WCRE 2nd Quarter report: Southern NJ and Philly Cre markets see moderate gains
MARLTON, NJ —Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the Southern New Jersey market remains in good shape, making moderate gains and showing strong fundamentals. The firm believes the market may be poised for strong growth as benefits of the new tax law begin to materialize. “Our market continues to show quiet strength and may take off as consumers and businesses feel the effects of lower tax rates,” said Jason Wolf, founder and managing principal of WCRE. “We expect the new law to be a net positive for overall economic growth in 2018 and be especially beneficial to the commercial real estate industry.” There were 303,656 s/f of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which was a gain of about 10% over the previous quarter. Leasing picked up, and the sales market stayed active, with about 1.46 million s/f on the market or under agreement and an additional 317,961 s/f trading hands.