EVESHAM TOWNSHIP, NJ— WCRE Jason Wolf WCRE

Overall vacancy in the market is now approximately 10.4%, which is nearly one point better than the previous quarter.
Average rents for class A and B product continue to show strong support in the range of $10.00-$15.00 per square foot triple net or $20.00-$25.00 per square foot gross for the deals completed during the quarter. These averages have stayed near this range for most of 2018, though they are trending a bit higher.
Vacancy in Camden County improved dramatically, to 11.6% for the quarter.
Burlington County vacancy was at 9.2%, which was also lower than the first quarter.

Philadelphia's office market vacancy rate was unchanged during Q2 2018, though positive absorption was 547,339 square feet, a 20% improvement over the first quarter. Vacancy rates for class A properties stood at 10.5%, while class C properties had vacancy of 5.5%.
Average asking rent across all office property classes in the Philadelphia market was $22.72 per square foot in the second quarter. Within the CBD it was $29.64 per square foot.
There are about 3.8 million square feet of office space currently under construction in Philadelphia. During the second quarter 590,632 new square feet became available via completed new construction.
Philadelphia's retail market is moving in the right direction. Average asking rents have jumped the past few quarters, net positive absorption was 909,884 square feet, and retail vacancy rates ticked down to 4.4%.
Industrial vacancy in Southeastern Pennsylvania was down to 5.6%. The market saw positive net absorption of more than 6.6 million square feet.

WCRE

Retail vacancy in Camden County stood at 7.7%, with average rents in the range of $13.75 per square foot triple net.
Retail vacancy in Burlington County stood at 9.8%, with average rents in the range of $14.59 per square foot triple net.
Retail vacancy in Gloucester County stood at 7.4%, with average rents in the range of $14.74 per square foot triple net.

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WCRE: Southern NJ & Philly See Moderate Gains In Q2