Here is a roundup of the latest leases, sales and other transactions in the Northeast middle markets.
This week by the numbers
At the year's end, warehouses all around Pennsylvania's I-78/I-81 Corridor are swelling with extra employees and bustling with activity to satisfy holiday wish lists across the Northeast. The Corridor's enduringly strong industrial market performance transcends seasonality, however. In a new report from CBRE's Philadelphia office, research indicates that in 2017, 11.5 million square feet of warehouse space was absorbed, creating about 5,800 new transportation and warehousing jobs, and a 20-basis-point drop in fourth quarter warehouse vacancy to 6.6 percent, vs. 2016. While deliveries modestly exceeded absorption this year (11.8 million square feet delivered), looking at cumulative supply and demand over the past five years shows total net absorption to-date in the cycle still well outpaces new development, CBRE says.
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