The latest issue of the Lehigh Valley Commercial Real Estate Report highlights the continued industrial growth of in the first quarter, particularly among companies headquartered overseas.
The cover-story, Global Appeal, explores the effect recent federal policies have had on international companies looking to gain or expand their foothold in the United States and how that interest has landed in the Lehigh Valley, located the heart of the populous Northeast.
“The Lehigh Valley is a targeted market for international companies looking for an East Coast presence to access nearly a third of U.S. consumers in a day’s drive,” Lehigh Valley Economic Development Corp. President and CEO Don Cunningham said. “Demand has increased since the supply chain disruptions of the pandemic. Our availability of a skilled workforce, manufacturing heritage, and access to market make the Lehigh Valley a major U.S. manufacturing center.”
Each quarter, the LVEDC publishes a report that provides a detailed overview of industrial and office market activity, notable real estate transactions in the region, and population and labor force trends. The newest edition covers data from the first quarter of 2023.
The digital version of the new issue can be downloaded here, and hard copies are available upon request.
With a record low vacancy rate of 3.6%, the Lehigh Valley’s industrial real estate market grew to 148.8 million square feet with another 4.2 million under construction, according to the report.
Key additions include:
- Leading pharmaceutical distributor TopRx, which leased 40,000 square feet at Lehigh Valley Flex Center,
- Factory Manufacturing LLC, which opened a 75,000-square-foot food production facility,
- BSI Corporate, which bought the redeveloped Victory Firehouse, which once served a Bethlehem Steel fire company, for its corporate offices, and
- Linde Engineering, which announced it would open an office in Lehigh County that will employ 50.
The Lehigh Valley is coming off a year in which it ranked second nationally among mid-sized regions for the number of new economic development projects. Manufacturing rose to be the leading sector of the economy. More than 750 manufacturers generated an economic output of $8.4 billion.
The economic performance comes as the Lehigh Valley continues to be a hotspot for growth in Pennsylvania. New data shows the Lehigh Valley continued to grow during the pandemic, primarily due to migration.