The PA I-78/81 Corridor saw occupancy gains of just over one million sq. ft. breaking shy of new deliveries of 1.4 million sq. ft. of product for the quarter.
Q1 2019 recorded more than 1.4 million sq. ft of deliveries with 1.1 million sq. ft. originating from the Lehigh Valley alone.
On par with 2018 numbers, Q1 2019 observed a combined $273 million of investment sales in the PA I-78/81 Corridor. Notably, institutional investors made 52% of the buying pool where REIT and private investors made the rest.
Average asking rents hit a new record high of $4.74 per sq. ft. in Q1 2019 where rents in some of the Lehigh Valley’s counties posted asking lease rates exceeding $6.00 per sq. ft.
The e-commerce industry continued to grow demand in the PA I-78/81 Corridor with new leases signed by Amazon and Lulus in Q1 2019.