The PA I-78/81 Corridor saw occupancy gains of 2.2 million sq. ft., on par with the 2.1 million sq. ft. of deliveries.
The PA I-78/81 Corridor observed a total of $132 million in capital investment during Q3 2019. Notably, institutional and private investors made up 56% of the buying pool where REIT and private investors made up the rest.
Average asking rents increased slightly from $4.56 per sq. ft. in Q2 2019 to $4.58 per sq. ft. in Q3 2019 with rents noticeably increasing inNortheast PA.
Space-specific users such as Dr. Pepper/Snapple and Max Finkelstein Tire kept built-to-suit activity steady within the market leaving millions of square feet of speculative developmentawaiting absorption.