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market has remained mostly flat through 2015 and into 2016 with
a slight uptick in leasing rates and a small decrease in vacancy rates.
The highly competitive office leasing market has continued to
revolve around existing tenants in the Downtown Reading market.
The majority of leases completed are relocations or expansions from
one downtown building to another such as the recently announced
move of the Berks Community Action Program from the Baer
Building at 518 Washington Street to the Exide Building located at
645 Penn Street. Much speculation exists on the future impact of
the opening of the new $63 million DoubleTree hotel at 701 Penn
Street, the city-owned Penn Square Development Project currently
without an agreed upon direction, and the election of the new
mayor. These factors will undoubtedly play a major role downtown
in 2016 and moving forward."
We're Riverview Bank-a hometown community Bank with
local faces you know, local people you trust.
Stop in and say Hello to our Berks team: Greg Kline, Jason Shaffer,
Industrial Real Estate remains to be one of the hotter sectors
Laurie Kercher, Connie D'Augustine, Sue Bushold, Jessica Orrell,
in Greater Reading and the surrounding markets. Large quality
Dan Weber and Jess Yourkavitch.
spaces are in high demand and since there has been a lack of readily
available product, it is sparking continued growth of new industrial
development. There are industrial sites in various entitlement stages
including Berks 61, a 200,000 sf. Proposed development, Berks
222, a 350,000 sf. Proposed development, and three projects in
Perry Township along Rt. 61 including a new concept of 600,000
NOW OPEN Temple Office: 4930 N. Fifth Street Hwy. 484.334.4384
The requirements seem to be focused on distribution and food
Wyomissing Office: 2800 State Hill Rd. 484.334.2787
grade manufacturing. This area of the market will continue to
grow as the big box retail stores are becoming more dependent on
e-commerce and next day delivery. There are various large big box
sites either underway or already in negotiations in Greater ReadingBank Better Ad.indd 1
which include the Perry Golf Course, Midway Logistics Park, and a
new third party logistics firm in Morgantown, PA.
Companies are looking for ease of access to workforce along
with highway infrastructure. The growth within this sector is
expected to be concentrated along major highway arteries including
I-78, I-81, Rt. 61, and parts of Rt. 222/100, as they relate to
manufacturing, ease of access to employees and site infrastructure
including access to water, sewer and power.
Critical to New Development and Bringing
Jobs to Greater Reading
One of the key elements that will be critical to all sectors
of commercial real estate is the need to work with dedicated,
educated, and willing township officials and boards that are willing
and able to assist in getting approvals expedited and incentives
obtained. This will be an absolute critical element in all deals
moving forward. Greater Reading is fortunate to have these types
of organizations and people in place and continuing to strive by
bringing the county and municipalities together.
About the Author:
Bryan Cole is a partner at NAI Keystone Commercial &
Industrial. Bryan concentrates his efforts on office and big
box industrial real estate. Please visit www.Bryan-Cole.
com for more information.
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