In 2012, Southern New Jersey’s office real estate market was looking grim. Vacancies were hovering around 20%, and the banks were rescinding buildings from landlords left and right. During the recession, the industries that are a boon to leasing activity had contracted out. But things are looking up – in recent months, real estate experts have noticed an upswing that is hopefully here to stay.
Jason Wolf, founder of the Marlton, New Jersey-based real estate firm, Wolf Commercial – which tracks nearly 18 million sq. miles in Burlington, Camden and Gloucester counties – has recently remarked on the state of the market, saying:
“Expansion has clearly come back to the market. I’m not going say the pace has been terrific, but we’re seeing companies growing again. These are small to midsized businesses, which is the heart and soul of our market.” (SOURCE)
Wolf’s firm determined that vacancy in their tracked area was ~13.6 percent, down from ~14.5 percent in the first quarter of this year.
Burlington County, according to experts, has seen the most improvement in recent years, including:
- Destination Maternity’s 74,000-square-foot lease in Moorestown (a rare relocation of a corporate office from Philadelphia)
- The 3M submarket of Mount Laurel, Moorestown and Marlton, where vacancy is < 10 percent
Seller and Buyer Representation
The purchase of a new home or commercial property can be an exciting time, and the best time, to review the process with legal counsel before the agreement of sale becomes binding. Prior to signing any contract(s), you should contact an attorney so that you can understand key elements which are significant to you.
These elements include:
- Possible contingencies
- Rights to review title reports
- Inspection of the property
The excitement of any lease or purchase should always be tempered with the sound judgment and advice of legal counsel to protect your best interests.
Contact the Law Offices of Adam M. Kotlar
Our offices serve Camden County, Gloucester County, Burlington County, Bucks County as well as the cities of Haddonfield, Huntingdon Valley, Feasterville, Pennsauken, Cherry Hill, Southampton & Levittown in New Jersery & Pennsylvania.