Colliers International has recently released its Northeastern Pennsylvania Office Market Report providing valuable intelligence on market inventory, asking rents, vacancy rates, new and notable transactions, and more. Here’s what we’re noting this spring in the region:

• The vacancy rate increased during the first quarter from an adjusted 6.8% to 8.0%.
• There was a lack of absorption as a gain in Class A occupancy was offset by additional Class B space returning to the market.
• The overall weighted average asking rent increased by 1.7% during the first quarter to $19.65 per square foot, full service. The Class A average increased by less than 1.0%, while the average Class B rent increased by 3.0%. This was due to the availability of more upper-tier Class B space.
• Geisinger Health Plan began moving into its new 79,000-square-foot administration building in Centerpoint Commerce & Trade Center, consolidating employees from Scranton, Plains and Wilkes Barre.
• The largest new lease transaction during the quarter actually landed in a flex building as Ubiquity Global leased 30,000 square feet in Hanover Industrial Estates for a call center location. Colliers brokered this transaction.

Notable Transactions, Market Statistics and Comparisons in the full report.

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