(2Q13) Suburban Report
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7/28/2019 (2Q13) Suburban Report
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Suburban O ce Market Report - By Bryan Cole
2013 - 2nd Qtr. Update Reading, Berks County Pennsylvania
Suburban O ce Market Report
Committed to Greater Reading.
Connected to the W orld.
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Suburban O ce Market Report - By Bryan Cole
From the Authors Desk
This report provides an overview of the current o ce market condi ons in Suburban Berks CountyPennsylvania. Bryan Cole of NAI Keystone maintains a comprehensive list of all available proper eswithin the Berks County marketplace, including but not limited to; available space, number of facili es in the market, asking rents, incen ves, extra costs, etc The informa on that NAI Keystonehas assembled is separated by Class A and Class B facili es and consists of market data such as,absorp on rates, vacancy rates, asking rents, etc
This market report and data is assembled in house by Bryan Cole. All rights are reserved as thisinforma on has not been obtained by Public Sources.
The report will be available on a quarterly basis by emailing marke [email protected] and
subscribing to our mailing list.
Bryan E. Cole
610.370.8502 (direct)
610.370.8503 (e-fax)
www.Bryan -Cole.com
Bryan E. Cole Resume
2nd Quarter 2013
Bryan joined NAI Keystone in July of 2004, but before joining NAI, Bryan Cole spent 4 years ac veduty in the U.S. Marine Corp, including a 6 month deployment in Afghanistan, a 4 monthdeployment in Kuwait/Iraq, and a 7 month deployment in Japan. Prior to joining the military Bryanwas involved in the construc on of commercial and mul -unit proper es in the Philadelphiasuburbs. Bryan has experience working with a diverse group of individuals in numerous countriesthroughout the world. During Bryans me at NAI, he has sold in the excess of $315 Million Dollarsworth of Commercial Real Estate, and leased hundreds of thousands of square feet of industrial ando ce/medical space. Because of this, Bryan earned NAI gold club status his rst year in thebusiness which is presented to approximately 75 - 100 brokers within the NAI Global network, whichis comprised of over 3,500 Brokers. Bryan is currently working on earning both his CCIMdesigna on and SIOR designa on. Bryan has been NAI Keystone's Top Performer from 2006 - 2012.
Dont forget to check:www.Bryan -Cole.com
Now Op mized for the IPad and IPhone
Check Bryan Out on: Bryan E. Cole | O ce & Medical Specialist
610.370.8502 (d) | www.Bryan -Cole.com | [email protected]
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Suburban Ofce Market Overview:
The Greater Reading Suburban Office Market ended the second quarter 2013 with a vacancy rate forClass A Office buildings at 15.60%. This is a decrease in vacancy rates from 1st quarter 2013 and anincrease in vacancy rates from same period 2012. The average rental rates increased to $16.50 - $21.50 per square foot Modified Gross which is an increase in the rates from the same period 2012.
Deals of primary focus within Class A building sector were the 6,863 sf. lease at 1220 BroadcastingRoad, which was a relocation and expansion for the already Wyomissing based organization, and thenew Amity Professional Center which was newly constructed 2013; Amity Dentistry leased space inthe building which is located at 957 Ben Franklin Highway, these leases along with a few other assist-ed in reducing vacancy rates and increasing overall absorption.
The Class B Suburban office market ended the second quarter of 2013 with a vacancy rate of 19.46%. This is a slight increase in vacancy from first quarter 2013 by less than one percent, and it is aslight decrease from the same period 2012. The average rental rates had an increase from 1st quar-ter 2013 to 2nd quarter 2013 at $12.50 - $17.50 per square foot modified gross opposed to that of rates from the same period 2012 which was $11.00 - $17.50 per square foot.
Deals of primary focus within the Class B building sector were the new leases at 965 Berkshire Blvd. of 11,014 sf, and Stonepointe Center of 10,340 sf. The activity level for second generation Class B spacehas slowed into the second quarter, however this is typical towards the summer months. We expectan increase within the 3rd quarter to 4th quarter 2013.
Our outlook for the office market going into 3rd quarter 2013 is continued optimism as activity levels
continue to remain strong. There are over 200,000 sf. of new lease deals within the Berks Countymarket that are yet to be finalized.
For Full Ar cle visit h p://bryan -cole.com/MarketIntel.html
2nd Qtr. Trends
Vacancy Rates Class A Class B
Net Absorp on
Class A Class B
Asking Rents
Class A Class B
Construc on
Class A Class B
Other Trend
NAI Keystone - By Bryan Cole Suburban O ce Market Report 2nd Qtr. 2013
Tour Ac vity
Concessions
Sales Volume
# of Proper esfor Sale
Non Classi ed buildings include Hospital and Large Governmental ins tu ons. Although we track these facili es, in our opinion
we cannot accurately display vacancy rates when these facili es are used in the overall numbers.
Check Bryan Out on: Bryan E. Cole | O ce & Medical Specialist
610.370.8502 (d) | www.Bryan -Cole.com | [email protected]
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Suburban O ce Market Report - By Bryan Cole
Tenant Address Submarket SF Type
Healthcalls - NAI Keystone 1220 Broadcas ng Rd. Spring Township 6,833 Reloca on / Expansion
Reading Dialysis - NAI Keystone 965 Berkshire Blvd. Wyomissing 11,000 Reloca on
Waddell & Reed 2 Meridian Blvd. Spring Township 5,162 Reloca on
Financial User Stonepointe Center Muhlenberg 10,340 New Loca on
Address Submarket Buyer/Seller SF $ psf
1150 Berkshire Blvd. Wyomissing Boro. Berkshire O ce Partners, Lp / Rockford Berkshire, Llc 29,310 $77.54
1105 Berkshire Blvd. Wyomissing Boro. Berkshire O ce Partners, Lp / Rockford Berkshire, Llc 70,545 $114.07
Galen Hall Road Wernersville Township of South Heidleberg / Caron Founda on 18,280 $54.70
Completed Lease Transac ons in the Marketplace (During 2nd Quarter 2013)
Completed Sale Transac ons in the Marketplace (During 2nd Quarter 2013)
2nd Quarter 2013 Deals Completed
Dont forget to check:
www.WyomissingO ceSpace.comfor more proper es for Lease in SpringTownship and Wyomissing Borough.
Check Bryan Out on: Bryan E. Cole | O ce & Medical Specialist
610.370.8502 (d) | www.Bryan -Cole.com | [email protected]
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NAI Keystone - By Bryan Cole Proposed & Under -Construc on O ce Projects
Status Property Name City Zip Gross Bldg. SF Vacant SF Exp. Delivery
Date
Proposed Spring Corporate Campus - Building A Spring Twp. 19609 53,000 53,000 2014 Proposed Spring Corporate Campus - Building B Spring Twp. 19609 8,000 8,000 2014
Proposed Spring Corporate Campus - Building C Spring Twp. 19609 6,000 6,000 2014
Proposed Spring Corporate Campus - Building D Spring Twp. 19609 35,000 35,000 2014
Proposed Spring Corporate Campus - Building E Spring Twp. 19609 35,000 35,000 2014
Proposed Spring Corporate Campus - Building F Spring Twp. 19609 35,000 35,000 2014
Proposed 1001 James Drive Leesport 19533 12,300 12,300 TBD
Proposed Wyomissing Corporate Campus - Building C Wyomissing 19610 43,000 43,000 2014
Under Construc on Wyomissing Corporate Campus - Building E Wyomissing 19610 30,000 30,000 2013
Proposed 520 Van Reed Road Wyomissing 19610 40,000 40,000 TBD
Proposed White Pines Professional Center Flying Hills 19607 5,400 5,400 TBD
Proposed Hearthstone Court Exeter 19606 9,000 9,000 TBD
Proposed Spring Commons Sinking Spring 19608 14,000 14,000 TBD
Proposed Wyomissing Professional Center Wyomissing 19610 30,000 30,000 TBD
Under Construc on Spring Ridge Corporate Campus Spring Twp. 19610 48,000 0 2013
Proposed Berkshire Court Wyomissing 19610 30,000 30,000 TBD
Pending Sale Meridian Blvd. - Building A Spring Twp. 19610 23,250 0 2013
Pending Sale Meridian Blvd. - Building B Spring Twp. 19610 23,800 0 2013
Pending Sale Meridian Blvd. - Building C Spring Twp. 19610 18,550 0 2013
Proposed Meridian Blvd. - Building D Spring Twp. 19610 13,300 13,300 TBD
20 Total Sites w/16 Available 512,600 sf. 399,000 sf.
Large Scale Developments
Meridian Condos
67,692 +/ - sf of Single StoryO ce Condos.
Located in Spring Twp. PA
Total of 4 Buildings Proposed
For Sale or Lease
Wyomissing Corporate Campus
169,000 Total Square Feet
Located in Wyomissing PA 19610
3 Buildings Exis ng and Full
1 Building under construc on and 1proposed.
For Lease
Spring Corporate Campus
167,000 Total Square Feet
Located in Spring Twp. PA 19609
6 buildings proposed with the smallestcalculated at 6,000 sf.
For Sale or Lease
Check Bryan Out on: Bryan E. Cole | O ce & Medical Specialist
610.370.8502 (d) | www.Bryan -Cole.com | [email protected]
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Absorp on (Net)
The change in occupied space in a given meperiod.
Available SquareFootage
Net rentable area considered available for lease;excludessubleasespace.
Average Asking RentalRate
Rental rate as quoted from each buildingsowner/managementcompany, For o ce space, a full servicerate wasrequested; for retail, a triple net rate requested; for
industrial,a NNbasis. Building Class
Class A Product is o ce Spaceof steel and concreteconstruc on, built a er 1980, quality tenants, excel-lentameni es & premium rates. Class B product iso ce Space built a er 1980, fair to good nishes &wide range of tenants.
DirectVacancy
Space currently available for lease directly withthelandlord or buildingowner.
Market Size
Includesall exis ng and under construc on o cebuildings(o ce, o ce condo, o ce lo , o ce med-ical, all classes and all sizes, both mul-tenant andsingle-tenant, including owner-occupied build-ings) within eachmarket.
OverallVacancy
All unoccupied lease space, either direct or sublease.
SF/PSF
Square foot/per square foot, used as aunit of measurement.
Sublease
Arrangement in which a tenant leases rental property to anoth,and the tenant becomes the landlord to the subtenant.
Sublease Space
Total square footage being marketed for lease by the tenant.Sublease space is not considered in the overall occupancy or asorp on numbers - only direct leases areincluded.
SubleaseVacancy
Space currently available in the market for sublease withanexis ng tenant within a building ac ng as the landlord.
NAI Keystone - By Bryan Cole Methodology/De ni ons/Sub Market Map
Check Bryan Out on: Bryan E. Cole | O ce & Medical Specialist
610.370.8502 (d) | www.Bryan -Cole.com | [email protected]
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Contact info: Bryan Cole
O ce & Medical Specialist
610.370.8502 (direct)
www.Bryan -Cole.com or
WyomissingO ceSpace.com
Look for our marketing material
Bryan Cole NAI Keystone Commercial & Industrial, LLC
Exeter Ridge Corporate Center
3970 Perkiomen Avenue
Suite 200
Reading, PA 19606
www.Bryan -Cole.com
www.NAIKeystone.com
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