York County commercial vacancies tick up in second quarter

Rock Commercial Real Estate released its second-quarter report on York County’s commercial real estate market Tuesday and it shows the vacancy rate for office space, retail properties and industrial buildings each inched up in the three months ended June 30.
Office vacancies rose to 7.57 percent, up from 7.18 percent in the first three months of 2015. The vacancy rate for industrial properties ticked up to 6.43 percent, from 6.4 percent, and the retail vacancy rate increased to 6.31 percent compared with 6.23 percent in the first quarter.
The office market was a particular bright spot, with 21 new leases inked during the quarter for a total of more than 37,000 square feet, almost 22 percent more than the square footage leased in the first quarter. The space leased at an average of $12.31 per square foot.
As for office sales, Rock noted eight deals during the quarter totaling $3.7 million. That marked the strongest quarter since 2013, Rock said.

 

 

About Gary Haber

Gary covers York County business for the York Daily Record/Sunday News. Contact me with business news at ghaber@ydr.com or (717) 771-2029.
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