C — March 15 - 28, 2013 — Pennsylvania — Mid Atlantic Real Estate Journal


P ennsylvania

he Market The office market in Northeastern Penn- Hinerfeld Commercial Real Estate 2012 Fourth Quarter Office Market Report T

Sales/Leasing Appraisal Property Management

s/f was sold to the Hazleton Area Scholl 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 Corporate Center (Wilkes-barre) . This park contains ten build- ings with a built out square footage of approximately 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 businesses. The vacancy rate for this park is approximately 10 %. Glenmaura Corpoarte CenterandTheW.w. Scran- ton Office Park (Scranton And Moosic Borough) . The two parks are within one mile of one another and contain ten office buildings with a total s/f of 976,120. There is additional land available for new construction in Glen- maura Plaza. The tenant mix consists of banking, insur- ance, healthcare, financial services, legal and private corporations. Two of the largest build- ings are 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 be- ing transformed from single tenant to multi tenant oc- cupancy. There is approxi-

mately 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 Build- ing in theW.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 sin- gle tenants. One is a 35,000 s/f multi-tenant building with a less than 1% vacancy. The vacancy rate for both parks is approximately 18%, (175,000 s/f). Abington Executive Park (South Abington Town- ship) . The park contains four buildings with a total square footage of 378,000 s/f. There is additional land available for new construction. The ten- ant mix consists of insurance, non profit and professional services. The largest tenants are Met Life, 214,000 s/f and Allied 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 foot- age 20,000 s/f to 60,000 s/f. Indications from the tenant brokers are that these tenan- cies if this market were cho- sen would occur in the third quarter of 2013. This is an improvement inmarket activ- ity over the last few years. John T. Cognetti, SIOR, CCIM, is president of Hinerfeld Commercial Real Estate . n

sylvania en- c ompa s s e s the princi- ple cities in the market, S c r a n t o n , Wilkes-Barre andHazleton l ocat ed i n Lackawanna and Luzerne Counties.

A Full-Service Real Estate Firm Serving the Lehigh Valley since 2006

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 ap- proximately thirty five miles. There exists other Class A buildings in the market. They are either in free standing locations, considered part of one of the three CBD submar- kets 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 oc- cupied by medical tenants, and was fully leased in the last three years. Mt. Pleasant is approximately six miles from the Glenmaura Corpo- rate Center. SUBURBAN CLASS A OFFICE MARKET Can Do Corporate Center, Drums (Hazleton) . This park contains three buildings with a total s/f of 100,000. There is land available for new construction. In the last year, 40 Azalea Drive, 51,560





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