We’ve officially closed the books on 2014 and now is the perfect time to take a look back at some of the most notable real estate transactions for the year. Not only does this give us full insight into the trends of 2014, but it also helps shape the predictions of future trends we may see coming our way in 2015.
Join us as we take a closer look at the largest lease deals that occurred in Dauphin, Cumberland, York, Lancaster and Lebanon counties for the retail, industrial and office markets.
Largest Retail Lease Deals
1. Giant Food located at 848-852 E Main Street, Ephrata signed into a lease for a 66,472 square-foot space in April 2014.
2. Regal Cinemas located at Manor Shopping Center, 1246 Millersville Pike, Lancaster signed into a lease for a 51,450 square-foot space in December, 2014.
3. GIANT located at Cumberland Market Place, 6560 Carlisle Pike, Suite 100, Mechanicsburg signed into a 45,000 square-foot space in May, 2014.
4. White Oak Furniture located at North Londonderry Square, 2-22 N Londonderry Square, Suite 300, Palmyra signed into a 38,869 square-foot lease in June, 2014.
5. Halloween Adventure located at Colonial Commons, 5070-5082 Jonestown Road, Suite 1510, Harrisburg signed into a 31,436 square-foot space in April 2014.
Largest Industrial Lease Deals
1. Georgia-Pacific located at ProLogis Shippensburg, 234 Walnut Bottom Road, Shippensburg signed into a 1.4 million square-foot lease.
2. Federal-Mogul Corporation located at First Logistics Center @ I-83, 20 Leo Lane, York signed into a 708,000 square-foot lease in September, 2014.
3. Cardinal Logistics located at Building 1, Key Logistics Park, 950 Centerville Road, Newville signed into a 570,000 square-foot lease in August 2014.
4. Lindt and Sprungli located at Bldg 4, Carlisle Distribution Center, 40 Logistics Drive, Carlisle signed into a 421,200 square-foot lease in December 2014.
5. School Specialty located at 1156 Four Star Drive, Mount Joy signed into a 400,000 square-foot lease in September, 2014.
Largest Office Lease Deals
1. Comcast located at 2801 Valley Road, Harrisburg signed into a 141,778 square-foot lease in August, 2014.
2. Golden State Fruit located at 515 N Reading Road, Ephrata signed into a 25,841 square-foot space in October, 2014.
3. RMS located at 1910 Harrington Drive, Lancaster signed into a 16,000 square-foot space in February, 2014.
4. Coventry Health Care located at 3721 Tecport Drive, Harrisburg signed into a 14,566 square-foot space in September, 2014.
5. EHD.located at Greenfield Corporate Center, 1857 William Penn Way, 201-203, Lancaster signed into a 12,627 square-foot space in August, 2014.
What this means for 2015
The Largest Deals of 2014 give us some insight into what to expect in 2015. In the retail sector, owners of power centers and grocery anchored retail properties continue to rethink how they will use space to fill vacancies. Halloween Adventure and White Oak Furniture are great examples of creative re-use.
Central Pennsylvania continues to be a dominant player among major logistics markets. Industrial buildings will continue to set new records for scope, as distribution centers greater than one million square feet become more prevalent.
The office market is benefiting from market fundamentals that continue to move in a positive direction. Comcast, Golden State Fruit, and RMS are fast growing companies that have expanded operations in Central Pennsylvania. The combination of measured new construction, tenant expansion and lessening office contractions will continue to contribute to restoring health to the Central Pennsylvania office market.
Do you have an additional thoughts or questions about the largest lease deals for 2014? Join in the conversation by commenting below!