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Lehigh Valley Industrial Vacancies Up Again

PHILADELPHIA-The Lehigh Valley industrial vacancy rate continues its climb,

By Marita Thomas | Updated on May 19, 2003

PHILADELPHIA-Of the nearly 35 million sf of industrial space in the Lehigh Valley, more than six million sf, including sublease space, is vacant. The overall vacancy rate has remained above 17% for the past five quarters, according to Paul Torosian, principal of the local office of Trammell Crow Co., and now stands at 17.6%. The direct vacancy rate is 16.1%.

The first-quarter 2003 TCC research notes there are limited options available in “big box” new product. However, Plymouth Meeting, PA-based Opus East plans to break ground later this year on a 607,000-sf spec building in the region.

During first quarter, net absorption was a negative 134,879 sf. “The availability of second- and third-generation product will slow the overall improvement in the market statistics over the next several quarters,” Torosian predicts.

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