Tuesday, March 5, 2019

Pennsylvania's I-78/I-81 Corridor Gets 11 of Largest Industrial Deals in 2018

by Steve Lubetkin, Globest.com
E-commerce and logistics companies claimed a larger share of the 100 largest industrial-and-logistics leases signed in 2018, and the latest report on industrial leasing activity says Pennsylvania’s I-78/I-81 corridor had 11 of the largest deals, totaling more than 11.8 million square feet.

“The Pennsylvania I-78/I-81 corridor has been a beneficiary of the surging demand for e-commerce and logistics space. In 2018, our region was one of the leaders in the US in large format leases signed by e-commerce companies. To accommodate the demand, several parcel hubs and last mile delivery facilities came online along the corridor. We expect this trend to continue as consumers shift to e-commerce and demand immediate delivery”.

Last year’s industrial-leasing activity in the US found that 61 of the largest 100 leases were signed by e-commerce companies and logistics firms for a total of 61.5 million square feet vs. 52 leases last year for 43.2 million square feet.

The two are related in that many logistics companies, specifically third-party logistics providers, handle e-commerce distribution for their clients.
Regardless of industry, the largest industrial leases got even larger last year. The largest 100 from last year – spanning uses such as e-commerce, logistics, manufacturing, food and beverage, technology and retailing – totaled 19 percent more space than the largest of 2017.

Last year’s largest industrial leases were spread across 32 markets, with many clustering in leading logistics hubs.

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