RDM Group of New Jersey has purchased Northgate 1, a 22-acre tract on Airport Road, Hanover Township for $4.5 million. 

Coming off a record-breaking year in 2021, the I-78/I-81 corridor is continuing to experience record low vacancy, record high absorption and record high rents in the commercial real estate market, as well as a construction industry that’s struggling to keep up with demand. 

Industrial tenants in the region can expect sticker shock when their leases come up for renewal according to a new report by CBRE. 

The United States had a record year for large warehouses in 2021 and the I-78/I-81 corridor, running through the Lehigh Valley, Central Pennsylvania and Northeastern Pennsylvania ranked second in the country for these large transactions. 

As expected, commercial real estate activity along the I-78/I-81 corridor ended 2021 by smashing records. 

Unprecedented consumer spending is continuing to drive demand for commercial real estate in the Lehigh Valley according to the latest Northeast Industrial Brief from CBRE. 

Recent reports of such supply chain problems as the 80,000 cargo shipping containers piled up at the Port of Savannah and ships waiting up to nine days to offload their cargo, illustrate why the commercial real estate market is booming in Eastern Pennsylvania along the I-78/I-81 corridor. 

CBRE has named Rija Beares to lead its Greater Philadelphia Region, which includes both the Lehigh Valley and Central Pennsylvania in addition to downtown and suburban Philadelphia, Delaware and Southern New Jersey.

Commercial real estate experts were expecting 2020s industrial development boom to continue, but Mike Hess, senior vice president of CBRE in the Harrisburg office said industrial development along the I-78/I-81 corridor was even stronger than expected during the first quarter of the year.

If you’ve been on any form of social media this past week it’s been hard to miss the meme of a mitten-wearing Bernie Sanders sitting cross-armed at last week’s presidential inauguration ceremony.