LehighValleyLive.com has a look at how current market conditions could impact the demand for Industrial real estate and warehouses in the Lehigh Valley.
The Lehigh Valley emerged from the Great Recession at the forefront of the e-commerce explosion, becoming the mid-Atlantic’s warehousing and distribution hub in the span of a few years.
Developers flooded the market, snatching up cheap land and building sprawling speculative warehouses, certain they’d be able to quickly fill them thanks to the Valley’s access to highways that place tenants within a six-hour truck drive of 40% of U.S. consumers.
It’s meant that since 2014 local governments have approved 2.9 million square feet of industrial spaces and a whopping 26.7 million square feet of warehouses. With another 14 million square feet of projects in the pipeline, that’s nearly 41 million square feet of approved or planned warehouses in the region.
Numerous forecasts still show the demand for warehouses in the Lehigh Valley to grow in 2020 and in the coming years. With a prime location in the Mid-Atlantic and the continued growth of e-commerce and direct to consumer purchases, it is likely we will see the strong warehouse and distribution center demand continue.