MARKET TRENDS

• Year over year, Central Pennsylvania’s industrial vacancy rate fell 200 basis points (bps) to 4.1%. Vacancy has not been in the double digits since Q1 2010.
• Net absorption totaled 10.0 million square feet (msf) for 2021 — 5.3 msf more than 2020’s total.
• Low vacancy put upward pressure on asking rents. Year over year, asking rents increased by almost 15.0% to $5.25 per square foot (psf). New construction commands between $6.00 and $7.00 psf.

Read the full report