Key Market Trends
- The vacancy rate increased during the first quarter from an adjusted 6.8% to 8.0%.
- There was a lack of absorption as a gain in Class A occupancy was offset by additional Class B space returning to the market.
- The overall weighted average asking rent increased by 1.7% during the first quarter to $19.65 per square foot, full service. The Class A average increased by less than 1.0%, while the average Class B rent increased by 3.0%. This was due to the availability of more upper-tier Class B space.
- Geisinger Health Plan began moving into its new 79,000-square-foot administration building in Centerpoint Commerce & Trade Center, consolidating employees from Scranton, Plains and Wilkes Barre.
- The largest new lease transaction during the quarter actually landed in a flex building as Ubiquity Global leased 30,000 square feet in Hanover Industrial Estates for a call center location. Colliers brokered this transaction.
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