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Lehigh Valley Industrial Deals Close Below $4 Per SF

ALLENTOWN, PA-Under pressure from the nearly 2 million sf of industrial space

By Marita Thomas | Updated on March 20, 2003

ALLENTOWN, PA-Deals are being struck for less than $4 per sf at manufacturing/industrial properties in the Lehigh Valley, PA, market, according to Michael Bartolacci, VP of Garibaldi Group, which has headquarters here and in Princeton and Chatham, NJ. He attributes the slide to the overall economy and the addition of almost 2 million sf of new space that came on line during 2001.

At the beginning of that year, average asking rental rates were between $4.35 per sf and $4.50 per sf, he says, a level that held well into 2002 because of increased activity in the big box sector. The area’s total industrial market consists of approximately 35 million sf.

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