YORK COUNTY INDUSTRIAL | LEASED SQUARE FEET APPROACHES FIVE YEAR HIGH, SPEC BUILDS IMMEDIATELY ABSORBED UPON COMPLETION
- 1.4 MSF Patriot Tech Center sold for $73M to SKM Property Management, LLC.
- Building 1 at Goodman Logistics Park –Newberry has been preleased to Amazon to fulfill last mile delivery in the York market.
- Over 1.6 MSF of new construction has been completed including 483,770 SF at Core5 Logistics Center at Codorus Creek –Bldg 1 and 580,000 SF at Goodman Logistics Center –Bldg 1. Hill’s Pet Nutrition, Inc. will occupy Building 1 at Codorus Creek.
- The ROCK Demand Index (RDI) reveals that 70% of industrial demand is comprised of new businesses or startups. This is up from 64% reported last quarter.
YORK COUNTY OFFICE | RELOCATIONS AND DOWNSIZING DRIVE DEMAND, LEASED SQUARE FEET SET TO EXCEED PRE-PANDEMIC LEVELS BY YEAR-END
- Average sale price is up 61.2% since last yearbut down 32.3% since before the pandemic.2
- Leased square feet is up 59.7% from last year and now exceeds pre-pandemic levels. Vacancy remains at a five-year low year-to-date.
- The office sector remains in a holding pattern within the recovery phase of the market cycle. The construction pipeline remains shallow except for medical players acquiring land for development.
- The ROCK Demand Index (RDI) reveals that 57% of office demand is comprised of businesses engaged in professional services followed by 18% engaged in medical practice. Those engaged in professional services are seeking an average unit size of 3,100 SF. Medical users are seeking an average unit size of 2,700 SF.
YORK COUNTY RETAIL | SUPPLY KEEPING PACE WITH DEMAND, FOUR QUARTER DECLINE IN VACANCY ENDS
- The four-quarter decrease in vacancy has finally ended, increasing slightly (17 basis points) to 5.44%.
- Despite negative absorption in Q3, supply remains evenly matched with demand year-to-date.
- The ROCK Demand Index (RDI) reveals that in the past twelve months, 67% of retail space demand is comprised of businesses seeking an additional location
- Redevelopment at the 80,000 SF Hollywood Casino at the York Galleria, York and new construction of the 5,600 SF Auto Spa Express at 2140 York Crossing Drive, York is now complete.
- The sale of 2818 E Market Street, York is intended for a Popeyes restaurant.