Real Estate Journal — Mid-Year Review — June 22 - July 12, 2018 — 7C
M id A tlantic
E conomic D evelopment
Penn’s Northeast, Inc. Northeastern Pennsylvania Real Estate Forum
industrial/commercial real estate market has become incredibly robust, Augustine said, and it’s attracting ten- ants and developers from around the country and the world. Penn’s Northeast is a membership based orga- nization, whose mission is to enhance the region’s economy through new in- vestments, job creation and increasing the amount of potential business opportu- nities for regional businesses through targeted business recruitment and unique lead
n Friday June 8th, Penn’s Northeast hosted the inaugural
• NEPA has 19 colleges and universities with more than 40,000 students. • Warehousing and stor- age industry specifically has been growing at a rate of almost 5 percent per year. Within the region that in- dustry 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. Driven by E-commerce and distribution, the region’s
of Northeastern Pennsyl- vania and to facilitate the creation and retention of quality jobs. This is accom- plished by providing site selection, labor and incentive financing assistance to busi- nesses, real estate brokers, developers and site selection consultants. Penn’s Northeast is Northeastern Pennsyl- vania’s regional eco- nomic development agency, dedicated to attracting quality em- ployers to Northeastern Pennsylvania.
generation activities. This is done in part by promot- ing the region’s assets to regional, national and inter- national businesses. Focus is placed on the counties of Lackawanna, Luzerne, Mon- roe, Schuylkill and Wayne, as well the greater Berwick area. Penn's Northeast was cre- ated through a joint effort of private business leaders, local utility companies, gov- ernments, economic devel- opment organizations, and chambers of commerce to market the collective assets
Northeastern Pennsylva- nia Real Es- tate Summit. Th e e v e n t was attend- ed by nearly 200 business people, com- mercial real-
tors, developers, builders, and site selectors who shared their outlook on current and future real estate trends locally and nationally. Penn’s Northeast presi- dent/CEO John Augustine, welcomed the crowd and served as moderator for the various panels. The forum focused on commercial, in- dustrial and office markets — including the growing medical sector as well as downtown development, housing, retail, and office. “The region’s nearest com- petitor is the Lehigh Valley, which Mr. Augustine said is filling up, leaving North- eastern Pennsylvania as the next logical location. In addition, “A lot of companies are leaving the New York- New Jersey metro area due to costs. And we have seen an increase in international inquiries as well.” Numerous regional facts and figures were offered at the forum: • The five county region is home to nearly 900,000 residents. • Northeastern PA is with- in a 1 days drive of almost 1/3 the US population and ½ of the Canadian market. • The region’s population has growing since 2000. • The region’s average unemployment rate is 5.6 percent — 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 five county region — two-thirds of these are in Lackawanna and Luzerne Counties, with the remain- ing third located in Monroe, Schuylkill, and Wayne. • The largest industry in the region is health care, employing more than 65,000 workers; followed by retail (more than 48,000 workers) and manufacturing (more than 42,000).
We have one of the lowest operating costs on the East Coast and even lower than most regions in the country ! This includes low labor costs and inexpensive land and construction costs!
PENN’S NORTHEAST We serve as Northeast Pennsylvania’s single point of contact for site selection consultants, real estate brokers, developers and businesses looking to expand or relocate to our region.
Major interstate highways , international airports , world class rail and easy access to U.S. Ports. Annual cost of utilities are significantly lower than most regions in the country. 15 colleges and universities = an abundant workforce with education and training programs for employees . Wide range of tax incentives , grants , loans and programs for companies locating to Northeastern PA.
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PENNSNORTHEAST.COM Pittston, Pennsylvania
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