Industrial Sales Drive Real Estate Market in Pennsylvania’s Capital

Industrial Sales Drive Real Estate Market in Pennsylvania's Capital

Harrisburg’s commercial real estate market has seen substantial growth over the past decade, with sales volume rising from $501 million in 2014 to $861 million in 2024—a 30% increase after adjusting for inflation. The industrial sector has been the key driver of this growth, averaging over $300 million in annual sales. By comparison, retail, office, and multifamily sales have averaged $158 million, $147 million, and $82 million, respectively.

This year, local industrial sales set a new record, highlighted by EQT Exeter’s $170.5 million acquisition of Building 1 at Core5 in Middletown—the highest single-building transaction in Harrisburg’s history. Institutional investors like EQT Exeter, Prologis, GIC, Blackstone, Brookfield, and XPO have significantly bolstered the city’s industrial market, cementing its position as a major player in this traditionally tertiary market.

*Article courtesy of Costar

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Harrisburg’s Commercial Real Estate Market Achieves Record Growth, Led by Industrial Sector

Harrisburg's Commercial Real Estate Market Achieves Record Growth, Led by Industrial Sector

Harrisburg, Pennsylvania, has seen remarkable growth in its commercial real estate market over the past decade, with total sales volume climbing from around $501 million in 2014 to $861 million so far this year. Adjusted for inflation, this marks a growth of over 30% during the period.

The industrial sector remains a dominant force in the local market, leading annual sales averages with over $300 million. By comparison, retail properties have averaged $158 million, office properties $147 million, and multifamily properties $82 million annually.

This year, industrial sales in Harrisburg reached a record high, bolstered by EQT Exeter’s $170.5 million purchase of Building 1 at Core5 in Middletown — the largest single-building transaction in the city’s history. Major institutional investors, including EQT Exeter, Prologis, GIC, Blackstone, Brookfield, and XPO, have significantly shaped Harrisburg’s industrial market, traditionally viewed as a tertiary market.

*Article courtesy of Costar

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

McDonald’s Distributor Leases New Warehouse in Northeast Philly

McDonald's Distributor Leases New Warehouse in Northeast Philly

Martin Brower, a global supply chain company and McDonald’s largest supply chain partner has leased a 147,000-square-foot warehouse under construction in Northeast Philadelphia. Developed by Crow Holdings at 14515 McNulty Road, the facility will include 57,000 square feet of cold storage and is set for completion in fall 2025. Martin Brower is part of Reyes Holdings, which also owns Reyes Beverage Group and Reyes Coca-Cola Bottling.

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Philly-Area Industrial Tenants Face Steep Rent Hikes at Renewal

Philly-Area Industrial Tenants Face Steep Rent Hikes at Renewal

Philadelphia’s industrial real estate market has emerged as a national leader, ranking third among the 15 largest U.S. industrial markets for sustained rent growth. Over the past five years, industrial rents in the region have risen 57.6%, outpacing the national average of 41.7% and trailing only Phoenix and Atlanta.

This growth stems from high demand during 2021 and 2022, when industrial space availability hit record lows. As demand remains strong, businesses are facing steep rent hikes. For example, a tenant leasing a 25,000-square-foot warehouse at $6 per square foot in 2019 could see annual rent jump from $150,000 to $235,000 if adjusted to current market rates.

*Article courtesy of Costar

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

E-Commerce Delivery Firm Secures Entire Philly Industrial Building

E-Commerce Delivery Firm Secures Entire Philly Industrial Building

Veho, a delivery firm serving e-commerce companies, has leased 148,611 square feet at 4501 Richmond St. in Philadelphia. The one-story distribution center, part of Bridge Point Industrial Park, was completed in April and is owned by Bridge Industrial, which acquired the site in 2022 for $24 million after environmental remediation. Previously, the property was used for gas manufacturing in the 1920s and steelmaking from 1929 to 1982. Veho signed the lease in June and plans to move in on Oct. 1. Bridge Industrial operates across major U.S. markets and internationally.

*Article courtesy of Costar

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Philadelphia Industrial Real Estate Sees Leasing Surge

Philadelphia Industrial Real Estate Sees Leasing Surge

For the first time in two years, the industrial vacancy rate in the Philadelphia region has declined, dropping from 7% to 6.5% in the third quarter, per Colliers. This shift reflects increased tenant demand, particularly from third-party logistics companies, many based in Asia, that were previously priced out of the Northeast. These companies accounted for nearly 80% of the region’s leasing activity in Q3, according to CBRE.

The current vacancy rate resembles levels from 2016–2019, moving away from the record lows of around 2% seen during the pandemic. A surge in new industrial developments, driven by e-commerce and pandemic-fueled demand, has significantly expanded the region’s industrial space in recent years.

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Industrial Property Spending in Pennsylvania Capital Hits Record

Industrial Property Spending in Pennsylvania Capital Hits Record

The Harrisburg industrial real estate market reached a record $740.6 million in sales in 2024, more than double last year’s total of $328.1 million. This growth caps a decade of steady expansion, solidifying the region as a key Northeast distribution hub. Over the past ten years, annual industrial sales have averaged over $330 million, significantly outperforming office, retail, and multifamily sectors.

*Article courtesy of Costar

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Developer Delivers Three Philadelphia Buildings, Secures First Lease

Developer Delivers Three Philadelphia Buildings, Secures First Lease

Veho, a third-party logistics company specializing in last-mile delivery, has leased a 148,611-square-foot industrial building at 4501 Richmond St. in Northeast Philadelphia. This deal marks the first lease in the local portfolio of Chicago-based developer Bridge Industrial, which also completed an adjacent 741,701-square-foot facility. Both buildings, located in the Bridesburg neighborhood along the Delaware River near the Betsy Ross Bridge, were finished in March. No tenant has been secured yet for the larger property, and Veho’s lease spans ‘a few years,’ according to Bridge Industrial’s Director of Investments, Connor Milanaik.

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

SEPTA Acquires a Warehouse in Northeast Philadelphia

SEPTA Acquires a Warehouse in Northeast Philadelphia

SEPTA has purchased a warehouse adjacent to Northeast Philadelphia Airport for $11.25 million, as per Philadelphia property records. This acquisition is part of a trend of industrial sales near the airport. The warehouse at 10551 Decatur Road covers over 136,000 square feet, most of which SEPTA had previously leased since 2019 for use as a supply chain warehouse.

A SEPTA spokesperson confirmed the building will continue to serve that purpose but refrained from commenting further due to “legal matters.” The property was sold by Drummond Decatur and State Properties LLC, which has owned the site since 2012. Records indicate that the LLC purchased the building for $17.1 million, with an assessed value of $10.27 million.

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.

Joint Venture Buys 6-Building Industrial Portfolio in Montgomery County

Joint Venture Buys 6-Building Industrial Portfolio in Montgomery County

Affiliates of Endurance Real Estate Group and Greystar-Thackeray have acquired a six-building light industrial portfolio in West Norriton for $31.75 million. The portfolio, totaling 200,359 square feet and fully leased to 15 tenants, was sold by Western Valley Forge Business Center LLC and IIT Valley Forge Business Center LLC. The buildings feature clear heights between 18 and 20 feet, along with a combined 530 parking spaces and 46 loading positions. This acquisition marks the 12th joint venture between Radnor-based Endurance and Thackeray since 2006; Thackeray was acquired by Greystar in 2021.

*Article courtesy of Philadelphia Business Journal

Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other  commercial properties for buyers, tenants, investors and sellers. Please visit our website for a full listing of Philadelphia commercial properties for lease or sale through our commercial real estate brokerage firm.