New Sublease Opportunity in Wyomissing

NAI Keystone’s Bryan Cole has been hired to represent a 5,045 usf. sublease at 30 Commerce Drive in Wyomissing PA.  Due to the expansion needed by the current tenant, this prime single story office building is available for lease.  The suite is set up for a financial user and has higher end interior finishes with large offices and open workspace.

Call for Details.

 

By Bryan Cole, SIOR | Principal

NAI Keystone Commercial & Industrial, LLC | www.Bryan-Cole.com

Bcole@naikeystone.com | 610.370.8502

Greater Reading Office Market Overview End of 1st Quarter 2017 Office Report By Bryan Cole, SIOR

Suburban Overview

The overall Suburban Office Market was relatively flat thru the 1st quarter of 2017 with vacancy rates for Class A Office product at 5.56% which is a higher than Year End 2016 and a few percentage points higher than the same period in 2016.  There were several lease renewals which were good for the market, however it did not attribute to the absorption rate as most leases were renewed as is with little to no expansions.

The total proposed sites tracked, equates to 93,100 sf. which when added to the existing product and sublease space pushes the vacancy rates up to 8.22%.

The average rental rates also remained flat from the previous quarter at $19.50 – $24.50 per square foot modified gross, however they are a few dollars per square foot higher than the same period in 2016.

The Class B office sector continues to be the driver of most absorption within the County, however it also remained flat in the 1st quarter of 2017.  The overall vacancy rates increased to 15.01% from the end of 2016 which is exactly where the rates were in the same period of 2016.

The rental rates were flat from the end of 2016 to the end of the 1st quarter of 2017 with rates in the $15.50 – $19.50 per square foot modified gross range.  However, the rates are much higher than the same period in 2016.

The 2017 Office market as described in the end of year 2016 report seems to be poised for strong growth in the Financial Sector and the Medical Sector.

The description from the End of Year 2016 report remains true:

The financial sector has seen significant growth locally with various financial institutions looking to increase their footprints and amenities to attract a younger workforce and embrace the change in technology.  The Medical Sector is another part of the industry which continues to see growth.  Several smaller, less efficient medical buildings have been placed on the market for sale or lease, however these facilities are becoming outdated and too small to benefit or attract the larger health systems.  The growth pattern seems to indicate larger, better located facilities, with easy access to customers and better technology.

Overall activity was concentrated on Lease Renewals rather than new deals.  This is a common pattern in the 1st quarter as leases expiring towards the middle or end of the given year result in early negotiations.

 

Downtown Overview

The Reading Central Business District (CBD) ended the 1st quarter of 2017 with a vacancy rate of 5.02% which is slightly higher than the same period in 2016.  As previously outlined, we currently track eight (8) buildings which are classified as Class A Office Buildings in Downtown Readings CBD.  These variables are location, infrastructure, and overall appeal.  The Reading Class A CBD is below National Averages for CBD related markets, as well as the Philadelphia CBD.

The Class A sectors rental rates remain unchanged from the end of 2016 at $11.00 – $15.50 psf. modified gross.

The Class B Downtown Office Market ended the 1st quarter of 2017 with a vacancy rate of 27.89%.  This was a slight decrease in vacancy rates from the previous quarter.  The vacancy rate is slightly higher than the same period in 2016.  The average rental rates for downtown product is very low compared to the other CBD markets at $8.50 – $12.00 per square foot modified gross.

As outlined in the 2016 End of Year Report and as shown below remain true:

The positive spin is that there are a few local investors who have been trying to resurrect some of the outdated facilities, and the hope is they are successful at attracting new companies that can take advantage of the workforce and bring some business back to downtown.  The City and the local business leaders need to continue to work together to make this a reality; and remove the obstacles to help business succeed in downtown.  Other nearby markets, such as Lancaster and Allentown have had local companies take larger buildings and convert them into residential and higher end updated office facilities.

 

Commercial Space Overall

As I have mentioned in every quarterly article that I have written, the key elements that will be critical to all sectors of commercial real estate, is the need to work with dedicated, educated, and willing township officials and boards that can assist in getting approvals expedited and incentives obtained.  This will be an absolute critical element in all deals moving forward.  Greater Reading is fortunate to have these types of organizations and people in place.  The hope is that municipalities will learn the successes from one another and incorporate that into their areas.  Berks County is also fortunate to have strong local business leaders that are willing to spend their time and resources to assist their respective areas, and it is critical that municipalities lean on those individuals for guidance.

www.WyomissingOfficeSpace.com

 

Check www.Bryan-Cole.com for a full and comprehensive Office Market Report.

 

By Bryan Cole, SIOR | Principal

NAI Keystone Commercial & Industrial, LLC | www.Bryan-Cole.com

NAI Keystone is excited to have a part in VF’s Redevelopment and Various Projects within the Wyomissing Area.

Bryan Cole and John Buccinno of NAI Keystone are excited to be part of the rapid progress in West Reading and Wyomissing and are involved in a number of large public projects along with a few projects that sometimes fall below the radar. These projects consist of both existing buildings and future redevelopment opportunities and have contributed considerably to the areas growth.

Completed projects in just the past few years:

  • the Sale of the Former Arrow International Building in Wyomissing
  • the Sale of the Former Narrow Fabric Building along Hill Ave in West Reading
  • the Leasing of the Martins Flooring Space along Park Road
  • the Leasing of the A to Z Vacuum Space along Park Road
  • the Leasing of Rentokil’s corporate offices along Berkshire Blvd.
  • the Leasing of up to 95,000 sf. of Office Projects within the former Glen Gery Site now known as the Wyomissing Corporate Campus
  • the Leasing of 40,000 sf. of Office / Medical deals along State Hill Road
  • the Leasing of 67,000 sf of Office to C.N.A. Insurance at 1 Meridian Blvd.
  • the Lease of 15,000 sf. To UGI Utilities Inc. at 1 Meridian Blvd.
  • nearly 100,000 sf. of lease renewals in Wyomissing and Spring Twp.
  • and most notable the representation of UGI Energy Services into their new HQ at the VF Outlets which is being led by Buccinno

We are excited to be part of these projects and look forward to watching the market continue to grow during these exciting times.  The projects outlined above and the future projects shown below proves Berks County has a lot going on, especially when you have local municipalities that work together to make the area business friendly and understand the need for redevelopment projects.

In addition, we are pleased to have a number of available sites within the same areas outlined above.

  • a 66,000 sf. building for sale or lease directly across from the VF Outlets at 200 N. Park Rd
  • a 12,000 sf. two story office building for lease at 420 N. Park Road
  • various suites for lease at 2001 State Hill Road including prime 1st floor area
  • various suites for lease within the Wyomissing Professional Center, Wyomissing Corporate Campus, and the Spring Ridge Corporate Campus
  • a large open lot within Berkshire Court and another office pad site along Meridian Blvd.
  • a 11,000 sf. retail building along State Hill Road for Sale or Lease
  • up to 9,000 sf. of new space available at Granite Point
  • various suites available along the Berkshire Blvd. corridor

We look forward to any individual or companies interest in learning more or wanting to become part of the exciting times in Berks County and we welcome any questions.  We at NAI provide a market report on a quarterly basis which is published by the Reading Eagle Newspaper via the Business Weekly section and can be obtained from our website at www.Bryan-Cole.com or www.NAIKeystoneBlog.com

 

Thank you to all of our partners who have had a hand in getting these deals across the finish line.

 

Call or Email for Details

Bryan E. Cole, SIOR | Principal

NAI Keystone Commercial & Industrial, LLC
875 Berkshire Blvd., Suite 102
Wyomissing, PA 19610
Bcole@naikeystone.com

www.Bryan-Cole.com or www.NAIKeystone.com 

www.WyoOfficeSpace.com

New Website dedicated to Office Space for Sale or Lease in Wyomissing/Spring Township Berks County, Pennsylvania.

Bryan Cole of NAI Keystone has developed a website dedicated to the numerous properties being marketed in Wyomissing and Spring Township.

The site offers comps, market information, and property availability.  Below is a newly published Advertisement for the site.  Please visit www.WyoOfficeSpace.com and let us know what you think.

WyoOfficeSpace Ad

Bryan E. Cole,SIOR

NAI Keystone Commercial & Industrial, LLC

direct: 610-370-8502

Bcole@naikeystone.com

www.Bryan-Cole.com | 610 779 1400 (o) | 610 779 1985 (f)

BDO leases space at 1220 Broadcasting Road in Spring Twp.

NAI Keystone’s Bryan Cole and John Buccinno represented the landlord in the lease to BDO.

The building which is located at 1220 Broadcasting Road, Spring Twp., Berks County is a 41,959 sf. Multi-Tenanted two-story office building.

For other properties for lease in Wyomissing / Spring Twp. check http://www.WyomissingOfficeSpace.com

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For More information about this lease please contact us at Bcole@naikeystone.com or sign up for our newsletters at www.bryan-cole.com

Don’t forget to visit www.Bryan-Cole.com or my clients/members site atwww.NAIKeystoneMembers.com

 

Bryan Cole, SIOR | Sr. Associate

Bcole@naikeystone.com

NAI Keystone Commercial & Industrial, LLC

3970 Perkiomen Ave, Suite 200 Reading, PA 19606

www.Bryan-Cole.com or www.WyomissingOfficeSpace.com

Direct +1 610 370 8502 |Main +1 610 779 1400 | Fax +1 610 779 1985

Blog | LinkedIn  | Twitter  | Main Website | Office Space Site

JC Ehrlich-Rentokil lease 26,000 sf. at 1125 Berkshire Blvd in Wyomissing

NAI Keystone’s Bryan Cole and John Buccinno represented the landlord in the long-term lease of 26,000 sf. to Rentokil (JC Ehrlich) previously located along Spring Ridge Drive in Spring Twp.

The building which is located at 1125 Berkshire Blvd, Borough of Wyomissing, Berks County is a 57,364 sf. Multi-Tenanted single story office building.  The building was previously occupied by Sovereign Banks Operations center.

The building currently has a few additional suites available for lease.

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For More information about this lease please contact us at Bcole@naikeystone.com or sign up for our newsletters at www.bryan-cole.com

There are only a few sites left in Greater Reading that can accommodate large foot prints.  Please check the links below to see which sites could fit.

2001 State Hill Road, Wyomissing

Wyomissing Corporate Campus, Wyomissing

1 Meridian Blvd, Wyomissing

Stonepointe Center, Muhlenberg Township

201 Penn Street, Reading PA

 

Don’t forget to visit www.Bryan-Cole.com or my clients/members site atwww.NAIKeystoneMembers.com

Bryan Cole, SIOR | Sr. Associate

Bcole@naikeystone.com

NAI Keystone Commercial & Industrial, LLC

3970 Perkiomen Ave, Suite 200 Reading, PA 19606

www.Bryan-Cole.com or www.WyomissingOfficeSpace.com

Direct +1 610 370 8502 |Main +1 610 779 1400 | Fax +1 610 779 1985

Blog | LinkedIn  | Twitter  | Main Website | Office Space Site

CNA Leases Space at 1 Meridian Blvd in Wyomissing

NAI Keystone’s John Buccinno & Bryan Cole represented the landlord in the long-term lease of 52,517 sf. to CNA Insurance previously located at 401 Penn Street in Reading.

The building which is located at 1 Meridian Blvd in Spring Township, Berks County is a 367,000 sf. Class A Multi-Tenanted office building.  The building has an on-site cafe, training rooms, and security.

The building currently has a few additional suites available for lease.

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For More information about this lease please contact us at Bcole@naikeystone.com or sign up for our newsletters at www.bryan-cole.com

There are only a few sites left in Greater Reading that can accommodate large foot prints.  Please check the links below to see which sites could fit.

2001 State Hill Road, Wyomissing

Wyomissing Corporate Campus, Wyomissing

1125 Berkshire Blvd, Wyomissing

Stonepointe Center, Muhlenberg Township

201 Penn Street, Reading PA

 

Don’t forget to visit www.Bryan-Cole.com or my clients/members site atwww.NAIKeystoneMembers.com

Bryan Cole, SIOR | Sr. Associate

Bcole@naikeystone.com

NAI Keystone Commercial & Industrial, LLC

3970 Perkiomen Ave, Suite 200 Reading, PA 19606

www.Bryan-Cole.com or www.WyomissingOfficeSpace.com

Direct +1 610 370 8502 |Main +1 610 779 1400 | Fax +1 610 779 1985

Blog | LinkedIn  | Twitter  | Main Website | Office Space Site