Q1 2017 ended with nearly 13 million square feet under construction. Lehigh Valley remained a leader in driving construction activity, leading the market in both the number of projects and total square footage. With 4.5 million square feet being constructed in seven on-going projects, six which are speculative starts, this spec construction activity will help refuel the submarket inventory that experienced a record breaking 2016. The first of these new deliveries are scheduled for the…
Monthly Download | Supply Update | April 2017
2016 was a memorable year for the Philadelphia industrial market. Within the Lee & Associates of Eastern Pennsylvania’s Core Data Set (CDS) , positive net absorption totaled over 17 million square feet across the market, which represented a 47% increase from 2015. Worthy of note in 2016, the Central Pennsylvania (PA) submarket, did not experience the same robust absorption totals quarter over quarter as did the rest of the overall Philadelphia market. However it was…
Casey Noble Joins Lee & Associates of Eastern Pennsylvania as Senior Associate
Fort Washington, Pennsylvania, April 13, 2017 – Lee & Associates of Eastern Pennsylvania is pleased to announce its recent hire of Casey Noble. Casey joins the team in our Fort Washington office as Senior Associate. Within this role, her focus will be the Lehigh Valley and Suburban Philadelphia Industrial Market. “I have been looking to move into the sales side of commercial real estate and was attracted to Lee & Associates (of Eastern Pennsylvania) because…
Health Care Is Rx For Ailing Retail
Rarely in commercial real estate do the stars align so perfectly as with the heightened appetite for retail space due to the explosive growth of physician groups, urgent care centers and other health services.Amid robust medical spending, health care executives have reached a consensus that it is vital for medical professionals to be closer to their patients, especially the growing number needing services connected with aging.The impact of growth in the industry on existing medical…
Monthly Download | Demand Update | March 2017
The movement of consumer goods, food, and freight is the pulse of an industrial market that boasts over 1 billion square feet of industrial space. The Philadelphia industrial market is recognized as one of the largest hubs of logistical real estate in the country. The existing transportation infrastructure of eight interstate highways, eight railroad terminals, four equipment depots and two ocean ports in combination with its geographical position connects this market to the broader Northeast…
Monthly Download | Construction Update | February 2017
Adding 20 million square feet in 2016, the Philadelphia industrial market ended the year with nearly 1.1 billion square feet of inventory. To bring this market into focus, Lee & Associates of Eastern Pennsylvania (LAEP) focuses on our Core Data Set (CDS) — specifically buildings 100,000 SF and greater. We also apply this criteria when tracking development and construction activity across the market.In 2016, Central Pennsylvania and the Lehigh Valley accounted for over half of…
From Birdland to “La La Land” – Jazz Music Still has a Pulse
In this year’s hit motion picture “La La Land,” which ties the record with 14 Oscar nominations including the award for Best Picture, the character played by Ryan Gosling aspires to open a jazz club. There’s a scene in the film in which the young pianist is questioned by a fellow musician: Why is he willing to invest in a musical form with virtually no modern-day commercial appeal?If Gosling’s character won’t heed the advice of…
In the Crosshairs of Tax Reform: 1031 Exchanges Become a Target Again
You may have heard us beat the drum in 2014: “Help us save 1031 Exchanges”. Here we are 3 years later with an even more pressing message: “Help us save Commercial Real Estate.” Tax Reform is on the forefront of the new Administration’s agenda and we need to make sure that history doesn’t repeat itself. In 1986 Congress hastily enacted Tax Reform that eliminated passive losses, but the unintended consequences plunged the real estate market…
Monthly Download | 2016 Year-End Market Update | January 2017
The Philadelphia industrial market grew another 20 million square feet in 2016, ending the year with nearly 1.1 billion square feet of inventory. Within this massive inventory, Lee & Associates of Eastern Pennsylvania focuses on our Core Data Set (CDS) — specifically buildings 100,000 SF and greater. Our two largest submarkets, Central Pennsylvania and the Lehigh Valley, accounted for over half of the new construction activity in 2016, adding 5 million square feet and 6.8…