South Jersey Retail Space For Lease in Cherry Hill NJ

926 Haddonfield_Page_1Wolf Commercial Real Estate (WCRE), the premier Southern New Jersey commercial real estate brokerage firm, is now offering 2,150 square feet of highly visible Southern New Jersey retail space for lease in the 926 Plaza commercial building in Cherry Hill NJ.

This South Jersey retail property for lease at 926 Haddonfield Road in Cherry Hill NJ has an asking lease price of $24 per square foot NNN.  This South Jersey retail space for lease in the 926 Plaza commercial building in Cherry Hill NJ is available for immediate occupancy.

This Southern New Jersey retail space for lease is located in a prime Cherry Hill commercial zone.  The 926 Plaza commercial building sits on heavily traveled Haddonfield Road, directly across from The Towne Place at Garden State Park.  This South Jersey retail property for lease also is just south of the Cherry Hill Mall.

Retailers near this Southern New Jersey retail property for lease include Wegmans, The Cheesecake Factory, Crate & Barrel, Nordstrom, Bed Bath and Beyond, DSW, Dick’s Sporting Goods, Barnes & Noble, Brio Tuscan Grille, Talbots, Coldwater Creek, Best Buy, Christmas Tree Shops and many more retail stores and restaurants.

In addition, this Cherry Hill retail space for lease is close to busy Route 70 and has convenient access to Route 73, Interstate 295 and the New Jersey Turnpike.  There is ample parking at this South Jersey retail property for lease at 5/1,000.

An average of nearly 30,500 vehicles per day drive by this retail space in 08002.  There are more than 133,513 potential customers and employees living within a three-mile radius of 926 Haddonfield Road in Cherry Hill.

For more information about this Southern New Jersey retail property for lease at 926 Haddonfield Road in Cherry Hill, about other retail space in 08002, or about any other South Jersey commercial real estate for sale or lease, please contact Jason Wolf (856-857-6301; jason.wolf@wolfcre.com), Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Scott Seligman (856-857-6305; scott.seligman@wolfcre.com) at Wolf Commercial Real Estate, the premier Southern New Jersey commercial real estate brokerage firm.

As real estate brokerage and advisory experts in Southern New Jersey, the team at our South Jersey 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 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 commercial real estate brokerage firm, 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/> and www.southjerseyretailspace.com <http://www.southjerseyretailspace.com/> and www.southjerseyindustrialspace.com http://www.southjerseyindustrialspace.com/.

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

Marlton NJ Retail Space for Lease

27 North Maple Ave with overlay and headlineWCRE (Wolf Commercial Real Estate), a South Jersey Commercial Real Estate Brokerage Firm, is offering this premier South Jersey retail space for lease in the Allison Shopping Center at 27 North Maple Avenue Marlton NJ.

This Southern New Jersey retail space has 1,425 to 3,600 square feet available for lease.  In addition, the Allison Shopping Center ownership can create up to 19,000 square feet for a large-block occupant in this South Jersey retail building for lease at 27 North Maple Avenue Marlton New Jersey Burlington County 08053.  The asking lease rate for this South Jersey retail space is $12 per square foot NNN.  The units in this Marlton NJ retail space for lease are available for immediate occupancy.

Major exterior renovations are planned and parking is abundant (6.5/1000sf) at this well-located Southern New Jersey retail space for lease. Located near the intersection of North Maple Avenue and the Marlton Pike (Route 70), the Allison Shopping Center also offers easy access – one block west – to Route 73.

An average of nearly 18,000 vehicles a day drive by this South Jersey shopping center for lease on North Maple Avenue.  There are 85,000 residents living within a three-mile radius of this Southern New Jersey retail building for lease.

For more information about this Southern New Jersey shopping center for lease at the Allison Shopping Center or about any other South Jersey commercial properties for sale or lease, please contact Jason Wolf (856-857-6301; jason.wolf@wolfcre.com), Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Scott Seligman (856-857-6305; scott.seligman@wolfcre.com) at Wolf Commercial Real Estate, the premier Southern New Jersey and Philadelphia region Commercial Real Estate Brokerage and Advisory firm. As real estate brokerage and advisory experts in Southern New Jersey and the Philadelphia region, the team at our New Jersey 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 Southern New Jersey 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 Commercial Real Estate Brokerage Firm, 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/> and www.southjerseyretailspace.com<http://www.southjerseyretailspace.com/> and www.southjerseyindustrialspace.com<http://www.southjerseyindustrialspace.com/>.

WCRE provides New Jersey commercial real estate services and Philadelphia commercial real estate services by marketing commercial offices, medical properties, industrial properties, land properties and retail buildings for buyers, tenants, investors and sellers in such areas as Marlton, Moorestown, Mount Laurel, Cherry Hill, Voorhees, Pennsauken and elsewhere in Southern New Jersey and Philadelphia. Please visit our websites for listings of Southern New Jersey professional office space for lease or purchase and other Southern New Jersey commercial real estate for lease or purchase or for information about South Jersey commercial real estate services for office space, retail space, medical space, industrial space or land for sale or lease from this Southern New Jersey Commercial Real Estate Broker.

 

Cherry Hill Retail Space For Rent

WCRE (Wolf Commercial Real Estate), a South Jersey Commercial Real Estate Broker, is offering Southern New Jersey retail space for rent at 600 North Kings Highway Cherry Hill New Jersey Camden County 08034.  The premier South Jersey retail space for rent is available for immediate lease.

This Southern New Jersey retail space for lease in the CVS Plaza at 600 North Kings Highway is available in two configurations: A +/- 1,600 sf end cap and a +/- 3,200 sf inline store.

The asking lease rate for this South Jersey retail space for lease is $15.00 per square foot NNN and the space is available for immediate occupancy. There is abundant parking at this Southern New Jersey commercial property at 6.4/1000 sf.

This South Jersey commercial property for lease at 600 North Kings Highway is in a contemporary neighborhood strip center that is anchored by a CVS pharmacy. In addition, this South Jersey retail property sits at the signalized intersection of Chapel Avenue and North Kings Highway, providing convenient access to Routes 38, 70, 73, I-295 and the New Jersey Turnpike.

An average of more than 26,000 vehicles a day drive by this Southern New Jersey retail property for rent at 600 North Kings Highway and there are nearly 89,000 residents living within a three-mile radius of this Cherry Hill retail space at 600 North Kings Highway.

For more information about this Cherry Hill retail property for rent at 600 North Kings Highway Cherry Hill New Jersey Camden County 08034 or about any other South Jersey retail properties for sale or lease, please contact Jason Wolf (856-857-6301; jason.wolf@wolfcre.com), Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Scott Seligman (856-857-6305; scott.seligman@wolfcre.com) at Wolf Commercial Real Estate, the premier Southern New Jersey and Philadelphia region Commercial Real Estate Brokerage and Advisory firm.  As real estate brokerage and advisory experts in Southern New Jersey and the Philadelphia region, the team at our New Jersey commercial real estate brokerage firm provides ongoing detailed information to our clients and prospects to help them achieve their real estate goals.

Learn more about WCRE, a Southern New Jersey Commercial Real Estate Brokerage Firm, online at www.wolfcre.com, on Twitter @WCRE1, 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/> and www.southjerseyretailspace.comhttp://www.southjerseyretailspace.com/.

WCRE markets Southern New Jersey and Philadelphia commercial offices, medical properties, industrial properties and retail buildings for buyers, tenants, investors and sellers in such areas as Marlton, Moorestown, Mount Laurel, Cherry Hill, Voorhees, and Pennsauken. Please visit our websites for listings of Southern New Jersey retail space for lease or purchase and other Southern New Jersey commercial real estate for lease or purchase or for information about medical space, retail space, office space or land for sale or lease from this Southern New Jersey Commercial Real Estate Broker.

WCRE Q4 2012 Report: Neither Hurricane, Nor Election, Nor Fiscal Cliff Can Stay The South Jersey Commercial Real Estate Market From Its Slow, Steady Climb.

WCRE (Wolf Commercial Real Estate) reports that the South Jersey commercial real estate market exceeded several of its third quarter benchmarks, despite uncertainty caused by a natural disaster and other major news events.  The latest quarterly analysis from WCRE, a premier South Jersey Commercial Real Estate Broker, found that while the third quarter was marked by caution, the fourth quarter market proved its resiliency.

“Though Hurricane Sandy, the election, and the threat of the temporarily-resolved fiscal cliff exerted pressure on businesses, investors, and consumers, there were signs of accelerated growth and reasons for optimism amid the overall climate of cautiousness,” said Jason Wolf, founder and principal of WCRE.

According to WCRE, the fourth quarter showed a significant uptick in both new deal activity and expansion in the market for Southern New Jersey retail space and other Southern New Jersey commercial properties. Several deals of significant size were completed, and South Jersey retail properties and other South Jersey commercial properties in prime locations performed better than the overall market vacancy rate. There were approximately 389,000 sf of notable Southern New Jersey commercial property deals executed in the market, a nearly 25% increase over the third quarter. This includes new lease and expansion transactions of approximately 235,000 sf. Notably, expansions and new deals for South Jersey retail space and other South Jersey commercial space outpaced lease renewals this quarter.

The report also noted that New Jersey’s unemployment rate improved to 9.6% – coming down from a 35-year-high notched during the previous quarter – and that there are many new South Jersey commercial real estate deals nearing completion. Other South Jersey commercial real estate market highlights from the report:

— Average rents for Class A & B product remained at the improved level they reached earlier this year, continuing to show strong support in the range of $11-$14.00/sf NNN with an overall market average of $11.00/sf NNN for the deals completed during the fourth quarter.

— New deals and expansion transactions of 235,000 sf for the fourth quarter was more than double the third quarter mark of 106,000 sf.

— Moorestown, Marlton and Mount Laurel (3M) continue to show strength, while a large share of the region’s vacancies remain in Voorhees, Pennsauken, and the west side of Cherry Hill. Burlington County continued to maintain a significantly lower vacancy rate than Camden County.

— Tenants continue to take advantage of low rental rates and are securing long-term lease commitments. The pattern of this flight to quality – upgrading to better locations and spaces – is expected to continue, especially among larger firms.

— All of the new major owners and REITS are showing a significant increase in deal activity and occupancy – both renewals and new deals – and are all cautiously optimistic.

Retail market highlights from the report include:

— Moorestown has issued its first ever liquor licenses, and PREIT acquired them in order to bring four new high-end restaurants to the Moorestown Mall.

— Overall South Jersey retail space vacancy is still hovering in the 17-18% range, but the market has stabilized, and prime retail locations have very little vacancy.

— Average rents for Class A retail product continue to show strong support in the range of $30-$40.00/sf NNN. Class B product shows support in the range of $15-$23/sf NNN.

— The Haddonfield Road corridor, Route 70, and Route 73 are the prime destinations for retailers.

The report also anticipated challenges in 2013, with at least 250,000 sf of additional Southern New Jersey retail space and Southern New Jersey commercial space vacancies expected to return to the market as Lockheed-Martin, Catalent Pharma, and others follow through on plans to downsize. But Wolf said that even this development could be positive, because large blocks of quality South Jersey retail space and other South Jersey commercial space in excess of 30,000 sf have become scarce.

The full report is available upon request.

For more information about South Jersey retail space for sale or South Jersey retail space for lease, please contact Jason Wolf (856-857-6301; jason.wolf@wolfcre.com), Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Scott Seligman (856-857-6305; scott.seligman@wolfcre.com) at Wolf Commercial Real Estate, the premier Southern New Jersey and Philadelphia region Commercial Real Estate Brokerage and Advisory firm. As real estate brokerage and advisory experts in Southern New Jersey and the Philadelphia region, the team at our New Jersey commercial real estate brokerage firm provides ongoing detailed information to our clients and prospects to help them achieve their real estate goals.

Learn more about WCRE, a Southern New Jersey Commercial Real Estate Brokerage Firm, online at www.wolfcre.com, on Twitter @WCRE1, 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/> and www.southjerseyretailspace.comhttp://www.southjerseyretailspace.com/.

WCRE markets Southern New Jersey and Philadelphia commercial offices, medical properties, industrial properties and retail buildings for buyers, tenants, investors and sellers in such areas as Marlton, Moorestown, Mount Laurel, Cherry Hill, Voorhees, and Pennsauken. Please visit our websites for listings of Southern New Jersey retail space for lease or purchase and other Southern New Jersey commercial real estate for lease or purchase or for information about medical space, retail space, office space or land for sale or lease from this Southern New Jersey Commercial Real Estate Broker.

 

Wolf Commercial Real Estate – A Leader In Research And Information

WCRE (Wolf Commercial Real Estate) is an industry leader when it comes to our deep knowledge about the commercial real estate market in Southern New Jersey and the Philadelphia region. We put our resources, relationships, and technology to work for our clients, so that each decision is made with the most up-to-date understanding of market conditions.

At the core of WCRE is a team of seasoned commercial real estate experts with an excellent track record in investment sales, tenant and landlord representation and corporate real estate transactions.  We specialize in South Jersey office space, as well as in retail and industrial properties throughout the Southern New Jersey and Philadelphia regions.

Our team of dedicated professionals is in place to provide the highest levels of commercial real estate research and information about Southern New Jersey retail space and other Southern New Jersey commercial properties.  Wolf Commercial Real Estate is creating a new culture and a higher standard of service.  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 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 (856-857-6301; jason.wolf@wolfcre.com), Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Scott Seligman (856-857-6305; scott.seligman@wolfcre.com) at Wolf Commercial Real Estate, the premier Southern New Jersey and Philadelphia region Commercial Real Estate Brokerage and Advisory firm. As real estate brokerage and advisory experts in Southern New Jersey and the Philadelphia region, the team at our New Jersey commercial real estate brokerage firm provides ongoing detailed information to our clients and prospects to help them achieve their real estate goals.

Learn more about WCRE online at www.wolfcre.com, on Twitter @WCRE1, 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/> and www.southjerseyretailspace.comhttp://www.southjerseyretailspace.com/.

WCRE markets Southern New Jersey and Philadelphia commercial offices, medical properties, industrial properties and retail buildings for buyers, tenants, investors and sellers in such areas as Marlton, Moorestown, Mount Laurel, Cherry Hill, Voorhees and Pennsauken. Please visit our websites for listings of Southern New Jersey commercial real estate for lease or sale or for information about medical space, retail space or office space for sale or lease from this premier Southern New Jersey Commercial Real Estate Brokerage firm.

Retail Space For Lease Or Sale From Wolf Commercial Real Estate

WCRE (Wolf Commercial Real Estate) is a full-service commercial real estate brokerage and advisory firm specializing in medical, retail, industrial and investment properties. We provide a complete range of real estate services to commercial property owners, companies, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. We value relationships more than any other aspect of our business. We’re connectors with the people, resources, properties, and partners that your company needs to achieve its goals.

Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We learn about your 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 your long term growth and success.

Each WCRE client is treated as though they are our only client, no matter their particular need. Your goals become our goals. We understand how to think like investors, owners, and tenants, and we leverage our deep roots and extensive experience in Philadelphia, Southern New Jersey, and throughout the United States to connect clients with the properties, resources, and opportunities they need.

For more information about WCRE, please contact Jason Wolf (856-857-6301; jason.wolf@wolfcre.com), Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Scott Seligman (856-857-6305; scott.seligman@wolfcre.com) at Wolf Commercial Real Estate, the premier Southern New Jersey and Philadelphia region Commercial Real Estate Brokerage and Advisory firm. As real estate brokerage and advisory experts in Southern New Jersey and Philadelphia region our team provides ongoing information to our clients and prospects to help them achieve bottom line savings, reduce their costs, and mitigate their levels of risk.

Learn more about WCRE online at www.wolfcre.com, on Twitter @WCRE1, 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/> and www.southjerseyretailspace.com<http://www.southjerseyretailspace.com/>.

WCRE markets Southern New Jersey and Philadelphia commercial offices, medical properties, industrial properties and retail buildings for buyers, tenants, investors and sellers in such areas as Marlton, Moorestown, Mount Laurel, Cherry Hill, Voorhees and Pennsauken. Please visit our websites for listings of Southern New Jersey commercial real estate for lease or purchase or for information about medical space, retail space or office space for sale or lease from this Southern New Jersey Commercial Real Estate Broker.

South Jersey Retail Space For Lease In Marlton NJ

Wolf Commercial Real Estate (WCRE) is offering the premier South Jersey retail space for lease at 27 North Maple Avenue in Marlton NJ.

This retail space in South Jersey has 1,425 to 3,600 square feet available for lease, and the Allison Shopping Center ownership can create up to 19,000 square feet for a large-block occupant. The asking lease rate for this South Jersey retail space is $12 per square foot NNN and these units are available for immediate occupancy.

Major exterior renovations are planned and parking is abundant (6.5/1000sf) at this well-located retail space in Southern New Jersey . Located near the intersection of North Maple Avenue and the Marlton Pike (Route 70), the Allison Shopping Center also offers easy access – one block west – to Route 73.

An average of nearly 18,000 vehicles a day drive by this South Jersey shopping center for lease on North Maple Avenue and there are 85,000 residents living within a three-mile radius of the Allison Shopping Center.

For more information about this Southern New Jersey retail space at the Allison Shopping Center or other retail or office properties for sale or lease in Marlton, Southern New Jersey and the Philadelphia region, contact either Jason Wolf (856-857-6301; jason.wolf@wolfcre.com) or Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) at Wolf Commercial Real Estate.

Wolf Commercial Real Estate (WCRE) is a full-service Southern New Jersey and Philadelphia region commercial real estate brokerage and advisory firm specializing in Southern New Jersey and Philadelphia commercial offices, retail properties and buildings for buyers, tenants, investors and sellers. Please click the links below for listings of South Jersey commercial real estate for lease or purchase or for information about office, retail or medical space for sale or lease from the Southern New Jersey Real Estate Broker.

WCRE Landlord and Owner Representation – Retail

Wolf Commercial Real Estate (WCRE), headquartered in Southern New Jersey, is a full-service commercial real estate advisory firm specializing in office, retail, industrial and investment properties. WCRE specializes in helping companies and individuals sell and/or lease their retail space in Southern New Jersey, the Philadelphia region, or anywhere in the country.

WCRE helps property owners and landlords sell and/or lease their retail space using a defined marketing process that we tailor to each property and sub-market with a very detailed, fundamental approach. Some examples of the steps in our process include distributing a detailed professional press release, creating brokerage community awareness about the retail property, online outreach, social media, and targeting prospects within relevant industries. Wolf Commercial Real Estate professionals have the local experience to treat your retail properties as if they were our own. We are hands on and responsive to our clients’ needs and goals.

For more information about owner representation, landlord representation or retail space for sale or lease in Southern New Jersey, the Philadelphia region or anywhere in the country, contact either Jason Wolf (856-857-6301; jason.wolf@wolfcre.com), Leor Hemo (856-857-6302; leor.hemo@wolfcre.com) or Scott Seligman (856-857-6305; scott.seligman@wolfcre.com) at Wolf Commercial Real Estate, the premier Southern New Jersey Commercial Real Estate Brokerage and Advisory firm.

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

WCRE Tenant Representation – Retail

For companies and individuals seeking new retail office space in Southern New Jersey, the Philadelphia region, or anywhere in the country, Wolf Commercial Real Estate (WCRE) can help you find the retail space that best meets your needs.

WCRE will ensure that the sale or lease terms of the retail space are the best fit with your goals. Wolf Commercial Real Estate’s approach is to help our clients from beginning to end in their search for new retail properties.

We start by understanding the goals you have for your new retail 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 retail property options to ensure you qualify for the right retail space for sale or lease. To help you select the best retail space,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.

For more information about retail space for sale or lease in Southern New Jersey, the Philadelphia region or anywhere in the country, contact either Jason Wolf (856-857-6301;jason.wolf@wolfcre.com) or Leor Hemo (856-857-6302;leor.hemo@wolfcre.com) at Wolf Commercial Real Estate, the premier Southern New Jersey Commercial Brokerage and Advisory Firm.

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

Click Here for Office Listings

Click Here for Retail Listings

 

South Jersey Retail Market Sees Slow Third Quarter

While cautious optimism was the tone of the second quarter in the local commercial real estate market, the third quarter was more about caution than optimism, Wolf Commercial Real Estate said in its latest quarterly analysis of Southern New Jersey, published this week. But those expecting better news can take solace in the fact that the firm found many positive trends, and even some of the bad news was either cyclical or expected.

WCRE’s research, which includes snapshots of the office and retail markets, finds several positive indicators that kept the Southern New Jersey market active in the third quarter, just not with the same velocity it had in the second quarter. These include increased deal activity among large corporations – several of which were seeking new headquarters in the region, interest rates remaining near historic lows, and all REITs in the market performing better than in the previous quarter. This good news was tempered by factors that are causing some businesses and investors to stay on the sidelines a while longer.

“This extended period of very low interest rates coupled with low rental rates continues to encourage activity, but world events such as the slow recovery of the U.S. economy, the ongoing European financial crisis, and fears about what some are calling a “fiscal cliff” of tax increases and government spending cuts set for early next year will continue to influence the timing of real estate decisions,” said Jason Wolf, founder and principal of WCRE.

“A slower summer period is the norm in commercial real estate, as is the practice of businesses holding off on major investments and other decisions shortly before a presidential election,” Wolf said. “I believe we will see the market improve due to pent-up demand once we move past these cyclical events.”

According to the WCRE office report, there were about 300,000sf in renewals and new lease transactions in Southern New Jersey during the quarter, with renewals comprising most of the transactions. This is down from more than 450,000sf in the second quarter.

Other office market highlights from the report:

  • Average rents for Class A & B product remained at the improved level they reached in the second quarter, 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 deals completed during the third quarter.
  • Positive absorption for the third quarter was in the range of 106,000+/-sf of new deals and/or expansions. This represents a 15 percent decrease from the volume of positive absorption in the second quarter.
  • Moorestown, Marlton and Mount Laurel continue to show strength, while a large share of the region’s vacancies remain in Voorhees, Pennsauken, and the west side of Cherry Hill.
  • There are several large office buildings and portfolio sales, along with other large transactions pending that are expected to close during the fourth quarter.
  • Tenants continue to take advantage of low rental rates and are securing long-term lease commitments. The pattern of this flight to quality – upgrading to better locations and spaces – is expected to continue.

Retail market highlights from the report include:

  • Overall space vacancy in the South Jersey retail market is still hovering in the 17-18% range, but the market has stabilized, and prime retail locations have very little vacancy.
  • Average rents for Class A product in the South Jersey retail market continue to show strong support in the range of $30-$40.00/sf NNN. Class B product shows support in the range of $15-$23/sf NNN.
  • Just as office tenants are doing, retailers are continuing to make the most of low interest rates and low rental rates to focus on quality and prime location.

The full report is available upon request.

WCRE is a full-service commercial real estate advisory firm specializing in office, retail, industrial and investment properties. We provide a complete range of real estate services to commercial property owners, companies, and investors seeking the highest quality of service, proven expertise, and a total commitment to client-focused relationships. Through our intensive focus on our clients’ business goals, our commitment to the community, and our highly personal approach to client service, WCRE is creating a new culture and a higher standard. We go well beyond helping with property transactions and serve as a strategic partner invested in your long term growth and success.

Learn more about WCRE online at www.wolfcre.com, on Twitter @WCRE1, and on Facebook at Wolf Commercial Real Estate, LLC. Visit our blog pages at www.southjerseyofficespace.com and www.southjerseyretailspace.com.