Bala Cynwyd’s office market may not be exhibiting a red-hot leasing environment or five percent rent growth, but the area’s occupancy rate, currently at 92 percent, has been gradually tightening since 2010 and now is near its highest levels in 15 years.
Coming out of the Great Recession, Bala Cynwyd struggled to compete for office tenants with nearby suburbs such as Conshohocken or Radnor, both of which offer prospective lessees in the U.S. commercial real estate market – including Bala office space – a larger stock of newer or more recently renovated office properties.
However, a gradual progression of development and renovation projects in the national and Bala commercial real estate market has helped Bala Cynwyd reassert its competitive edge.
This report on U.S. and Bala commercial properties is being made through Bala commercial real estate broker Wolf Commercial Real Estate, a Bala commercial real estate brokerage firm.
The 2007 opening of a 120,000 square foot Target across City Line Avenue from Bala Cynwyd added an additional anchor for retail traffic among various national and Bala commercial real estate properties. The Target had helped support a range of popular restaurants along the periphery of the area, including California Pizza Kitchen, Naf Naf Grill, and Starbucks.
Since then, more than 750,000 square feet of office space among the area’s U.S. and Bala commercial real estate listings has been renovated along the portion of City Line Avenue, stretching from Interstate 76 to the Bala Regional Rail Station at Conshohocken Road. Lower Merion Township also approved new zoning ordinances to promote dense, mixed-use, and transit-friendly development, and Post Brothers renovated and up-scaled roughly 1,000 apartment units at Presidential City.
Office owners in this area of the U.S. commercial real estate market – including Bala office space – are beginning to see the benefits of these upgrades as existing financial tenants such as Investedge and Allied Mortgage both chose to stay in Bala Cynywd and expand their office space within the submarket during 2017.
For more information Bala commercial properties, please call 215-799-6900 to speak with Jason Wolf (jason.wolf@wolfcre.com) at Wolf Commercial Real Estate, a leading Bala commercial real estate broker that specializes in Bala office space.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Bala commercial real estate brokerage firm that provides a full range of Bala commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Bala commercial properties for buyers, tenants, investors and sellers.
Wolf Commercial Real Estate, a Bala commercial real estate broker with expertise in Bala commercial real estate listings, provides unparalleled expertise in matching companies and individuals seeking new Bala office space with the Bala commercial properties that best meets their needs.
As experts in Bala commercial real estate listings and services, the team at our Bala commercial real estate brokerage firm provides ongoing detailed information about Bala commercial properties to our clients and prospects to help them achieve their real estate goals. If you are looking for Bala office space for sale or lease, Wolf Commercial Real Estate is the Bala commercial real estate broker you need — a strategic partner who is fully invested in your long-term growth and success.
Please visit our websites for a full listing of South Jersey and Bala commercial properties for lease or sale through our Bala commercial real estate brokerage firm.
