301-501 Richardson Drive

Embrace the surrounding dynamic industrial market, offering a strategic vantage point for prospective industrial investors. With convenient access to major transportation routes, the area provides seamless connectivity to key economic centers. As part of the Hempfield Industrial Park, Richardson Drive exemplifies the region's robust industrial landscape. Additionally, esteemed businesses such as Armstrong World Industries, Kellogg's, and Hershey operate in close proximity, underscoring the area's strong industrial presence. As an investor seeking prominence in the industrial sector, the location presents an ideal opportunity to capitalize on the region's economic vitality and establish a commanding presence in the sought-after Lancaster industrial market. The industrial real estate market in Lancaster County, Pennsylvania, is characterized by low vacancy rates, strong demand, and rising lease rates, reflecting a robust and competitive environment. It continues to be a key transportation corridor, benefiting from its strategic location in Eastern Pennsylvania. 1. Low Vacancy Rates & Strong Demand: Significantly Below National Average: Lancaster County's industrial vacancy rate has remained exceptionally low, often well below the national average. For instance, Q2 2024 saw the industrial vacancy rate at 1.6%, after dipping to 1.5% in Q1 2024, compared to a national rate of 6.5%. Consistent Performance: The market has consistently shown strong performance, with demand remaining high. Absorption: While the broader Eastern Pennsylvania industrial market experienced a somewhat slower start in Q1 2025, with a decline in 12-month net absorption compared to previous quarters, the Lancaster market has generally maintained positive absorption, indicating that space is being leased at a healthy pace. 2. Rising Lease Rates: Landlord-Favorable Market: Due to the low vacancy and high demand, rents continue to climb, giving landlords a pricing advantage. Average Asking Rents: While specific average asking rates for Lancaster County alone can fluctuate, general industrial lease rates in the area range from approximately $5.75 to $18.95 per square foot per year, with properties offering specialized features or newer construction commanding higher prices. The average asking rent for industrial space in Lancaster is around $8.70 per square foot.Discover an exceptional investment opportunity in this 208,993 SF building, thoughtfully designed for industrial prowess. Featuring 14 loading docks and 3 drive-in doors, the property offers seamless logistics for diverse operations. With warehouse ceiling heights up to 22’, it accommodates varied storage needs. The approximately 13,000 square feet of 2-story office space provides ample room for administrative functions. Constructed in phases, with the oldest section dating back to the mid-1970s and subsequent additions in the 1980s and 1990s, the property embodies enduring structural integrity. Currently occupied under a long-term lease agreement with a single tenant, this opportunity promises stability and potential for future growth in the industrial landscape.