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Central Pennsylvania 2022 Q2 Industrial Market Report

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MARKET TRENDS

  • Central Pennsylvania has some of the lowest vacancy for warehouse/distribution space in the United States —benefitting from tenants unable to find space in the New Jersey market.
  • Demand has kept up with new inventory highlighted by the 6.2 million square feet (msf) absorbed in the first half of 2022. In comparison, 3.4 msf of warehouse/distribution space was absorbed in the first half of 2021.
  • The average asking rent increased by almost 30.0% since Q1 2020 with new construction commanding rents between $7.00-$8.00 psf.

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