WCRE: Q3 leasing up in Camden County.

Byline: NJBIZ STAFF

In its third quarter analysis, Wolf Commercial Real Estate finds the Southern New Jersey and Southeastern Pennsylvania markets continue to show overall solid fundamentals, with modest gains and continued investments.

In the report released Tuesday, WCRE said that sales volume and prospecting remained steady while gross lease absorption was positive though it trended lower quarter over quarter and despite an overall dip in the region, leasing was up in Camden County.

In Camden, Burlington and Gloucester counties, WCRE reported 1.67 million square feet on the market or under agreement for Q3.

New leasing accounted for about 36 percent of all deals for the quarter, WCRE said, with approximately 266,867 square feet in new leases and renewals, down 7 percent compared to Q2. Gross leasing absorption for Q3 was in the range of 70,000 square feet, below Q2's 150,000.

Completed sales also came in lower than the previous quarter at less than half of what they were for an approximately 329,769 square feet changing hands.

Trending up slightly from Q2, but still near a 20-year low, WCRE said vacancy rates were at about 11.5 percent. In Burlington County, WCRE indicated vacancy was at 11.9 percent, up 40 basis...