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)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) 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) 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)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) 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.

Philadelphia Retail Space Vacancy Rate Near Steady

research-information-graphic-phlThe Philadelphia retail space vacancy rate changed only slightly in the second quarter 2014, ending the quarter with a 5.9% vacancy rate for retail space in Philly, a new market report from the CoStar Group says.

The Philly retail space vacancy rate was at 6.0% at the end of the first quarter, CoStar reported.  Net absorption stood at positive 551,992 square feet in the second quarter, compared to positive 979,455 square feet in the first quarter.  Vacant sublease space in the market for retail space in Philadelphia dropped by 20,121 square feet in the quarter, CoStar reported in its Second Quarter 2014 Market Report.

Among tenants moving into large blocks of retail space in Philly in 2014 were: ShopRite, moving into 90,000 square feet of Philadelphia retail space at 1817 Mount Holly Road; Giant Food, moving into 66,472 square feet of Philly retail space at 852 East Main Street; and Acme, moving into 58,785 square feet of retail space in Philadelphia at 21-31 West Ridge Pike.

Quoted rental rates for Philly retail space ended the second quarter 2014 at $14.05 per square foot per year, an increased from first quarter rates, according to the report.

The second quarter saw a total of eight retail buildings with 66,506 square feet of retail space in Philadelphia delivered, CoStar said.  Another 203,783 square feet of retail space in Philly was still under construction at the end of the second quarter, CoStar reported.

In comparison to second quarter results in the Philadelphia retail space, the U.S. National Retail vacancy rate decreased to 6.4% from the first quarter, with net absorption at positive 23.39  million square feet in the second quarter, according to the CoStar report.  Average rental rates for the national market rose to $14.81, and 522 retail buildings totaling more than 10.8 million square feet were delivered to the 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) 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 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 brokerage firm that specializes in Philadelphia commercial real estate listings and services, 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 commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

WCRE REPORT: NEW INVESTMENT, SMALL BUSINESS EXPANSION STRENGTHEN SOUTHERN NEW JERSEY COMMERCIAL REAL ESTATE MARKET

July 8, 2014 – Marlton, NJ – The Southern New Jersey office market seems to have shifted from recovery mode toward the first steps of real growth, according to the latest analysis by Wolf Commercial Real Estate (WCRE). The firm’s quarterly market report finds a mix of mostly positive trends during the second quarter, making for an overall bullish tone in the market for 2014. The CRE market was very busy during the quarter, bouncing back from the setbacks imposed by the harsh winter to reclaim another portion of vacancy and set up a healthy pipeline of deals that are expected to close later in the year.

There were approximately 310,493 square feet of new leases and renewals executed in Burlington, Camden, and Gloucester Counties during the second quarter, including several large spaces, ranging in size from 6,000 to 44,000 square feet. Notably, expansions and new deals remained strong this quarter, representing 52 percent of all transactions. Net absorption for the quarter was approximately 112,368 sf, and prospect activity was extremely active, with a pipeline of approximately 350,000 square feet of pending deals expected to close during the third quarter.

“Vacancy rates continue to fall, and conditions in our region have improved to the point where we expect to see them fall even further,” said Jason Wolf, founder and principal of WCRE. “We’re seeing lower unemployment, including gains in office jobs, and a general boost in small business confidence, which is fueling expansion.”

The report noted that for the second straight quarter, many of the subject properties were located in prime 3M locations within Burlington County, and that the tightening of those areas was causing demand to shift toward vacancies in Camden County.

Other office market highlights from the report:

  • Both Burlington County and Camden County saw significant decreases in vacancy this quarter, though Burlington continued to maintain a markedly lower vacancy rate than Camden, at 9.1 percent compared with Camden’s 18.1 percent.
  • Average rents for Class A & B product continue to show strong support in the range of $11.00-$14.00/sf NNN or $21.00-$24.00/sf gross, with an overall market average showing strong support in the $10.00-$12.00/sf NNN or $20.00-$22.00/sf gross for the deals completed during the first quarter. This is essentially unchanged from the previous quarter.
  • New lease activity for Q1 is in the range of approximately 161,316 square feet of new deals and/or expansions and approximately 149,177 square feet of renewals.
  • All of the major private owners and REITS showed a significant increase in prospect activity for the quarter, and all continue to remain cautiously optimistic for 2014.

WCRE also reported on the local retail market, where the news is quite bright for Center City Philadelphia, but less so for Southern New Jersey. Highlights from the retail section of the report include:

  • Several major retailers are moving into large Center City spaces, including Nordstrom Rack, Forever 21, and American Eagle Outfitters.
  • Southern New Jersey welcomed a new Whole Foods and saw a new outlet center break ground in Deptford, but there are some troubled centers amid those still experiencing growth.
  • Overall retail vacancy in the tri-county area is at 15.7%, up for the second straight quarter.
  • Class A retail product rental rates continue to show strong support in the range of $30.00-$40.00/sf NNN, which is essentially unchanged from the previous several quarters.
  • Class B product shows support in the range of $15.00-$25.00/sf NNN, which is also unchanged.

The full report is available upon request. 

About WCRE

WCRE is a full-service commercial real estate brokerage and advisory firm specializing in office, retail, medical, industrial and investment properties in Southern New Jersey and the Philadelphia region. We provide a complete range of real estate services to commercial property owners, companies, banks, commercial loan servicers, 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,www.southjerseyretailspace.com, and www.southjerseymedicalspace.com.

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Philly Retail Space Vacancy Rate Drops

research-information-graphic-phlMarket conditions improved slightly in the Philly retail space market in the first quarter 2014 as the vacancy rate for retail space in Philadelphia dropped to 6.0%, according to the latest market report from the CoStar Group.

The vacancy rate for retail space in Philly had been 6.2% in the fourth quarter 2013, CoStar reported.  Net absorption totaled a positive 1,175,336 square feet in the first quarter, compared to positive 629,439 square feet in the fourth quarter 2013.  Vacant sublease space in the Philadelphia retail space market decreased by 8,554 square feet in the first quarter, according to CoStar’s First Quarter 2014 Market Report.

Tenants moving into large blocks of retail space in Philadelphia in 2014 included: ShopRite, moving into 90,000 square feet of retail space in Philly at Wishing Well Plaza; LA Fitness moving into 52,248 square feet of Philadelphia retail space at Collegetown Shopping Center; and Lehigh Hospital moving into 50,041 square feet of Philly retail space at 1309 Blue Valley Drive.

Quoted rental rates for retail space in Philly rose in the first quarter 2014, ending the quarter at $13.90 per square foot per year, the report said.

A total of nine retail buildings with 140,422 square feet of Philadelphia retail space were delivered to the market in the first quarter, CoStar noted.  There was 209,580 square feet of retail space in Philadelphia still under construction at the end of the quarter, according to the report.

In comparison to first quarter 2014 results in the Philly retail space market, the U.S. National Retail vacancy rate dropped to 6.5% from the fourth quarter, with net absorption at positive 24.41 million square feet in the first quarter, CoStar said.  Average rental rates for the national market increased to $14.63, and 779 buildings totaling almost 12.5 million square feet were delivered to the market.

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) at Wolf Commercial Real Estate, a leading 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 that specializes in Philadelphia commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new 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 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 commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.

Top Lease Signings for Philly Retail Space

research-information-graphic-phlThe select top lease signed in the fourth quarter 2013 in the Philly retail space market was for Wishing Well Plaza in the North Burlington County submarket, where ShopRite leased 90,000 square feet, according to a market trend report from the CoStar Group.  Fameco Real Estate represented the landlord for this significant deal in the Philadelphia retail space market, the report said.

CoStar’s Fourth Quarter 2013 Market Report also said other notable leases for retail space in Philly included:

— Giant Food’s lease of Philly retail space at Ephrata Marketplace in the LancasterCounty submarket. Colliers International represented the landlord in this deal for 66,472 square feet of Philadelphia retail space.

— A lease executed by LA Fitness for 52,248 square feet of retail space in Philly at Collegetown Shopping Center in New Jersey.  Brixmor Property Group represented the landlord in this deal for retail space in Philadelphia’s Gloucester County submarket.

— Philly Service Center’s lease of Philadelphia retail space at 6729 Essington Avenue in the South Philadelphia submarket.  Binswanger represented the landlord in this direct deal for 39,000 square feet in the Philly retail space market.

— Habitat for Humanity’s 25,690-square-foot lease for retail space in Philly at 530 Route 38 East in the North Burlington County submarket.  The landlord in this deal for retail space in Philadelphia was represented by NAI Mertz.

In comparison to the trends in the Philadelphia retail space market, the U.S. national retail market’s select largest new lease signings in the fourth quarter 2013 included a 230,000-square-foot deal by Wal-Mart in the Hampton Roads market; a 151,128-square-foot lease by Mariano’s Fresh Market in the Chicago market; and a 78,962-square-foot lease by Food 4 Less in the Los Angeles Market, the report said.  In addition, in the third quarter 2013, BJ’s Wholesale Club signed a lease for 240,448 square feet of retail space in the Boston market, Costar said.

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) at Wolf Commercial Real Estate, a leading Philadelphia commercial real estate broker 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 brokerage firm 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 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.

Philly Retail Space Deliveries, Construction and Inventory

research-information-graphic-phlPhilly retail space grew by 252,369 square feet in the fourth quarter 2013 as 15 Philadelphia retail buildings were completed, according to a market trend report from the CoStar Group.

That increase brings the total retail space in Philly completed over the past four quarters to 1,008,403 square feet, according to CoStar’s Fourth Quarter 2013 Market Report.  In addition to the current quarter, 17 Philadelphia retail buildings with 436,926 square feet were completed in third quarter 2013.  At the end of the fourth quarter 2013, another 282,479 square feet of Philadelphia retail space was under construction, the report said.

Some of the notable 2013 deliveries of Philadelphia retail buildings include: Wegmans, a 125,000-square-foot facility that delivered in fourth quarter 2013 and is now 100% occupied, and 3450 Fox Street, a 124,900-square-foot building that delivered in third quarter 2013 and is now 90% occupied, CoStar said.

Total Philly retail space inventory amounted to 490,015,456 square feet in 39,257 buildings and 2,552 centers at the end of the fourth quarter 2013, Costar reported.

In comparison to the trends in the Philadelphia retail space market, the U.S. national retail market saw 563 buildings totaling 10.42 million square feet complete construction, with an additional 46.5 million square feet of retail space under construction at the end of the fourth quarter 2013, the CoStar report said.  The Northern New Jersey market welcomed a 747,500-square-foot retail facility that delivered in the fourth quarter at 75 W. Rte 59, while the Phoenix market got a 628,000-square-foot building that delivered in the third quarter, according to CoStar.  Total retail inventory in the U.S. market was 12.4 billion square feet in more than 1.05 million buildings at the end of the fourth quarter 2013, including almost 97,000 shopping centers, CoStar reported.

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