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PRactice ManageMent

Commercial Real Estate in the
Greater Reading Marketplace
by Bryan Cole, SIOR | Principal at NAI Keystone Commercial & Industrial, LLC

T
Bryan Cole, SIOR
Principal at NAI
Keystone Commercial &
Industrial, LLC

he Greater Reading market is considered a tertiary real
estate market and is outlined within most public sources as
a submarket of the Lehigh Valley. Commercial real estate is
typically broken into various primary categories including Office,
Industrial, and Retail. Most local, regional, and national reports
separate the primary categories into various sub-categories. This report
will focus on Office and Industrial.
Most publications and local market reports provided by Bryan Cole
and NAI Keystone are broken into two sub-markets within Greater
Reading. They are Downtown and Suburban Berks County.
The reason for isolating the two sub-markets is due to the fact that
similar Class facilities in Downtown are different than the suburban
market and its allows us to provide a clearer picture as it relates to
growth and rental rates.

Office Market
The Greater Reading suburban office market continues to see
growth. This is clearly shown with the newly constructed projects in the
Wyomissing / Spring Township area, along with large office vacancies
that have recently been filled, including the expansion of Penn State
Health, Rentokil, NAI Keystone, and various private medical practices.
Vacancies that were exposed to the market for quite some time were
recently leased and other vacancies continue to notice a steady source of
activity.
We expect to see steady growth within the suburban market for
2016. Although two large vacancies were recently announced including
Carpenter Technology and Sunoco Logistics, we believe these spaces
will be absorbed from local organizations looking to expand their
footprints. In addition, landlord concessions will begin to be removed
from offerings since the market has stabilized, which will ultimately
lead to rental rates going up.
The Greater Reading downtown office market has seen its ups and
downs during the past few years and has continued to see its share
of vacant space, however, the hope and expectation is this ongoing
negative situation will soon turn with continued development and focus
from city government.
Kyle McKechnie is one of NAI's downtown focused brokers and he
had this to say about the downtown market: "The downtown Reading
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