The report also noted that many new real estate deals are nearing completion now. On the other hand, WCRE reported that at least 250,000 square feet of space is expected to return to the market as Lockheed-Martin, Catalent Pharma, and other companies follow through on plans to downsize.

Wolf said, “even this development could be positive, because large blocks of quality space in excess of 30,000 square feet have become scarce.”

Other highlights from the report on office space:

• Average rents did not budge from the $11-$14-per-square-foot range, with an overall market average of $11 psf for the deals completed during Q4.

• Moorestown, Marlton and Mount Laurel continue to show strength, while a large share of regional vacancies are concentrated in Voorhees, Pennsauken, and the west side of Cherry Hill. Burlington County continued to maintain a significantly lower vacancy rate than Camden County.

• Tenants continue to sign up for long-term leases to lock in low rates, upgrading to better space if possible.

Retail market highlights from the report included mention of PREIT's acquisition of new liquor licenses in historically dry Moorestown so that four new restaurants can be added to the Moorestown Mall. Also:

• Overall, retail vacancy remains around 18%, but prime retail locations along he Haddonfield Road corridor, Route 70 and Route 73 have very little vacancy.

• Average rents for Class A retail space is $30-$40 per square foot, while Class B space is renting in the $15-$23 psf.