WCRE Fourth Quarter 2019 Report: Year ends on a high note in Southern NJ & Philly CRE Markets
MARLTON, NJ — Commercial real estate brokerage WCRE reported in its analysis of the fourth quarter of 2019 that the Southern New Jersey and Southeastern Pennsylvania markets continued their years-long overall steady performance. Sales volume and prospecting activity held steady, and although leasing activity was down, vacancy rates remain low across the region for all property types. Gross leasing absorption was positive, but trending lower quarter over quarter. “CRE performance was good by almost every measure as the year wound down,” said Jason Wolf, founder and managing principal of WCRE. “It seems like when one sector or part of the region underperforms, the rest of the market keeps moving in the right direction.” There were approximately 204,077 s/f of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which was down compared to the previous quarter. But the sales market stayed active, with about 1.5 million s/f on the market or under agreement. Completed sales more than doubled from the previous quarter, at approximately 781,130 s/f trading hands.