Jason Wolf, founder and managing principal of WCRE

EVESHAM TOWNSHIP, NJ—Despite political uncertainty at home and around the world, the Southern New Jersey market has started off 2017 on a cautiously optimistic footing, according to research by WCRE. in its latest quarterly analysis.

“Even with an expected winter slowdown affecting office leasing activty, and added anxiety with the transfer of political power in Washington, the overall mood of the market seems to be positive,” says Jason Wolf, founder and managing principal of WCRE. “As we've seen the past couple of years, several business sectors increased their occupancy needs during the first quarter, and we continue to see increased capital spending, construction hiring, and expansions.”

In its latest quarterly analysis, WCRE says there were approximately 317,886 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), which represents a decrease of approximately 18 percent compared with the previous quarter, but is essentially unchanged from the first quarter last year. While leasing slowed a bit, the sales market doubled in volume during the first quarter, with some 767,988 square feet worth more than $133.5 million trading hands. New leasing activity accounted for approximately half of all deals – a significant increase over the fourth quarter. Overall, net absorption for the quarter was in the range of approximately 122,572 square feet.