Nearly 175,000 residents live within five miles of this Clementon retail space for lease.  The average household income within the same five-mile radius of this retail space in Clementon is $86,470.

For more information about this Southern New Jersey retail space for lease in the Clementon Crossing Shopping Center at 328 White Horse Pike Clementon NJ or about other South Jersey commercial properties for sale or lease, please contact Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Christopher Henderson (856-857-6337; chris.henderson@wolfcre.com) at Wolf Commercial Real Estate, the premier South Jersey commercial real estate brokerage firm.

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

Prime South Jersey Retail Space For Lease in Turnersville NJ

245 Fries Mill RoadWolf Commercial Real Estate, a premier Southern New Jersey commercial real estate broker that specializes in South Jersey commercial real estate listings and services, now has available well-located South Jersey retail space for lease in the Fries Mill Shopping Center at 245 Fries Mill Road Turnersville NJ.

There is between 1,600 square feet and 7,000 square feet of prime retail space in South Jersey currently available in the Fries Mill Shopping Center at 245 Fries Mill Road Turnersville NJ.  This Southern New Jersey retail space for lease is divisible to 2,000 square feet with a drive-thru.

The asking lease price for this retail space in Southern New Jersey is $18 per square foot NNN.  This South Jersey retail space for lease at 245 Fries Mill Road Turnersville NJ is available for immediate occupancy through Wolf Commercial Real Estate, a Southern New Jersey commercial real estate brokerage firm that specializes in South Jersey commercial real estate listings and services.

The Fries Mill Shopping Center, where this Southern New Jersey retail space for lease is situated, is located at a high-profile, hard-corner signalized intersection.  This retail space in South Jersey is accessible from both Hurffville Crosskeys Road and Fries Mill Road.

Multiple retail establishments, including Target, WalMart, Shop Rite and Acme, are located in close proximity to this South Jersey retail space for lease.  This retail space in Southern New Jersey also is near Kennedy Hospital, Virtua Hospital and Washington Township High School.

This Southern New Jersey retail space for lease in the Fries Mill Shopping Center at 245 Fries Mill Road Turnersville NJ sits amid high-income residential housing and several medical and professional offices.  This retail space in South Jersey is being offered by Wolf Commercial Real Estate, a Southern New Jersey commercial real estate broker with expertise in South Jersey commercial real estate listings and services.

This retail space in Southern New Jersey offers abundant parking and features monument and above-store signage.  More than 40,000 vehicles per day pass by this Southern New Jersey retail space for lease at 245 Fries Mill Road Turnersville NJ.

More than 152,000 people reside within five miles of this retail space in South Jersey, and the average household income within the same radius is $88,729.

For more information about this South Jersey retail space for lease in the Fries Mill Shopping Center at 245 Fries Mill Road Turnersville NJ or about other South Jersey 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 leading Southern New Jersey commercial real estate brokerage firm.

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

Local Market Remains Steady despite National Economic Volatility

new Jason graphic - 6-3-15While the national economy was affected by turmoil in the global markets, the South Jersey commercial real estate market continued its progress for another quarter, according to the latest quarterly analysis from Wolf Commercial Real Estate, a premier South Jersey commercial real estate broker that specializes in South Jersey commercial real estate listings and services, including South Jersey retail space and other South Jersey 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 South Jersey 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 South Jersey 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 South Jersey 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 South Jersey commercial real estate brokerage firm with expertise in South Jersey commercial real estate listings and services, including South Jersey retail space and other South Jersey 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 South Jersey 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 South Jersey commercial real estate broker that specializes in South Jersey 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 South Jersey commercial real estate brokerage firm that specializes in South Jersey commercial real estate listings and services, including South Jersey retail space and other South Jersey 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 South Jersey commercial real estate brokerage firm with expertise in South Jersey commercial real estate listings and services, including South Jersey retail space and other South Jersey commercial properties.

For more information about South Jersey retail space or any South Jersey 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 South Jersey commercial real estate broker.

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

South Jersey Retail Space Update: Developers Mix Office, Residential with Retail

new Jason graphic - 6-3-15In a move to attract tech-savvy millennials and affluent baby boomers, commercial real estate developers are bringing office space and residential living space to retail centers such as South Jersey retail space, completely changing the long-standing design of lifestyle centers and traditional malls in the U.S., according to a report from the CoStar Group.

These days, the report said, mall and lifestyle center developers are just as interested in landing solid anchor tenants such as multi-screen or IMAX cinemaplexes and Apple Stores as they are in introducing creative office space and apartments to their multi-million-dollar retail projects.

The driving force behind these changes is an effort to attract the millennial generation’s 80 million consumers, the largest and fastest-growing retail segment in the U.S. economy.  While millennials still lag behind baby boomers in terms of the greatest retail buying power, they nonetheless wield considerable influence on the industry.

Seeking to replace dollars lost to online shopping, national and South Jersey retail space developers are hoping to create new income streams by mixing office and residential space into malls and lifestyle centers to create mixed-use projects that will appeal to the multi-tasking nature of millennials.

Millennials — the generation born in the mid 80s and roughly 20 years after — are considered social individuals who desire walkable, mixed-use environments that allow them to accomplish multiple tasks and activities in a single outdoor location.  That might mean stopping at the gym, the grocery store, a restaurant, a movie theater and more, all in one place.

Projects under construction in several locations now are mixed-use, open-air malls to which office space, residential units and even hotels will be added down the line.  While these projects are new construction, some developers are looking at bring the mixed-use concept to existing retail centers.

These new mixed use projects operate as both the commercial and the social and civic centers of the community, with outdoor public space that follows the design principles of traditional urban planning, one developer said.

Figuring out whether a mixed use center or a more traditional lifestyle center is best for a community comes with understanding the community’s demographic and economic base and knowing what customers want.

The myth that millennials are hip, urban dwellers is dispelled by the Urban Land Institute’s finding that only 13 percent of Gen Yers live in or near downtowns.  The majority live in neighborhoods in cities or in the suburbs, which stands to reason since the oldest — and most influential millennials — those now in their mid to late 30s — beginning to have children and create households.  About 35 percent of millennials own their own homes.

While the focus now is on lifestyle centers and malls, these changing demographics also may soon have an impact on the traditional suburban office park.  As office park tenants search for new ways to attract employees in their 20s and 30s in an increasingly competitive job market, they are looking to their landlords to make the suburban workplace more appealing by adding residential living space and retail space to create the multi-use environment millennials want.

For more information about South Jersey retail space or other South Jersey commercial properties, please call 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 premier South Jersey commercial real estate brokerage firm that specializes in retail space in South Jersey.

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

Wolf Commercial Real Estate, a South Jersey commercial real estate broker that specializes in South Jersey commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking retail space in South Jersey with the South Jersey commercial properties that best meet their needs.  As experts in South Jersey commercial real estate listings and services, the team at our South Jersey commercial real estate brokerage firm provides ongoing detailed information about South Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for retail space in South Jersey for sale or lease, Wolf Commercial Real Estate is the South Jersey 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 South Jersey commercial properties for lease or sale through our South Jersey commercial real estate brokerage firm.

South Jersey Retail Space for Sale in Bridgeton

NEW 399 East Broad StreetWolf Commercial Real Estate, a leading South Jersey commercial real estate broker with expertise in Southern New Jersey commercial real estate listings and services, now has available South Jersey retail space for sale in Bridgeton.

This South Jersey retail building for sale at 399 East Broad Street Bridgeton NJ is a tremendous investment opportunity for buyers looking to jump into the South Jersey retail space market. This Southern New Jersey retail space for sale is currently occupied by a Dollar Tree store for 10 years under a triple net lease. A free-standing, newly constructed +/- 9,040 square foot Bridgeton retail building for sale sits on this 5.91-acre piece of retail space in South Jersey.

This retail space in Bridgeton is located in the Cumberland County city’s main business district. This Southern New Jersey retail space for sale at 399 East Broad Street Bridgeton NJ is being offered by Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm that specializes in Southern New Jersey commercial real estate listings and services.

This retail space in South Jersey at 399 East Broad Street Bridgeton NJ sits at the street’s intersection with South East Avenue and this South Jersey retail building for sale offers excellent visibility and access to the local community.

The asking sale price for this retail space in Bridgeton is $1,237,784.62. This South Jersey retail space for sale at 399 East Broad Street Bridgeton NJ is available through Wolf Commercial Real Estate, a South Jersey commercial real estate broker that specializes in Southern New Jersey commercial real estate listings and services.

More than 42,000 people live within five miles of this Bridgeton retail building for sale.  The average household income within the same five-mile radius is nearly $72,176.  More than 13,300 vehicles per day pass by this Bridgeton retail space for sale.

For more information about this South Jersey retail space for sale at 399 East Broad Street Bridgeton NJ, or about any other South Jersey retail building for sale or lease or any South Jersey commercial properties for sale or lease, please contact Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Jason Wolf (856-857-6301; jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a South Jersey commercial real estate brokerage firm.

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

Low Level of Retail Construction Starting to Crimp Net Absorption

new Jason graphic - 6-3-15With shopping center vacancies, including those involving South Jersey commercial properties, continuing to tighten as retailers with retail space in South Jersey and other areas across the country slowly fill the remaining excess space, with both nationwide and South Jersey commercial real estate listings are facing a dwindling number of high-quality locations.

The U.S. retail real estate vacancy rate, which includes South Jersey retail space, drifted down another 10 basis points to 6.1% in the second quarter — the 12th consecutive quarter of vacancy decline. The retail vacancy rate – according to a report released by The CoStar Group and disseminated by Wolf Commercial Real Estate, one of the leading South Jersey commercial real estate brokerage firm – has already dropped below pre-recession lows in major metros like Boston, New York, and Denver, and demand remains solid despite continued store closings by Sears, Kmart, The Gap, Office Depot, Staples, Macy’s and even grocer A&P.

As tight as the market feels with the vacancy rate of national and South Jersey retail space just 10 basis points shy of its previous cyclical low in 2007, CoStar senior real estate economist Ryan McCullough argues it’s even tighter today with both national and South Jersey commercial real estate listings than it was at the height of the boom eight years ago.

Today, only 60 million square feet of new retail space in South Jersey and across the U.S. is under construction, compared with 150 million square feet that was under construction in 2007 when developers working with national and South Jersey commercial properties were building or expanding power centers, malls and shopping centers in pursuit of population growth in the suburban fringes.

“You really have far fewer options if you’re a retail tenant in today’s market, and that’s really starting to wear on the demand numbers,” said McCullough, who prepared the report that was shared with Wolf Commercial Real Estate, a top South Jersey commercial real estate brokerage firm. “What’s holding back a lot of tenants today is the scarcity of available supply in good locations with strong demographics.”

Tenants looking for retail space in South Jersey and across the country absorbed about 32 million square feet at mid-year 2015, compared to 37 million square feet in first half of 2014. The declining absorption numbers in recent quarters are a logical consequence of the lack of available space for national and South Jersey commercial properties, rather than declining tenant demand, McCullough said. Until more U.S. and South Jersey retail space enters the market, demand is likely to be reflected in terms of higher rent growth rates, he added.

Despite the limited supply of available space, the market for South Jersey commercial real estate listings as well as those from coast to coast is still experiencing a bit of opportunistic leasing and store openings by retailers like Wal-Mart, Dollar General and Dick’s Sporting Goods, which can be productive in somewhat less attractive locations. McCullough expects such activity will likely dominate retail expansion until new shopping center supply ramps up. This perspective was supported on the local level by Wolf Commercial Real Estate, a highly respected South Jersey commercial real estate brokerage firm.

For more information about South Jersey retail space or any South Jersey 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 South Jersey commercial real estate broker that specializes in retail space in South Jersey.

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

Wolf Commercial Real Estate, a South Jersey commercial real estate broker with expertise in South Jersey commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new South Jersey retail space with the South Jersey commercial properties that best meets their needs.  As experts in South Jersey commercial real estate services, the team at our South Jersey commercial real estate brokerage firm provides ongoing detailed information about South Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for retail space South Jersey for sale or lease, Wolf Commercial Real Estate is the South Jersey commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.

Banks Close More Branches As Transactions Move Online

new Jason graphic - 6-3-15Joining many consumer goods retailers who are downsizing their brick and mortar locations, some of the nation’s biggest banks are now touting their bank branch closure plans. The primary driver behind both decisions is the same: more banking activity is occurring online and less in the physical world.

But banks have an additional driver: regulators are issuing stricter capital regulations are driving up accounting and personnel expenses in order to manage compliance.

Given the higher cost environment, banks – which make up a significant portion of South Jersey commercial properties – no longer are quietly downsizing their branch networks. Instead, bank executives are making plans for further consolidation loud and clear, pointing out steps how they plan to rectify what many top bankers refer to as “core banking inefficiencies.”

Over the last five years, banks that are a component of retail space in South Jersey have trimmed their branch networks by 13,406 bank branches, while opening just 8,011 new ones, according to FDIC statistics. Their footprint in now 4.6% smaller than five years ago, with slightly more than 95,000 U.S. offices opened today.

In discussions with investors, banks are now talking about cutting another 4% to 5% of their branch networks this year alone.

At its peak, Bank of America had as many as 6,100 bank branches, including a number of them in South Jersey retail space. That has fallen to about 5,000 branches today as competitive conditions and customer behaviors have changed.

Bank of America said it has about 31 million banking customers, and of those, about 17.6 million of them use mobile banking. In addition, the bank said about 60% of its transactions are now all digital, made through phones, online or ATMs at branches, according to Brian T. Moynihan, chairman and CEO of Bank of America.

Jamie Dimon, chairman and CEO of JPMorgan Chase, underscored the accelerating move to online banking, saying the recipe for failure is for a bank to never change locations, never change size, or never change the way they operate.

JPMorgan closed about 100 branches in the past year – with some of them in South Jersey retail space – and now operates about 5,600 in its network, with further branch closings planned.

In addition to responding to consumer trends, bankers also noted the added costs associated with complying to new regulations.

After several rounds of branch closures, Donna Townsell, vice president of corporate efficiencies at Home Bancshares, said, “The savings and efficiencies gained from these closures will help to tee us up for the upcoming expenses that we expect to incur as we begin the planning for Dodd-Frank stress testing requirements.”

The long lead time before branches both in and out of retail space in South Jersey close is also important in the rightsizing process, other bankers noted. Banks now find themselves in a transitional phase of serving two distinct customer basis: the old-school, in-branch customers, and all-digital customers.

For more information about South Jersey retail space or any South Jersey 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 South Jersey commercial real estate broker that specializes in retail space in South Jersey.

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

Wolf Commercial Real Estate, a South Jersey commercial real estate broker with expertise in South Jersey commercial real estate listings and services, provides unparalleled expertise in matching companies and individuals seeking new South Jersey retail space with the South Jersey commercial properties that best meets their needs.  As experts in South Jersey commercial real estate listings and services, the team at our South Jersey commercial real estate brokerage firm provides ongoing detailed information about South Jersey commercial properties to our clients and prospects to help them achieve their real estate goals.  If you are looking for retail space South Jersey for sale or lease, Wolf Commercial Real Estate is the South Jersey commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.