The Lehigh Valley Economic Development Corp. (LVEDC) recently released its quarterly report for the first quarter of 2020.
The Lehigh Valley Commercial & Industrial Real Estate Report details the region’s industrial and office market activity and notable real estate transactions.
During the first quarter, the region had 125.7 million square feet of industrial inventory and 16.2 million square feet of office inventory. There also was 6.2 million square feet of industrial space under construction.
Notable commercial real estate transactions include the completion of Prologis’ acquisition of Liberty Property Trust. This transaction makes Prologis the largest single-owner of industrial real estate in Lehigh Valley.
On May 1, Gov. Tom Wolf lifted the statewide shutdown on construction, and contractors in Lehigh Valley resumed projects. Many major construction projects were deemed essential, and work never ceased.
“The solid and diverse base of the Lehigh Valley economy will limit the overall impact of the quarantine and recession here,” Don Cunningham, LVEDC president and CEO, said in the report. “Some cornerstones of the economy – health care, manufacturing and production, and distribution and e-commerce – will grow in value and importance. Development in these areas has continued, and demand for land and buildings remains high.”
Market analyst Ben Atwood said the shipping and logistics market will recover quickly.