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Central PA Industrial Attracts Big Tenants

WILKES BARRE, PA-And the Northeast submarket exhibited almost one million square feet of positive absorption.

By Alyson Grala | Updated on February 24, 2010

WILKES BARRE, PA-The Central Pennsylvania industrial submarket witnessed a startling increase in leasing velocity as Office Depot Inc., Amazon.com and GlaxoSmithKline PLC all signed significant leases in class A buildings last quarter. With the availability of buildings over 600,000 square feet becoming scarce, the Central and Northeast Pennsylvania submarkets continue to compete for large tenants. Diapers.com surveyed the market and opted to move its operations to Gouldsboro, PA.

It will consolidate distribution activities into 411,000 square feet with plans to expand to 811,000 square feet. In order to decrease costs, it’s no surprise that tenants are still attracted to renewal options, as evidenced by Harte-Hanks, Inc., who renewed for 125,000 square feet in Wilkes-Barre, PA.

The Lehigh Valley industrial submarket ended the year with over 1.23 million square feet of positive total net absorption, with the majority of tenants taking occupancy in the first half of 2009. Similar to the Northeast Pennsylvania submarkets, tenants continue to renew at existing locations, creating only a short list of tenants that will actually relocate.

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