Continued high construction costs and rising interest rates have had an impact on what has been a red-hot commercial real estate market in Eastern and Central Pennsylvania. 

Real estate brokerage firm Marcus & Millichap announced Thursday that it negotiated the sale of a 27,983-square-foot single-tenant office building in Harrisburg for $2.8 million.

Lancaster based LMS Commercial Real Estate, which is owned by Paramount Realty services has rebranded under the “Paramount Realty” name to combine marketing efforts.  

The United States had a record year for large warehouses in 2021 and the I-78/I-81 corridor, running through the Lehigh Valley, Central Pennsylvania and Northeastern Pennsylvania ranked second in the country for these large transactions. 

Rent prices for logistics facilities in the Northeast U.S. Corridor are skyrocketing, but that may be good news for developers and property managers in the Lehigh Valley and Central Pennsylvania.

CBRE has named Rija Beares to lead its Greater Philadelphia Region, which includes both the Lehigh Valley and Central Pennsylvania in addition to downtown and suburban Philadelphia, Delaware and Southern New Jersey.

Despite the pandemic, or in some ways even because of it, commercial real estate demand was strong along the Pennsylvania I-18/I-81 corridor, exceeding the demand over the prior year and driving up commercial real estate leasing rates to record highs.

On November 3, the U.S. experienced a major divide when one of the most contentious elections in history took place between President Donald Trump and President Joe Biden. This is not to get into politics or election outcomes, but rather to focus on how President Biden’s changes will impact how commercial real estate is taxed.

Before COVID-19, the economy was in incredible shape, backed by high consumer spending, said Mike Rohm, of SVN Latus. Basically, the risk of recession seemed remote and the commercial market was riding the wave, too, said Rohm, who covers primarily Cumberland and Dauphin counties. Property values were climbing, and local investors were competing for the best assets against out-of-town investors, he said. 

Though the world has not seen a virus causing a global shut down like we are seeing with COVID-19, we can anticipate the significant changes we may expect to see take right here in Pennsylvania. Here’s how commercial real estate is getting pulled into the fold.

Though the world has not seen a virus causing a global shut down like we are seeing with COVID-19, we can anticipate the significant changes we may expect to see take right here in Pennsylvania. Here’s how commercial real estate is getting pulled into the fold.

A 73,289-square-foot building in Harrisburg, occupied by several nonprofits, recently sold for $4.6 million.

After finding success in Central Pennsylvania, commercial real estate agent Craig Dunkle is looking to grow his team and open a larger midstate satellite office for national real estate company Marcus & Millichap.