Report: Every Sector of Philadelphia Retail Space Development at Its Peak

new Jason graphic - 6-3-15Retail space in Philadelphia is springing up with many major real estate developments, and Center City is undeniably at its center. For a couple of years, the city has been observing the development of level it hasn’t seen since the construction of Liberty Place towers during the late 1980s. And the same trend will continue for next few years. So says the latest Center City Development report on retail space in Philly prepared by CenterCityPhila.org.

Be it Philadelphia commercial properties, Philadelphia commercial real estate or Philadelphia commercial real estate listings, every sector is being transformed with a number of new Philadelphia retail space projects. The CenterCityPhila.org report features over 60 ambitious Philly retail space projects of different sectors proposed to be built between 2014 and 2018. Some have already been completed, many are under way, and some are yet to begin. But undoubtedly, this development phase will change the Philly and life here forever and for better.

Some of the most eye-catching projects involving retail space in Philadelphia are Comcast Innovation & Technology Center, a 1,121 feet tall skyscraper; Children’s Hospital of Philadelphia at South Street, which will house a research staff of 1000+; a 51-story hotel building with 460 rooms divided among two hospitality brands; Penn’s Landing Park, spanning across 11 acres; Renaissance Plaza, a residential complex of 1,398 units, and many more.

With all the new Philadelphia retail space projects under way, certainly a huge number of employment opportunities will be created in time to come. This in effect will attract thousands of people to the City of Brotherly Love from not just the US but from across the world, all looking for Philadelphia commercial properties, Philadelphia commercial real estate and Philadelphia commercial real estate listings. Meanwhile, there are plenty of alluring Philly retail space opportunities for real estate investors in Philadelphia, especially in the residential sector.

However, it isn’t just the pace of construction of retail space in Philly that has picked up recently that fascinates investors. There are many other factors that make Philadelphia an ideal place to develop and invest in real estate properties.

For instance, there is no property tax for first 10 years on new constructions in Philadelphia. Philadelphia is also among that handful of cities where the housing market is still stable, while the entire country is whining about a tight housing market and steeply rising house prices. Additionally, the markets involving Philadelphia commercial properties, Philadelphia commercial real estate and Philadelphia commercial real estate listings are among top 10 cities with highest rental return rates.

For more information about Philadelphia retail space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in retail space in Philly.

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

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

Philly Retail Space Update: The Struggle for Balance between Online and New Store Growth

new Jason graphic - 6-3-15Retailers, including those in the Philly retail space market, are struggling to develop a strategy for future sales growth that balances online expansion and opening new stores, according to new retail analysis.

BDO USA’s ninth annual analysis of risk factors noted by the 100 largest U.S. retailers in their most recent annual reports found that retailers were highly concerned about the best way to fund their growth, even as the retail industry enjoyed solid year-over-year industry performance, positive sales projections, strong consumer confidence and other positive economic indicators.

BDO said the number of U.S. companies that cited U.S. growth and expansion as an area of risk reached 92 percent this year, up from 56 percent in 2013. Retailers in the U.S. and Philadelphia retail space marketplace are vigorously seeking new ways to increase sales and reinforce store brands, while also recognizing the need for an omnichannel marketing approach to satisfy consumers’ increasing demand for online shopping options.

BDO said retailers moved away from primarily investing in new bricks and mortar stores in 2008.  As online buying by consumers ramped up, retailers’ return on the investment in new stores diminished and capital investments were redirected to online sales, supply chain networks and systems implementations.  But with spending in those areas less proven, retailers noted a increased risks with the new investment strategies.

In this new world of retail marketing, different retailers are in vastly different stages of funding their growth.

Wal Mart Stores — which boasts 4,500 U.S. stores and another 2,120 outside the U.S. — spent nearly 40% ($5.1 billion) of its fiscal year 2014 capital expenditures ($13.1 billion) on new store expansions and relocations.  But in the 2015 fiscal year that ended January 31, that amount dropped to $4.1 billion or about 34%, according to BDO. At the same time, Wal Mart’s investment in information systems, distribution, digital retail and other omnichannel expenses jumped from $2.5 billion (20%) to $3.3 billion (27%).

In comparison, Macy’s Inc. — which, with 823 stores in 45 states, is the largest department store in the U.S. — is just now embarking on its omnichannel strategy and is finding difficulties as it starts down this new road. In its last fiscal year, Macy’s spent about $1.1 billion primarily on new stores, store remodels, store maintenance and the ongoing renovation of it’s flagship store, Macy’s Herald Square in New York.  Physical store openings remain a key part of the retailer’s growth focus, with plans announced to open at least eight new Macy’s or Bloomingdale’s stores over the next four years in four states and one U.S. territory, stretching from Puerto Rico to Hawaii.   Macy’s posted first quarter 2015 sales of $6.232 billion, down 0.7% from a year ago, while expenses rose 1.2% over the prior year.   The company said some of the increased expenses came from the launch of a significant omnichannel initiative intended to bolster continued sales growth and enhance customers’ online, mobile and in-store shopping experience.

Macy’s remains committed to the new sales growth approach, but acknowledged that the learning curve was “steeper than we had expected.”

To strengthen their omnichannel sales potential, retailers have committed a massive investment in money, time and energy, but a new survey conducted by PwC for JDA Software found that only 16% of today’s retail companies can fulfill omnichannel demand profitably.  Survey respondents said the high cost of order fulfillment is eroding their margins.

The survey found that retailers acknowledged the importance of omnichannel fulfillment, labeling it a high or top priority and committing an average of 29% of their total capital expenditures for 2015 on improving their omnichannel fulfillment performance.

For more information about Philly retail space or any Philadelphia 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 leading Philadelphia commercial real estate brokerage firm that specializes in Philadelphia retail space.

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

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

Philly Retail Space Vacancy Rate Unchanged In First Quarter

research-information-graphic-phlVacancies in the market for Philly retail space held fairly steady in the first quarter 2015, according to the latest market analysis from the CoStar Group.

The market experienced little change as the vacancy rate for retail space in Philadelphia went from 5.8% in the fourth quarter 2014 to 6.0% in the first quarter of the new year, according to CoStar’s First Quarter 2015 Market Report.

Net absorption in the market for retail space in Philly was negative 637,609 square feet, and vacant sublease space in the Philadelphia retail space market grew by 48,894 square feet, CoStar reported.  In the fourth quarter 2014, net absorption stood at negative 62,004 square feet, the analysis said.

CoStar noted that tenants moving into large blocks of retail space in Philadelphia in the new year included:  Under Armor, moving into 16,348 square feet of retail space in Philly at 1529 Walnut Street; AutoZone, moving into 15,874 square feet of Philadelphia retail space at 200 S Best Avenue; and La-Z-Boy Furniture, moving into 14,800 square feet of Philly retail space at 101 Ironlake Boulevard.

Quoted rental rates for retail space in Philly dropped in the first quarter, settling at $13.88 per square foot per year by quarter’s end, CoStar said in the report.

The analysis reported that 19 retail buildings were delivered to the Philadelphia retail space market in the first quarter, adding 138,704 square feet of retail space in Philadelphia to the market.  Another 696,250 square feet of Philly retail space remained under construction at quarter’s end.

In comparison to the results from the Philadelphia retail space market, the U.S. National Retail vacancy rate dropped to 6.0% and net absorption was positive 15.41 million square feet in the first quarter, according to CoStar.  Average rental rates in the national market grew to $14.96 in the quarter.  Nationally, 604 retail buildings were delivered in the first quarter, adding almost 13.3 million square feet to the U.S. retail market.

For more information about Philly retail space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate brokerage firm that specializes in retail space in Philly.

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

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

First Quarter Report: Strong Start for South Jersey Commercial Real Estate

research-information-graphic-phlPropelled by fourth quarter 2014’s growing momentum, the South Jersey commercial real estate market kicked off the year on a robust note, according to a new quarterly market report from Wolf Commercial Real Estate, a leading Philly commercial real estate brokerage firm with expertise in South Jersey and Philadelphia commercial real estate listings and services, including Philadelphia retail space and other Philadelphia commercial properties.

The latest analysis by the Philadelphia commercial real estate broker found that while challenges still persist in the marketplace, New Jersey’s overall office space market was strengthened in the first quarter by major healthcare institutions, investors and large tenants.

“The moves we’ve seen this quarter signal significant business expansion and job growth,” said Jason Wolf, founder and managing principal of Wolf Commercial Real Estate, a premier  Philly commercial real estate broker. “This has helped to boost commercial real estate confidence and lending conditions, leading to a more optimistic atmosphere that is expected to continue throughout 2015.”

The analysis notes major moves announced and/or planned by notable players in the South Jersey office market, including Virtua’s plan to move to a 62,000-square-foot office this fall and the sale of two Brandywine Realty Trust trophy assets to out-of-market investors. The two buildings — Libertyview and 1000 Atrium Way — represented 221,405 square feet and sold for an average of about $134/sf.

New leases and renewals were up 7% in the first quarter 2015, according to the report from Wolf Commercial Real Estate, a Philadelphia commercial real estate brokerage firm that specializes in South Jersey and Philly commercial real estate listings and services, including Philly retail space and other Philly commercial properties.  Completed transactions grew from 441,141 square feet in the first quarter a year ago to approximately 472,154 square feet in the first quarter 2015, the company noted.

The South Jersey office market had approximately 186,427 square feet of new tenant leases and approximately 285,727 square feet of renewals and expansions, the Philadelphia commercial real estate broker reported.  Approximately 39.5% of first quarter transactions were for new leasing activity.  Gross absorption for first quarter was in the range of approximately 255,161 square feet, the company said.  In addition to the finalized deals, a solid pipeline of approximately 450,000 square feet of significant South Jersey lease transactions were ready to close in the near future, the report noted.

The Philly commercial real estate brokerage firm, which specializes in South Jersey and Philadelphia commercial real estate listings, also reported on the Southern New Jersey retail market, noting that consumer confidence attained its highest monthly level since the recession started and was likely to strengthen more as the year continues.  Highlights from the retail section of the report include:

  • The overall retail vacancy for the tri-county area of South Jersey’s was at about 10.5%, representing only slight growth from the previous quarter, but still heartening in comparison to the recent past.
  • Class A retail product rental rates maintained strong support in the range of $30.00-$40.00/sf NNN, as rents remained stable.
  • National chains that experienced growth were behind much of the demand for local space, while smaller retailers and locally based retailers still struggled.

Also in the office section of the report from Wolf Commercial Real Estate, a Philly commercial real estate broker with expertise in South Jersey and Philly commercial real estate listings and services, including Philadelphia retail space and other Philadelphia commercial properties:

  • GROW NJ continues to entice businesses to relocate to New Jersey, the Philadelphia commercial real estate brokerage firm said.  A notable $84.6 million in funding was earmarked for 10 projects in the first two months of 2015 alone.
  • The South Jersey market’s overall vacancies continued to decline, dropping to a current level of approximately 13.6 percent, an improvement over the rate in the fourth quarter 2014.
  • Average rents for Class A & B product in the office market maintained strong support in the range of $10.00-$14.00/sf NNN or $21.00-$24.00/sf gross, with an overall market average of strong support in the $10.00-$12.00/sf NNN or $20.00-$22.00/sf gross for deals closed during the first quarter. Rents remained steady.
  • The quarter saw all major private owners and REITS reporting moderate leasing and prospect activity.  With vacancies tightening in Burlington County, many larger vacancy opportunities shifted toward Camden County, which is not controlled by these ownership entities.

The complete report is available upon request to Wolf Commercial Real Estate, a Philly commercial real estate broker that specializes in South Jersey and Philadelphia commercial real estate listings and services, including Philly retail space and other Philly commercial properties.

For more information about Philadelphia retail space or any Philadelphia 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 Philadelphia commercial real estate brokerage firm.

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

Philadelphia Retail Real Estate Market Continues Growth in Fourth Quarter

research-information-graphic-phlNearly 34,000 square feet of Philadelphia retail real estate were added to the Philadelphia retail space market during the final quarter of 2014 as six Philadelphia retail properties came onto the market, according to the latest report from The CoStar Group.

The research company also looked at retail space in Philadelphia in the previous four quarters and noted that nearly 490,000 square feet of Philly retail space has been added to the current Philadelphia retail real estate listings. At the end of 2014, there were more than 760,000 square feet of retail space in Philly under construction.

Some of the notable 2014 Philadelphia retail space deliveries include: 3400 Hartzdale Dr, a 100,000-square-foot facility that delivered in second quarter 2014 and is now 100% occupied. The retail space in Philly at 4300 Broadway, a 68,000-square-foot building that delivered in third quarter 2014 also is 100% occupied.

Total retail space in Philadelphia amounted to 503,062,643 square feet in 41,601 buildings and 2,561 centers as of the end of the fourth quarter 2014, according to the CoStar report as provided by subscriber Jason Wolf, a Philadelphia retail real estate broker with the Philadelphia retail real estate brokerage firm Wolf Commercial Real Estate.

For more information about Philly retail space or any Philadelphia retail 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 Philadelphia retail real estate broker that specializes in retail space in Philadelphia.

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

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

Philadelphia Retail Space Vacancy Rate Holds Steady at Year End

research-information-graphic-phlPhiladelphia retail space vacancies were virtually unchanged in the fourth quarter 2014, according to new market analysis from the CoStar Group.

The vacancy rate for Philly retail space stood at 5.9% at quarter’s end, only slightly higher than the third quart’s 5.8%  vacancy rate for retail space in Philadelphia, according to CoStar’s Fourth Quarter 2014 Market Report.

Net absorption in the market for retail space in Philly was negative 74,123 square feet in the fourth quarter, the report said.  In comparison, the third quarter’s net absorption was positive 108,503 square feet.  The Philadelphia retail space market’s vacant sublease space rose by 21,583 square feet, CoStar reported.

Among the tenants moving into large blocks of Philly retail space in the year just ended were:  Walmart, moving into 100,000 square feet of Philadelphia retail space at 3400 Hartzdale Drive; ShopRite, moving into 90,000 square feet of retail space in Philly at Wishing Well Plaza; and Giant Food, moving into 66,472 square feet of retail space in Philadelphia at Ephrata Marketplace.

CoStar said the market’s quoted rental rates for retail space in Philadelphia grew in the fourth quarter, reaching $14.02 per square foot per year by year end.

Six retail buildings were delivered to the Philly retail space market in the fourth quarter, totaling 33,257 square feet of retail space in Philly, CoStar noted.  An additional 762,131 square feet of Philadelphia retail space was still under construction at the end of the fourth quarter, the report added.

Nationally in the fourth quarter, the U.S. National Retail vacancy rate dropped to 6.1% and net absorption was positive 34.91 million square feet, according to the report.  Average rental rates in the national market rose to $14.90 from the third quarter.  The national retail market grew by nearly 14.7 million square feet as 561 retail buildings were delivered in the fourth quarter.

For more information about Philly retail space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a premier Philadelphia commercial real estate broker that specializes in retail space in Philadelphia.

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

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

Young Consumers Propel Vibrant, Downtown Philadelphia Retail Space Market

research-information-graphic-phlMillennials, young families, office workers and tourists are behind the increasingly vibrant Center City Philadelphia retail scene, propelling local and national retailers to take a greater  interest in the Philadelphia retail space market, a new report says.

The demand and buying power of this young clientele has brought a diverse group of retailers to the market for Philly retail space, the report by Center City District and the Central Philadelphia Development Corp. said.  Downtown Philadelphia now includes 250 apparel stores, 133 food and drink establishments and 444 full-service restaurants, according to the report.

National retail chains such as Forever 21, Nordstrom Rack, Uniqlo, Michael Kors, Timberland and other national brands opened new downtown stores in 2014, drawn to the market for retail space in Philadelphia by the same young group of consumers and their buying power, the report said.  Still, despite this frenzy of interest by national names, the market for retail space in Philly continues to have at its core the boutiques, independents and regional firms that currently comprise 77 percent of downtown retailers, according to the report.

The increased interest in the Philadelphia retail space market also can be seen in the larger mixed-use projects underway in Philadelphia now, all of which have provisions for new Philly retail space, the report noted.  These include:

  • Midwood Investment & Development’s 60,000-square-foot multi-level building at 15th and Walnut Streets, which will include multiple floors of retail space in Philly and will be anchored by a Cheesecake Factory restaurant.
  • Pennsylvania Real Estate Investment Trust’s 30,000-square-foot development at 15th and Walnut, which is looking to attract new tenants to its retail space in Philadelphia to join the existing — and recently renovated — Club Monaco.
  • The major overhaul of The Gallery that essentially will turn the mall inside out, putting Philadelphia retail space and restaurants back on the ground level, street side of the mall.
  • Brickstone Realty’s Chestnut Street redevelopment project that will bring Philly retail space and attached luxury apartments to the area.
  • National Real Estate Development’s makeover of the former Girard Square city block into the new East Market project that will feature a 17-story tower with 160,000 square feet of retail space in Philly in phase one.

As these variables remain stable, the demand for retail space in Philadelphia should continue to strengthen, the report said.  “With more than $4.7 billion in development projects and residential population increasing, Center City’s retail footprint continues increasing as demand and rents rise,” the report noted.

For more information about Philadelphia retail space or any Philadelphia 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 leading Philadelphia commercial real estate brokerage firm that specializes in retail space in Philly.

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

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

Third Quarter Philly Retail Space Deliveries, Construction and Inventory

research-information-graphic-phlPhilly retail space increased in the third quarter 2014 with the completion of five new Philadelphia retail buildings, which added 80,793 square feet to the market for retail space in Philadelphia, according to a new market trend report from the CoStar Group.

Over the past four quarters, retail space in Philly grew by 842,776 square feet, the CoStar Third Quarter 2014 Market Report said.  Another 389,251 square feet of Philadelphia retail space was still under construction at the end of the third quarter 2014, the report noted.

Among the most significant deliveries of Philadelphia retail buildings in the Philadelphia retail space market this year were:  4300 Broadway, a 59,840-square-foot facility in the Philly retail space market that delivered in third quarter 2014 and is now fully occupied, and 332 South Broad Street, a 45,000-square-foot building in the Philadelphia retail space market that delivered in first quarter and is now completely occupied, CoStar reported.

By the end of the third quarter, total inventory of retail space in Philly amounted to 500,055,236  square feet in 41,234 Philadelphia retail buildings and 2,554 centers, according to the report.

In comparison to these trends in the market for retail space in Philadelphia, the U.S. national retail market expanded by 542 buildings equaling 13.91 million square feet in the third quarter 2014.  At quarter’s end, another 53.3 million square feet of retail space remained under construction, the report noted.

A 58,200-square-foot retail building at 837 Washington Street in the New York City market and the 148,000-square-foot Main Street N. Brunswick Costco in the Northern New Jersey market both delivered in the third quarter, according to the report.  At the end of the third quarter 2014, total retail inventory in the U.S. market stood at more than 12.54 billion square feet in nearly 1.1 million retail buildings, including 97,500 shopping centers.

For more information about retail space in Philadelphia or any Philadelphia 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 leading Philadelphia commercial real estate broker that specializes in Philly retail space.

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

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

Philly Retail Space Vacancy Rate Stable in Third Quarter

research-information-graphic-phlThe vacancy rate for Philly retail space remained stable in the third quarter 2014, a new market report from the CoStar Group says.

The Philadelphia retail space vacancy rate stood at 5.9% at the end of the third quarter — the same rate for retail space in Philly at the end of the second quarter 2014, CoStar noted in its Third Quarter 2014 Market Report.

Net absorption of retail space in Philadelphia in the third quarter was positive 177,364 square feet, compared to positive 515,170 square feet in the previous quarter.  Vacant sublease space in the Philadelphia retail space market was down by 5,476 square feet in the third quarter, according to the CoStar report.

Several tenants moved into large blocks of retail space in Philadelphia in 2014, including: ShopRite, moving into 90,000 square feet of Philly retail space at Wishing Well Plaza; Giant Food, moving into 66,472 square feet of retail space in Philly at Ephrata Marketplace; and Burlington Coat Factory, moving into 62,224 square feet of Philadelphia retail space at 1537 Bethlehem Pike.

Quoted rental rates for retail space in Philadelphia declined from the second quarter, ending the third quarter at $13.96 per square foot per year, CoStar reported.

Retail space in Philly grew by 80,793 square feet in the second quarter with the delivery of five retail buildings, the report said.  An additional 389,251 square feet of Philadelphia retail space remained under construction at quarter’s end, CoStar noted.

In comparison to second quarter 2014 results in the Philly retail space market, the U.S. National Retail vacancy rate dropped to 6.3% from the second quarter, according to the report.  Net absorption in the national market stood at positive 26.48 million square feet in the second quarter, CoStar said.  Average rental rates for the national market grew to $14.84.  A total of 542 retail buildings delivered to the market, amounting to more than 13.9 million square feet of new national retail space.

For more information about Philly retail space or any Philadelphia commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com), Leor Hemo (leor.hemo@wolfcre.com) or Lee Fein (lee.fein@wolfcre.com) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate brokerage firm with expertise in retail space in Philly.

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

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

Philadelphia Retail Space Deliveries, Construction And Inventory

research-information-graphic-phlPhiladelphia retail space expanded by 66,506 square feet in the second quarter 2014 with the completion of eight Philadelphia retail buildings in the Philly retail space market, a new market trend report from the CoStar Group says.

In the past four quarters, total retail space in Philadelphia has grown by 1,197,460 square feet, according to CoStar’s Second Quarter 2014 Market Report.  An additional 203,783 square feet of retail spacein Philly remained under construction at the end of 2014’s second quarter, the report said.

Notable 2014 deliveries of Philadelphia retail buildings in the Philadelphia retail space market include:  332 South Broad Street, a 45,000-square-foot Philly retail space building that delivered in first quarter and is now fully occupied, and 1900 North 9th Street, a 30,000-square-foot Philadelphia retail space building that delivered in first quarter and is now 93% occupied, CoStar said.

Total inventory of retail space in Philadelphia equaled 498,222,528 square feet in 40,822 Philadelphia retail buildings and 2,549 centers at the end of the second quarter 2014, according to the report.

In comparison to the trends in the Philly retail space market, the U.S. national retail market saw 522 buildings totaling 10.83 million square feet complete construction, with an additional 50 million square feet of retail space remaining under construction at the end of the second quarter 2014, CoStar said.  A 152,000-square-foot Wal-Mart delivered in the second quarter in the Minneapolis retail market, and a 155,361-square-foot retail building delivered in the San Antonio market in the first quarter, the report noted.  More than 1.38 million buildings comprised the U.S. market’s total retail inventory at the end of the second quarter 2014, CoStar said.

For more information about retail spacein Phillyor any Philadelphia 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 Philadelphia commercial real estate brokerage firm that specializes in Philly retail space.

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

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