Real Estate Journal — Pennsylvania — April 12 - 25, 2019 — 7C


M id A tlantic

P ennsylvania Penn’s Northeast, Inc. 2nd Annual Northeastern PA Real Estate Summit Planned for April 24th


distribution, the region’s in- dustrial/commercial real estate market has become incredibly robust, Augustine said, and it’s attracting tenants and develop- ers from around the country and the world. Northeastern PA’s Regional Facts and Figures Offered at Last Year’s Forum: • The six-county region is home to nearly 900,000 resi- dents. • Northeastern PA is within a 1-day’s drive of almost a third of the U.S. population and a half of the Canadian market. • The region’s population

has been growing rapidly since 2000. • The region’s average unem- ployment rate is 5.6%, typically higher than Pennsylvania and the nation, but a large decrease since the recession of 2009 - 2011. • There are about 386,000 jobs in the six-county region. Two thirds of these are in Lackawanna and Luzerne Counties, with the remaining third located in Monroe, Pike, Schuylkill and Wayne. • The largest industry in the region is health care, employ- ing more than 65,000 workers;

followed by retail (more than 48,000 workers) and manufac- turing (more than 42,000). • NEPA has 19 colleges and universities with more than 40,000 students. • Warehousing and storage industry specifically has been growing at a rate of almost 5% per year. Within the region that industry added almost 6,600 new jobs in the last decade. • Since 2000, more than 41 million s/f of industrial space has been leased. • In 2017, 5.4 million s/f of industrial leases were signed.

Penn’s Northeast is a mem- bership-based organization with a mission to enhance the region’s economy through new investments, job creation and increasing the amount of po- tential business opportunities for regional businesses through targeted business recruitment and unique lead generation activities. This is done in part by pro- moting the region’s assets to regional, national and inter- national businesses. Focus is placed on the counties of Lack- awanna, Luzerne, Monroe, continued on page 8C

CRANTON, LACKA- WANNA COUNTY , PA — Plans are under-

way for the 2nd annual Northeastern Pennsylvania Real Estate Summit host- ed by Penn’s Northeast. Th i s a n - nua l event will feature

Rachel Antosh Hawk

commercial realtors, develop- ers, builders and site selectors who will share their outlook on current and future real estate trends, locally and nationally. In addition, there will be a panel that will discuss the significance and opportuni- ties within the new federal QOZ’s or Qualified Opportunity Zones. Investments made by individuals through funds in these zones can defer or elimi- nate federal taxes on capital gains. There are numerous parcels in Northeastern Penn- sylvania that qualify, and our panelists will share what you need to know. Please mark your calendars and join us on Wednesday, April 24th at the Hilton Scran- ton & Conference Center from 11:00am - 2:30pm. The event will include net- working opportunities, lunch and presentations by the pan- elists. Additional details are posted on the Penn’s Northeast web- site at www.pennsnortheast. com. Last year, nearly 200 busi- ness people attended the in- augural Northeastern Penn- sylvania Real Estate Summit, hosted by Penn’s Northeast. Penn’s Northeast President/ CEO, John Augustine, wel- comed the crowd and served as moderator for the various panels. The forum focused on com- mercial, industrial and office markets, including the growing medical sector as well as down- town development, housing, retail and office. “The region’s nearest com- petitor is the Lehigh Valley, which is filling up, leaving Northeastern Pennsylvania as the next logical location,” Augustine said. “A lot of com- panies are leaving the New York-New Jersey metro area due to costs. And we have seen an increase in international inquiries as well.” Driven by E-commerce and

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