MARKET TRENDS

• Rates will continue to rise boosted by higher asking rents for new construction ($7.00 to $8.00 per square foot, NNN).
• Vacancy is at a record-low level; however, declining consumer sentiment and slowing e-commerce sales are headwinds for occupiers that may impact absorption in the coming quarters.
• Both the Central Pennsylvania and Lehigh Valley industrial markets recorded some of the steepest declines in vacancy over the past year when compared to other parts of the country. These markets may be benefiting from tenants unable to find space in the very tight New Jersey market.

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