WCRE 4th Qtr. 2018 report: Moderate growth continues in Southern NJ & Philly Cre Markets
MARLTON, NJ — Commercial real estate brokerage WCRE reported in its analysis of the fourth quarter of 2018 that the Southern New Jersey and Southeastern Pennsylvania markets continued to show overall solid fundamentals, buoyed by new investments from outside the region and economic inflows to support local expansions. Leasing, sales, net absorption, and prospecting activity all were up in the fourth quarter. “Although the financial markets were highly unpredictable, commercial real estate performed the way it has for most of the past several years – with steady growth supported by strong fundamentals,” said Jason Wolf, founder and managing principal of WCRE. There were approximately 336,466 s/f of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which was an increase of 18.3% over the previous quarter. The sales market stayed active, too, with about 1.4 million s/f on the market or under agreement. Sales were active, with $28.5 million totaling approximately 316,476 s/f.