Retail vacancies are rising across South Jersey as ripple effects of Covid-19 continue to grow nearly a year after the pandemic first hit the region. A new report from Wolf Commercial Real Estate on the South Jersey market found that Burlington County’s retail vacancy rate jumped to 10% in the fourth quarter, up from 7.6%… Read more »
Store closures have been the talk of the retail industry over the first five months of the year, with Sears-Kmart, JCPenney and Macy’s announcing more than 64 million square feet of combined closures since the start of 2017 and at least 10 leading in-line retailers filing for bankruptcy court reorganization or auction. While most retail… Read more »
Landlords hope to reap benefits from the major marketing missteps taken by the Papa John’s pizza chain as the company faces the prospect of closing 250 restaurants across the country. Throughout the U.S. commercial real estate market, including South Jersey retail space, landlords are concerned the chain’s highly publicized missteps by its former chief executive,… Read more »
Efforts are underway in the New Jersey state Legislature to eliminate the blight of vacant and half-empty malls and office complexes, properties that have fallen victim both to e-commerce and a new preference in corporate America for urban settings. “Buildings used, or previously used, as a shopping mall, shopping plaza, or professional office park,” that… Read more »
The vacancy rate in the nationwide retail market increased by 10 basis points for the second-consecutive quarter to reach 5.2 percent in the just-ended third quarter as retail leasing and net absorption slowed despite continued improvement in the broader economy and growing consumer spending power, according to CoStar analysts. A slowdown in third-quarter leasing performance… Read more »
About 37,000 retailers, retail brokers, investors and other retail professionals doing business in U.S. and South Jersey retail real estate markets gathered recently in Las Vegas for RECon, the industry’s largest trade convention, amid a tangible sense of frustration. That exasperation was not as much about the commercial real estate market – including South Jersey… Read more »
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… Read more »
