Tag: Member News

Industrial Development Levels Make Dramatic Jumps

Amanda Nardi

Wayne, PA (July 17, 2019) — Newmark Knight Frank (NKF) released its second-quarter 2019 industrial market reports for Greater Philadelphia and the I-81/78 Corridor. New supply was the foremost topic as the total construction pipeline across the two markets increased by 5.4 million square feet. Also, notably, the I-81/78 Corridor realized a rare quarter of negative absorption. However, market activity indicates overall fundamentals in the two regions will remain strong throughout the remainder of the year.

In the second quarter of 2019, the development pipeline in the I-81/78 Corridor industrial market expanded to a record-breaking 18.6 million square feet. Although there are millions of square feet of tenant requirements in the market, the decade-long streak of positive absorption finally broke this quarter due to struggling national retailers closing regional distribution centers. 1.1 million square feet of negative absorption was recorded, and 2.1 million square feet of new speculative inventory delivered vacant. As a result, vacancy jumped from 6.3 percent to 7.1 percent quarter over quarter, its highest measure in three years. The Central Pennsylvania submarket was responsible for the largest share of negative absorption with Sears and Kmart closing warehouse facilities in the region. The Lehigh Valley submarket accumulated 337,211 square feet of new tenancy driven by third-party logistics firms and maintained its standing as the epicenter of new development, with more than 6.5 million square feet of construction underway. In Northeastern Pennsylvania, the supply pipeline nearly doubled this quarter, from 3.5 to just under 6.5 million square feet, the highest quarterly construction total on record for the submarket. Speaking on the subject of this substantial increase, NKF Executive Managing Director Jim Belcher noted, “Warehouse users want to be in the Lehigh Valley, but the tightening labor supply is a real issue. This is starting to drive developers and tenants up into Northeastern Pennsylvania.”

Major big-box occupancies are slated to occur next quarter, which will eclipse the negative absorption sustained in the second quarter and ensure the Corridor market concludes the second half of the year on a positive note.

In Greater Philadelphia’s industrial market, 2.4 million square feet broke ground in the second quarter, driving the supply pipeline up to 7.3 million square feet, a five-year high. There was construction underway in every one of the eleven counties that comprise the tri-state regional market, with the Southeastern Pennsylvania counties responsible for the largest share. Commenting on the expansion of the construction pipeline, NKF Managing Director Justin Bell said, “the majority of Southeastern Pennsylvania’s warehouse inventory was built before 1980. This new supply of efficient, high-bay space will be a boon to the market’s warehouse users.”

Average asking rents skyrocketed in the Greater Philadelphia industrial market this quarter reaching $6.33 per square foot, up almost a full dollar from last quarter. This was largely a function of newly established rates on R&D/flex space at the rebranded and repositioned Discovery Labs complex in the Philadelphia suburbs.

Occupancies in recently completed warehouse space predominantly drove the quarter’s net absorption, totaling 1.8 million square feet. Market-wide vacancy, down 30 basis points from the first quarter to 5.1 percent, is expected to hover in the low 5.0 percent range through the rest of the year, while pent-up demand in the market for modern logistics space continues to drive the absorption of new additions to the inventory.

In the Southern New Jersey industrial market, ecommerce giant Amazon yet again represented the largest quarterly move-in, taking possession of the 650,000-square-foot warehouse at 240 Mantua Grove Road upon its completion. Aside from the development focus on the warehouse sector in South Jersey, a significant manufacturing project was launched in the market this quarter: ResinTech broke ground on a $130.0 million global HQ in Camden County, which will be used to consolidate multi-state operations when complete in 2020. Moving westward into the New Castle County market, available industrial space is as scarce as it can be with vacancy at 2.7 percent in the second quarter. This tightness has driven average asking rents beyond $5.00 per square foot for the first time ever.

About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.

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Amanda Nardi

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Acumen Analytics Announces Creation of Strategic Advisory Board

Amanda Nardi

Leaders in Healthcare and Pharmaceutical Industries to Help Company Maximize Success

Philadelphia, PA, January 29, 2019: Kathleen Brunner, Founder & CEO of Acumen Analytics is delighted to announce the current members of the company’s advisory board. The board is comprised of successful leaders in the healthcare and pharmaceutical industries with decades of experience and knowledge. This team of industry experts will provide informed guidance and strategic advice to the company’s leadership team.

Click here to read full press release

Integrating Clinical and Mental Health

Amanda Nardi

Contributed by NeuroFlow

A recent report from the Bipartisan Policy Center examined the barriers to the integration of clinical health care and mental health services, and identified policy options for consideration in advancing integration of services. Potential opportunities for advancing integrated care include early intervention, grant and demonstration programs, and addressing insurance coverage and payment barriers.

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Talee Bio Announces $4.5 million Award from the Cystic Fibrosis Foundation to Advance Development of Two Gene Therapy Product Candidates

Amanda Nardi

January 23, 2019, Philadelphia, PA – Talee Bio, Inc., a development stage biopharmaceutical company focused on developing gene therapy treatments for cystic fibrosis, today announced agreements with the Cystic Fibrosis Foundation (CF Foundation) to fund the preclinical development of two mutation-agnostic gene therapy product candidates, TL-101 and TL-102. The CF Foundation committed up to $4.5 million to expedite the development of both product candidates for all people with cystic fibrosis, and particularly those individuals with no viable treatment options for the underlying cause of the disease.

TL-101 is an aerosolized, recombinant AAV product candidate to treat pulmonary manifestations of cystic fibrosis of through single or multiple doses. TL-101 is currently in preclinical development with a goal of initiating clinical trials in 2020. TL-102 is an aerosolized lentiviral product candidate with the potential to cure pulmonary manifestations of cystic fibrosis after one dose. Each of these product candidates is the result of decades of research by world-class academic experts developing innovations that overcome historical hurdles to achieving meaningful efficacy in diseased lung.

“We are delighted that the Cystic Fibrosis Foundation is continuing to support the development of these gene therapy product candidates,” commented Joan Lau, CEO of Talee Bio.  She continued, “Gene therapy treatments offer great potential to treat all patients with CF, including those with nonsense mutations and no available treatment options. We are honored to be working with the CF Foundation to expedite the development of these important development products in order to improve and extend the lives of every CF patient.”

About Cystic Fibrosis

Cystic Fibrosis (CF) is a progressive, life-threatening genetic disorder affecting the lungs and digestive system that impacts more than 75,000 worldwide. CF is characterized by thickened mucus and inflammation, especially in the airways, leading to chronic infections and progressively worsening ability to breathe. CF is caused by mutations in the CFTR gene, an ion channel whose malfunction causes the thickening of mucus. Currently, the disease has no cure and leads to premature death at an average age of 39 years.

About Talee Bio

Talee Bio is a development stage biopharmaceutical company focused on developing gene therapy products for the treatment of cystic fibrosis. The company is developing two inhaled gene therapy drug candidates to treat all cystic fibrosis patients: TL-101, a recombinant AAV-based gene therapy, and TL-102, a lentivirus gene therapy. The company was founded by world-class academic researchers from the University of Iowa and the Children’s Hospital of Philadelphia and Militia Hill Ventures, an active-build venture capital firm based in Philadelphia, with support from Emily’s Entourage.

Contact: Joan Lau, PhD | CEO, Talee Bio, Inc. | [email protected]

Intact Vascular Announces Launch of the Tack Endovascular System® in the EU and First Commercial Use in Germany

Amanda Nardi

WAYNE, Pa.–(BUSINESS WIRE)–Intact Vascular, Inc., a developer of medical devices for minimally invasive peripheral vascular procedures, today announced the first commercial use of its Tack Endovascular System® in multiple hospitals within Germany. A novel therapy for dissection repair following balloon angioplasty, the Tack® implant is a first-of-its kind device for patients with peripheral arterial disease (PAD) and/or critical limb ischemia (CLI).

“The Tack System provides a much needed therapeutic option for treating dissections in the superficial femoral or popliteal arteries following balloon angioplasty,” said Dr. Christian Wissgott, Assistant Director, at Westküstenklinikum Heide in Heide, Germany. “I am very pleased with my experience using the implant and I am excited to incorporate this technology into my above and below the knee treatment algorithms going forward.”

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Intact Vascular Announces Enrollment Completion of TOBA II BTK Clinical Trial

Amanda Nardi

First-of-its-kind study designed to demonstrate safety and efficacy of the Tack Endovascular System® in treating post-PTA dissections below the knee

WAYNE, Pa.–(BUSINESS WIRE)–Intact Vascular, Inc., a developer of medical devices for minimally invasive peripheral vascular procedures, today announced its Tack Optimized Balloon Angioplasty II BTK (TOBA II BTK) clinical trial successfully completed enrollment, ahead of schedule. This study further augments Intact Vascular’s robust clinical program and is notably the first pivotal trial investigating a permanent vascular implant in arteries below the knee.

“Patients with critical limb ischemia (CLI) experience painful symptoms and are at increased risk of amputation. Unfortunately, therapeutic options are very limited, and no scaffolding solutions are currently FDA-approved for BTK interventions,” commented George Adams, M.D., M.H.S., Director of Cardiovascular and Peripheral Vascular Research, UNC Rex Hospital, Raleigh, North Carolina, Co-Principal Investigator for the TOBA II BTK study. “The potential to have a treatment option that maintains vessel integrity and improves blood flow will have a significant clinical impact for treating patients with below-the-knee disease.”

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