Demand from food & beverage manufacturers, third-party logistics companies, e-commerce and retailers claimed the majority of leasing activity this quarter.
The Lehigh Valley submarket remained the most sought-after location within the Corridor. As such, contract rents remained the highest there compared to the rest of the market.
Construction restarted during the second half of the quarter after stalling due to a state-ordered moratorium on construction activity. A spate of new product will deliver during the second half ofthe year.
During the COVID-19 outbreak, capital markets activity realized a noticeable decline from its historic 4-quarter rolling aggregate of $2.9 billion at the start of the year.