The industrial real estate market in the greater Hanover area was very tight in the first half of 2022, with a vacancy rate of less than 1%.

Olde Liberty Square, a collection of four office properties at 4807-4815 Jonestown Road in Lower Paxton Township, Harrisburg, was purchased by a New York-based investment firm for $16 million. 

Commercial real estate projects have returned for architectural and design firms but they look different as businesses design office spaces with COVID-19 and other respiratory viruses in mind.

Harrisburg-based UPMC Pinnacle opened two new UPMC Heart and Vascular Institute offices in the midstate on Monday; one in Shrewsbury Township, York County, and another and Warwick Township, Lancaster County.

A Rapho Township, Lancaster County developer is proposing a $7 to $9 million redevelopment project that would convert a former elementary school in Lebanon to office space or housing.

The commercial real estate industry has yet to see how changing attitudes surrounding virtual work will affect the midstate’s stock of office properties.  And while many offices may still close in the coming months, experts in the region think the need for physical office space will prevail.