Mid Atlantic Real Estate Journal — Pennsylvania — April 12 -25, 2013 — C
www.marejournal.com
E astern PA
he office market in Northeastern Penn- sylvania encompasses By John T. Cognetti, Sior, Ccim Hinerfeld Commercial Real Estate Hinerfeld Commercial Real Estate 2012 Fourth Quarter office market report suburban class A T this park is 10 %.
One is a 35,000 s/f multi-ten- ant building with a less than 1% vacancy. The vacancy rate for both parks is 18%, (175,000 square feet). ABINGTON EXECUTIVE PARK (SOUTH ABINGTON TOWNSHIP). The park con- tains four buildings with a total square footage of 378,000 s/f. There is additional land available for new construction. The tenant mix consists of insurance, non profit and pro- fessional services. The largest tenants are Met Life, 214,000 s/f andAllied Services, 129,700 s/f. The current vacancy rate is less than 1%.
MARKET UPDATE. In the last four months, over 13,000 s/f was absorbed in Glenmaura Plaza by Xerox. Market activ- ity has also increased based on the amount of incoming calls for large square footage 20,000 s/f to 60,000 s/f. Indications from the tenant brokers are that these tenancies if this market were chosen would occur in the third quarter of 2013. This is an improvement inmarket activity over the last few years. John T. Cognetti, Sior, Ccim Hinerfeld Commer- cial Real Estate. n
occupied by single tenants, Bank of America at 300,000 s/f and Prudential at 171,000 s/f. The Cigna Building at 189,000 s/f is being transformed from single tenant to multi tenant occupancy. There is 90,000 s/f available. Glenmaura Plaza consists of three buildings with a total square footage of 180,000 s/f. The former JC Penny Building in the W.W. Scranton Park at 29,120 s/f has been vacant for two years. This building, built as a call center, would require upgrades to bring it up to class A standards. Two buildings are occupied by single tenants.
GLENMAURA CORPO- RATE CENTER AND THE W.W. SCRANTON OFFICE PARK (SCRANTON AND MOOSIC BOROUGH). The two parks are within one mile of one another and contain ten office buildings with a total square footage of 976,120 s/f. There is additional land avail- able for new construction in Glenmaura Plaza. The tenant mix consists of banking, insurance, health- care, financial services, legal and private corporations. Two of the largest buildings are
the pr inc i - ple cities in the market, S c r a n t o n , Wilkes-Barre and Hazleton l o c a t e d i n Lackawanna and Luzerne Counties.
John T. Cognetti
The Suburban class A Mar- ket is along the I-81 Corridor from Clarks Summit to the I-80 crossroads in Greater Hazleton, a distance of thirty five miles. There exists other class A buildings in the mar- ket. They are either in free standing locations, consid- ered part of one of the three CBD submarkets or located in parks where the majority of buildings are industrial. The Mt. Pleasant Corporate Center within the city limits of Scranton can accommodate four or five free standing office buildings in a park setting adjacent to Scranton’s CBD. There was one 30,750 s/f spec building constructed. It is occupied by medical tenants, and was fully leased in the last three years. Mt. Pleasant is six miles from the Glenmaura Corporate Center. Suburban class A Office Market CAN DO CORPORATE CENTER, DRUMS (HAZLE- TON). This park contains three buildings with a total square footage of 100,000. There is land available for new construction. In the last year, 40 Azalea Drive, 51,560 s/f was sold to the Hazleton Area School District for a magnet school. It was a spec office building that sat va- cant for four years. 10 Azalea Drive, 39,429 s/f, is occupied by Network Solutions. This quarter they decided to renew their lease. At 10 Fox Run Road, there is a 10,000 s/f office building on the market for sale at $675,000. Vacancy rate is 10%. EAST MOUNTAIN COR- PORATE CENTER (WILKES- BARRE). This park contains ten buildings with a built out square footage of 500,000 s/f. In addition there is a 42,000 s/f spec office building under construction. There is land available for new construction. The tenant mix is medical, government and private busi- nesses. The vacancy rate for
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