An increase in pent-up-demand from various industries in the start of Q1 2020 spiked an increase in speculative development starts across the PA Corridor.
Average asking lease rates remained steady in Central PA, but saw a moderate increase in the Lehigh Valley and Northeast PA due to high quality Class A development.
Ahead of the COVID-19 outbreak, capital markets sales volume was up 60.8% from Q1 2019’s measure.
Demand persisted into the new year with over 11 requirements in the market searching for one million sq. ft. or more, assuaging the previous over supply concerns for Central Pennsylvania.