With Thanksgiving just days away, we thought it fitting to apply our gratitude toward recognizing some positive events that have taken place in Central Pennsylvania’s real estate market in 2016. These trends and milestones indicate a growing economy, healthy businesses and more jobs on the horizon. Take a look at the top 10 good things that have taken place in the local market so far this year!
1. The Central Pennsylvania office market achieved the lowest vacancy rate in over eight years, proving that the demand for office space is on the rise as existing businesses grow and new businesses move into the area.
2. U.S. House Transportation and Infrastructure Committee has authorized full funding for construction and design of the federal courthouse project in Midtown Harrisburg. This will put potentially $168.4 million back into the economy with work related to this project. Plus, the new courthouse complex will be a nice upgrade for the city.
3. Members of the local community stepped forward and made an effort to fight back against unfair or outdated property assessments that were resulting in high property taxes. This an important step toward achieving fair and updated laws.
4. Single family rental properties remained a strong investment in Central Pennsylvania. U.S. homeownership rates are on the decline, meaning single families are also renting their homes and need more options than just one and two bedroom apartments.
5. Central Pennsylvania’s warehouse industry is growing by as much as 3.2 million square-feet. Four proposed warehouses will bring more jobs to the area, adding to the 71,282 warehouse jobs that have already increased by 25% in just five years.
6. Median household incomes are on the rise throughout Central Pennsylvania with the majority of counties posting gains all across the board. This increase in income will help to offset inflation and cost-of-living increases, potentially helping families to gain a bit more disposable income as well.
7. A growing demand for retail real estate indicates stores are growing and new businesses are entering the market. Additionally, the healthy retail industry continues to lease space despite the highest quoted rental rate since prior to Q3 2012.
8. Harrisburg office buildings received a major upgrade that will save tenants about $1.5 million per year in energy costs. The energy efficient upgrades earned a $1.2 million rebate from the utility company that will be reinvested into future projects in the city.
9. Hundreds of thousands of square-feet of new office space was delivered to the Central Pennsylvania market this year, attracting new business and more jobs.
10. Brokers that exclusively represent tenants continued to make the search for commercial real estate a fair and positive experience. By working with a tenant representative, businesses were more likely to find the ideal space and negotiate more favorable lease terms.
In the spirit of Thanksgiving, what other things took place in the real estate market or economy that have you feeling grateful? Share your thoughts by commenting below!