M id A tlantic Real Estate Journal — Pennsylvania — July 22 - August 18, 2022 — 19B
www.marej.com
P ennsylvania
More and more companies are looking to the northeast Penn’s Northeast announces millions of s/f of new construction planned near NEPA's Interstates
N ORTHEASTERN PA — John Augustine , president and CEO at
Augustine says in the next few years there will be much more available space in newly constructed buildings along the I-81/I-80 corridor: • 30 million s/f in the greater Hazleton area. • 10 million s/f in Wilkes- Barre/Hanover Township/ Pittston area. • 20 million in Lackawanna County. • 10 million Schuylkill County. • 2 million in Carbon County. • 2 million in Monroe County. Augustine notes that the growth along I-81 is due to the lack of space and high cost in
east plays a crucial role in regards to marketing our col- lective assets,” Augustine said. “Our community leaders real- ized 20 years ago that no single community has everything it needs and so we needed a way to show brokers and site- selectors and companies all of the positive attributes that Northeastern Pennsylvania has to offer.” Augustine said Penn’s North- east began to work on behalf of its partners by attending trade shows, doing national advertis- ing, maintaining events with brokers and developers across
the country. “We work with the state of Pennsylvania and its interna- tional office to showcase our region to the world,” Augustine said. “And the efforts are pay- ing off. Not only are we attract- ing distribution centers, but manufacturing, plastics and agri-business are our fastest growing sectors and we see that growth continuing.” Augustine said when you pull all of these assets and more together, NEPA is able to make as strong a case as any other region in the country. The future is bright
the Lehigh Valley area, and NEPA’s proximity to major markets and proximity to ports is crucial. “People who order products today want them tomorrow,” Augustine said. He said more industrial buildings were built and occu- pied during the pandemic than in the past 10 years. Augustine also said there has been a recent renewed in- terest in manufacturing. “Many leads we are getting are from overseas companies looking to make products in continued on page 20B
Penn’s North- east, says Northeastern Pennsylva- nia is expe- riencing re- cord growth — there are more devel- opers, bro-
John Augustine
kers and companies looking at the region than ever before. And Augustine said there are a few reasons for this, but a key factor is, as the saying goes, “location, location, location.” Augustine said the region is in a period of unprecedented growth with more than 70 million s/f of new construction being planned on and around the Interstate 81/Interstate 80 corridor. “Our land is still affordable and accessible,” Augustine said. “Our talent pool remains strong. Our education system is second to none and our utili- ties are some of the most reli- able in the country. And our quality of life is amazing. “The pandemic forced more online shopping than ever before and new generations of consumers are purchasing more than ever before, Much of those goods come from over- seas.” Augustine says the key to all this lies within the first mile of the logistic chain — it’s called “drayage” — which is the transport of freight from an ocean port to a destination. “The amount of time and cost it takes to get the products from port to a distribution cen- ter is crucial,” Augustine said. “We are fortunate to be close to the third largest port in the U.S. — the port of New York and New Jersey. According to Augustine, the last mile is the next and most important part in delivery as more and more consumers want products ASAP. “In one day’s drive, you can reach one-third of the U.S. and half of Canada, giving NEPA a unique advantage,” Augustine said. So as more and more loca- tions like Philadelphia and the Lehigh Valley run out of space and become unaffordable, Au- gustine says more and more companies are looking to the northeast. “That is where Penn’s North-
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