REBusinessOnline

Philadelphia Warehouse Inventory Fails to Keep Up with Demand

The combined greater Philadelphia industrial markets closed 2018 with 718,266 square feet of positive absorption, according to research from NKF. Year-over-year, overall vacancy declined 20 basis points to 5.5 percent, while warehouse vacancy increased 140 basis points to 6.3 percent. 3.4 million square feet delivered over the past twelve months with 2.3 million square feet designated as warehouse space. The Southeastern Pennsylvania industrial market closed the year with a total of 264,511 …

Greater Boston Commercial Market Remains Robust

While other U.S. cities have demonstrated volatile economic markets, Boston has sustained a strong, healthy economy for more than 40 years. This economic health coupled with the city’s diversity of industries has had a lasting, positive impact and increased demand for commercial space in the greater Boston market. The snapshot of the Class A and B, lab and office market is strong but shows some signs of regression. Today, overall vacancy for lab and office including sublet space is 12.8 …

Millennials Catalyst for Retail Transformation of Center City Philadelphia

As consumer shopping habits continue to evolve and shoppers get younger, retailers are trying to strike the right balance between their online and physical presence. Those that find this omnichannel harmony are thriving in cities across the United States. Philadelphia’s Center City, in particular, is capitalizing on its booming millennial population and attracting retail concepts that cater to this group. Mike Gorman, Executive Vice President of Brokerage Services and Principal at Metro …

Redefining Retail Real Estate in Philadelphia

When the Philadelphia Eagles were headed to the Super Bowl in 2018, they were the underdogs. The odds — and subsequently media headlines — were against them. But the team proved those predictions wrong, and went on to clinch its first championship. The retail market in Philadelphia, and nationwide, tackled similar challenges last year. As mature department stores shuttered and retailers filed for bankruptcy, the industry faced ongoing uncertainty. However, the rapidly changing dynamics …

Office Demand Holds Steady in Suburban Boston Markets

Boston’s metro west office market continued to move along at a steady clip in 2018. Many of the trends seen in the west market have been consistent over the past few years.  One of the most prominent trends is that tenants continue to prefer high-quality properties. Class A product has benefited from the demand, resulting in a limited supply of Class A large blocks. In contrast, commodity space is still lagging from a demand standpoint. Additionally, many landlords have been …

Philadelphia Multifamily: A Safe Haven for Global Capital

Fueled by low interest rates, an abundance of available debt capital, and superb fundamentals, the demand for multifamily assets in the U.S. has exploded over the past few years. This increased demand has led to fierce competition between capital in the multifamily sector, and consequently, a dramatic compression of going-in cash yields.  With rents in “top-tier” cities at peak levels, these markets look prohibitively expensive. As a result, foreign capital is beginning to explore …

Elevated Home Prices, Housing Shortage Keep Vacancy Tight in Boston Multifamily Market

A highly educated workforce is driving corporate growth throughout Boston, particularly in the finance, technology and medical sectors.  PNC Financial Services and JPMorgan Chase have announced considerable expansions and some international companies, including LogPoint, are setting up North American operations in the Boston metro. As a result, approximately 47,100 positions were created since October 2017, building on the 39,400 jobs added in the prior 12-month period. Tim …

Developers Behind Boston’s Newest Retail Neighborhoods

In the greater Boston area, over just the past decade, a whole new kind of neighborhood has been popping up. From Ink Block in the South End to the Seaport of Boston and Assembly Row in Somerville, it’s no secret that retail developers are evolving with the times by shifting their focus from traditional shopping malls to integrating retail into new and dynamic mixed-use developments offering housing, retail, entertainment, office space, parking and more. Kerry Dowling, Senior Vice …

Boston Industrial Market Continues Hot Streak

Greater Boston’s industrial market continued its hot streak in 2018. Positive net absorption of 350,000 square feet in 2018 marked the eighth straight year of gains.  Vacancies, which ended the year at 10.1 percent, have halved since peaking at the end of 2010. Over this time, the market absorbed 17.5 million square feet and is now poised for continued growth.  Tenant demand remains strong and some of the larger tenants in the market— Albertsons, Premier Distribution, …

Small But Mighty Cambridge Office Market Primed for More Growth

Although one of New England’s smallest geographical submarkets, spanning only 7.1 square miles, Cambridge packs a serious one-two punch between its thriving office and life science sectors.  Routinely ranked as one the nation’s most densely populated cities, universities, research institutes and private corporations employ many of the 110,000 residents of Cambridge. Not surprisingly, 44 percent of those residents are highly educated millennials between the ages of 18 and 35, …

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