CBRE says Pennsylvania's I-78/I-81 corridor had 11 of the nation's largest industrial leasing deals, totaling more than 11.8 million square feet
PHILADELPHIA, PA—E-commerce and logistics companies claimed a larger share of the 100 largest industrial-and-logistics leases signed in 2018, and CBRE's latest report on industrial leasing activity says Pennsylvania's I-78/I-81 corridor had 11 of the largest deals, totaling more than 11.8 million square feet.
“The Pennsylvania I-78/I-81 corridor has been a beneficiary of the surging demand for e-commerce and logistics space,” says Vincent Ranalli, senior vice president, CBRE. “In 2018, our region was one of the leaders in the US in large format leases signed by e-commerce companies. To accommodate the demand, several parcel hubs and last mile delivery facilities came online along the corridor. We expect this trend to continue as consumers shift to e-commerce and demand immediate delivery”.
CBRE's analysis of last year's industrial-leasing activity in the US found that 61 of the largest 100 leases were signed by e-commerce companies and logistics firms for a total of 61.5 million square feet vs. 52 leases last year for 43.2 million square feet.
The two are related in that many logistics companies, specifically third-party logistics providers, handle e-commerce distribution for their clients.
Regardless of industry, the largest industrial leases got even larger last year. The largest 100 from last year – spanning uses such as e-commerce, logistics, manufacturing, food and beverage, technology and retailing – totaled 19 percent more space than the largest of 2017.
Last year's largest industrial leases were spread across 32 markets, with many clustering in leading logistics hubs.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
