LVEDC Releases Newest Issue of Lehigh Valley Real Estate Report
By Colin McEvoy on September 3, 2015
The Lehigh Valley Economic Development Corporation (LVEDC) has released the second issue of its quarterly report detailing the real estate climate of the Lehigh Valley.
First launched in May, each edition of the Lehigh Valley Commercial Real Estate Report focuses on a different aspect of the region’s real estate market. The new issue released this month highlights the industrial market.
“We received a lot of positive feedback when we launched the quarterly report, which was in keeping with one of our core principles to serve as the leading source of economic data and market intelligence in the Lehigh Valley,” said Don Cunningham, LVEDC President and CEO. “It’s important to have this knowledge at our disposal because the only way to affect tomorrow is to understand where we are today.”
The new issue is available digitally on the LVEDC website, and hard copies will be distributed for the first time at the LVEDC Brokers and Developers Council meeting on Sept. 10. Hard copies can also be made available upon request at no cost.
Among the findings from the eight-page report is that the Lehigh Valley is experiencing a more favorable industrial market than the national average, with vacancy rates averaging 6.35 percent overall, asking rental rates increasing, and planned new building development.
“On the industrial front, the market continues to see strong fundamentals for both users and investors,” said Sean Bleiler, senior vice president with CBRE, one of several local experts who contributed their perspective to the report.
“Speculative construction is driving the market and many buildings are leasing prior to completion,” Bleiler said. “National users, in particular e-commerce companies, are seeking locations in the Lehigh Valley to service the New York metro market with the same-day or next-day service.”
The report also includes such information as the Lehigh Valley’s total rentable building area (about 104 million square feet), average asking price ($4.82 per square foot), and total number of industrial buildings in the region (1,707).
Additionally, the report includes a list of all industrial and commercial real estate transactions recorded in Northampton and Lehigh counties during the first quarter of 2015 that sold in excess of $950,000, as well as a map showing the distribution of those sales.
In addition to office market data, the report includes current economic data such as employment by industry, growth rates, historical unemployment data, workforce growth, and information about the Lehigh Valley’s gross domestic product, which at $34.3 billion is higher than that of the state of Vermont and 102 other countries in the world.
“Economic data like this is pertinent to understanding the overall business climate in the Lehigh Valley,” said Lea Glembot, LVEDC Vice President of Economic Development and Marketing. “The factors described in this report lead to a better understanding of the health and diversity of a regional business base.”
The data featured in the Lehigh Valley Commercial Real Estate Report was gathered by John Lamirand, LVEDC’s research specialist.
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