2021 was a historic yr for industrial progress within the Lehigh Valley. That is in accordance with the Lehigh Valley Financial Growth Company’s new Annual Report, which got here out final week.
“Opposite to what lots of people would think about, 2021 was a report yr for industrial and manufacturing progress,” stated Don Cunningham, the President and CEO of LVEDC.
Cunningham says ongoing provide chain points drove corporations to the area in 2021, which translated to a different 8 million sq. toes in new industrial area.
“And that is as a result of lots of corporations are having amenities nearer to massive inhabitants facilities in america,” stated Cunningham.
Tenants moved into about 10 million sq. toes of vacant industrial area final yr. The already low emptiness fee dropped to 4.2%.
In the meantime, rents are at a report excessive.
“I believe we’re all vastly shocked that the economic system is as robust and as lively as it’s proper now. As everyone knows, two years in the past, we did not know the place it might finish,” stated Tony Iannelli, CEO and President of the Better Lehigh Valley Chamber of Commerce.
The area had one other 4.4 million sq. toes in industrial area below development on the finish of the yr, which is definitely lower than the tip of 2020, however on par with earlier pre-pandemic years.
“It is arduous to foretell if 2022 goes to ship the identical kind of numbers as a result of proper now the most important constraint – similar to with single-family properties – is discovering buildings for corporations that make merchandise to land right here,” Cunningham stated.