Map

Demographics for LEHIGH VALLEY, PA

Agent photo
Presented By

Loren Keim

Broker

CIN
M 610.657.5095
B 610.969.7200

Contact

Executive Summary

Distribution / Warehousing

The Allentown warehouse/distribution market is comprised of 89.1 million square feet in four geographic concentrations ranging in size from the 48.0 million square foot Outer Lehigh County submarket to the Eastern Northampton/Warren County submarket, which amounts to 8.1 million square feet. In the one-year period beginning with Q2 2018, virtually all new construction, 2.2 million square feet, representing 100.0% total new inventory in the metro, has occurred in the Bethlehem/Western Northampton County submarket.

Market Trends

2022 Population

860,090
Since
2022
Population Change
+0.18%
Household Average Income
$160,115.00
Number of Households
345,830

Employment

Office Industrial Q2 2022 Q3 2022 Total 95,872 96,506 60,048 60,140 384,230 387,550 Employment by Industry

White/Blue Collar Jobs

25%
Office (2022)
16%
Industrial (2022)

Market Trends

Apartment

Inventory

Units/SF Q2 2022 Q3 2022
Total 19,895 19,895
Completions 64 0
Conversions* 0 0

2022 Q3 Rent

Asking Change†
-1.1%
Effective Change†
-

Inventory: Constrabsorp

  • Q2 2022: 0.7 Ratio
  • Q3 2022: 0 Ratio

Rental Costs/Lease Rates‡

Asking

  • Q2 2022: $1,487.25
  • Q3 2022: $1,471.13

Effective

  • Q2 2022: -
  • Q3 2022: -

Gross Revenue

  • Q2 2022: $1,460.79
  • Q3 2022: $1,445.99

Absorption/Occupied Stock

  • Q2 2022: 0.5%
  • Q3 2022: 0.1%
89 14 Q2 2022 Q3 2022

Stock Net Absorption (Units)*

Q2 2022 Q3 2022 Vacant 354 340 19,541 19,555 Occupied

Stock

*Units that have been converted from a non-market rate multifamily subtype to a market rate subtype. †Percent change from the previous time period. ‡For Apartment properties, rent is a weighted average quoted as monthly rent per unit.

Market Trends

Distribution / Warehousing

Inventory

Units/SF Q2 2022 Q3 2022
Total 99,028,000 99,028,000
Completions 67,000 0
Conversions* 0 0

2022 Q3 Rent

Asking Change†
4.1%
Effective Change†
4.4%

Inventory: Constrabsorp

  • Q2 2022: 0.1 Ratio
  • Q3 2022: 0 Ratio

Rental Costs/Lease Rates‡

Asking

  • Q2 2022: $7.32
  • Q3 2022: $7.62

Effective

  • Q2 2022: $7.02
  • Q3 2022: $7.33

Gross Revenue

  • Q2 2022: $6.99
  • Q3 2022: $7.36

Absorption/Occupied Stock

  • Q2 2022: 1.2%
  • Q3 2022: 1.1%
1090000 1020000 Q2 2022 Q3 2022

Stock Net Absorption (Units)*

Q2 2022 Q3 2022 Vacant 4,408,000 3,388,000 94,620,000 95,640,000 Occupied

Stock

*Units that have been converted from a non-market rate multifamily subtype to a market rate subtype. †Percent change from the previous time period. ‡For Retail and Industrial properties, rent is a weighted average quoted as annual NNN rent per square foot.

Market Trends

Office

Inventory

Units/SF Q2 2022 Q3 2022
Total 8,177,000 8,177,000
Completions 0 0
Conversions* 0 0

2022 Q3 Rent

Asking Change†
-0.2%
Effective Change†
-

Inventory: Constrabsorp

  • Q2 2022: 0 Ratio
  • Q3 2022: 0 Ratio

Rental Costs/Lease Rates‡

Asking

  • Q2 2022: $18.51
  • Q3 2022: $18.48

Effective

  • Q2 2022: -
  • Q3 2022: -

Gross Revenue

  • Q2 2022: $15.67
  • Q3 2022: $15.79

Absorption/Occupied Stock

  • Q2 2022: 0%
  • Q3 2022: 1%
-3000 67000 Q2 2022 Q3 2022

Stock Net Absorption (Units)*

Q2 2022 Q3 2022 Vacant 1,256,000 1,189,000 6,921,000 6,988,000 Occupied

Stock

*Units that have been converted from a non-market rate multifamily subtype to a market rate subtype. †Percent change from the previous time period. ‡Office properties are a weighted average quoted as an annual gross rent per square foot.

Market Trends

Retail

Inventory

Units/SF Q2 2022 Q3 2022
Total 7,247,000 7,247,000
Completions 0 0
Conversions* 0 0

2022 Q3 Rent

Asking Change†
0%
Effective Change†
-

Inventory: Constrabsorp

  • Q2 2022: 0 Ratio
  • Q3 2022: 0 Ratio

Rental Costs/Lease Rates‡

Asking

  • Q2 2022: $18.53
  • Q3 2022: $18.53

Effective

  • Q2 2022: -
  • Q3 2022: -

Gross Revenue

  • Q2 2022: $15.76
  • Q3 2022: $15.77

Absorption/Occupied Stock

  • Q2 2022: 0.1%
  • Q3 2022: 0%
5000 2000 Q2 2022 Q3 2022

Stock Net Absorption (Units)*

Q2 2022 Q3 2022 Vacant 1,082,000 1,080,000 6,165,000 6,167,000 Occupied

Stock

*Units that have been converted from a non-market rate multifamily subtype to a market rate subtype. †Percent change from the previous time period. ‡For Retail and Industrial properties, rent is a weighted average quoted as annual NNN rent per square foot.