The PHL region experienced a vacancy decrease to 5.71% at the end of the Q3, which was a new record low for the market. Due largely to some notable built-to-suit deliveries, the market recorded over 4.2 million square feet in positive absorption during the quarter. Total absorption YTD has eclipsed 13.7 million square feet, which is an average quarterly pace of almost 4.6 million square feet. At this pace, the Philadelphia Industrial market could eclipse…
Monthly Download | Demand Update | September 2017
Demand for new, class A space is a major driver for the region’s construction activity. Our Industrial Demand report tracks industrial requirements across our entire market. As of the end of the third quarter, smaller requirements, 500,000 SF or less, outnumber larger requirements by almost two to one. While larger requirements are predominantly focused along the I-81 and I-78 transportation corridor that spans from the eastern edge of the Lehigh Valley to the southern border…
Monthly Download | Construction Update | August 2017
As we near the end of the 3rd Quarter, our industrial market is experiencing 21 million square feet in construction activity, with nearly 3.2 million square feet in new construction starts this quarter alone. The Lehigh Valley and Central Pennsylvania submarkets are leading this activity with 8.8 and 7.3 million square feet of development respectively. The I-81 and Southern New Jersey submarkets are also contributing 2.5 million square feet each of current construction. As of…
Mystery company leases huge Route 33 warehouse
Two down, one to go. That’s the situation for Duke Realty Corp., the Indianapolis industrial developer that recently completed and leased its second warehouse in Palmer Township and has now started construction on its third planned building near Route 33. But it remains unclear who is leasing Duke Realty’s second warehouse, a 628,475-square-foot structure at 1611 Van Buren Road within the developer’s 33 Logistics Park complex. In a news release Tuesday, Duke Realty described the…
Ed Skonecki Joins Lee & Associates of Eastern Pennsylvania as a Senior Associate
Camp Hill, PA, August 1, 2017 – Lee & Associates of Eastern Pennsylvania LLC is pleased to announce the recent addition of Ed Skonecki as a Senior Associate. Located in the firm’s Central Pennsylvania office, Ed will work directly with the principals of the firm on key accounts, while focusing on owner and occupier representation, site selection and acquisition and disposition of industrial and commercial real estate. Prior to joining Lee & Associates of Eastern…
Monthly Download | Market Update | July 2017
The Philadelphia Market continued to grow in Q2 2017. Another 4 million SF was delivered to our Core Data Set (CDS), which now boasts over 425 million SF of industrial space across Eastern PA, Southern New Jersey, and Delaware. Our CDS focuses on industrial properties, 100,000 SF or larger, with a current design or adaptability to warehouse and distribution. Construction activity picked up in Q2. 5.8 million SF of speculative construction began in Q2, of…
Industry Veteran, Joel Kreider, Joins Lee & Associates of Eastern Pennsylvania as Principal
Camp Hill, Pennsylvania, July 20, 2017 – Lee & Associates of Eastern Pennsylvania is pleased to announce that accomplished industry professional Joel Kreider, SIOR, has joined the firm’s Central Pennsylvania office as a Principal. In this role, Joel will bring his 29 years of experience to bear for the company’s customers, as well as an in-depth knowledge of the Western Pennsylvania Industrial Market. “Joel is a skilled professional with an extensive background and has a…
Cumberland County warehouse redevelopment underway
By Jason Scott, July 12, 2017 at 3:31 PM Demolition and reconstruction work at a former Quaker Oats manufacturing and distribution facility in Hampden Township, which will lead to a smaller modern warehouse on the site, is underway. The property at 485 St. Johns Church Road was purchased by an affiliate of Montgomery County-based Endurance Real Estate Group LLC through a joint venture with CenterSquare Investment Management, an investment manager that is also based in…
Monthly Download | Demand Update | June 2017
Lee & Associates of Eastern Pennsylvania (LAEP), seeks to keep its finger on the pulse of our market by tracking our regional industrial requirements via our Industrial Demand report. As prospective tenants survey the market for their logistical solutions, LAEP diligently evaluates these requirements over the course of each quarter. As we near the end of Q2 2017, we are tracking roughly 94 active requirements for industrial space across the Philadelphia regional market. These requirements…