The amount of leased industrial and office space in York County increased in 2010 along with a drop in rental prices per square foot, according to a report by York-based Rock Commercial Real Estate.
There was an increase of 677,000 square feet of industrial space leased in the county in 2010 compared with 2009, according to Rock. Leased office space rose by 78,000 square feet during the same time period, Rock said.
The number of lease deals remained about the same, reflecting more square footage rented per tenant, Rock said. A decline in rental prices per square foot is helping to fuel the increases, Rock said in its “2010: The Market Review” released this week.
Nearly 80 percent of businesses leasing space in 2010 said they had either started or expanded a business and decided to lease because of the costs of buying property, according to a survey by Rock in January.
The amount of money spent to purchase office and industrial real estate fell 47 percent and 31 percent respectively in 2010, according to Rock.
The retail real estate sector told an opposite story.
Sales of properties rose from $41 million in 2009 to $57.7 million in 2010, according to Rock.