WCRE Third Quarter Report: Summer slowdown slightly cools Southern NJ & Philly CRE markets
MARLTON, NJ — Commercial real estate brokerage WCRE reported in its latest quarterly analysis that the Southern New Jersey market took an expected pause in the third quarter of 2018. Leasing and sales dropped off somewhat from their earlier pace, but the market still shows overall solid fundamentals, continued new investments from outside of the region, and economic inflows to support local expansion. “A lot of the positive trends we’ve been tracking for several quarters are still in place, so there are reasons to stay bullish,” said Jason Wolf, founder and managing principal of WCRE. “But activity did cool off noticeably, at least in part due to summer.” There were approximately 274,931 s/f of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which was down about 10.5% compared to the previous quarter. The sales market stayed active, with about 1.43 million s/f on the market or under agreement. This metric was essentially unchanged.