According to experts in the industry, the commercial real estate market will continue to rise slowly in South Jersey. That will speed up only after the unemployment rolls have fewer names on them. With nine percent unemployment there is less money spent for everything, including real estate.
Whitesell Construction, is the biggest development and management company in South Jersey. They are in possession of nine million square feet of space with 200 tenants in the Camden, Gloucester and Burlington area. It is a mix of office space and industrial, with the industrial predominating. New construction is put on hold.
Meanwhile, rents will remain low and new tenants few and far between. Small business owners are encouraged to take advantage of the situation.
In the Pavilion Shopping center only one-fourth of the space is rented. Experts do not expect new construction to start for commercial real estate buildings until things are moving more rapidly. Employment is at approximately nine percent in the general area. Until there is money to spend in stores and businesses renting office space, they will rent out the vacancies before starting new projects.