{"id":1004638924,"date":"2023-01-17T07:25:58","date_gmt":"2023-01-17T15:25:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004638924"},"modified":"2024-02-14T05:01:29","modified_gmt":"2024-02-14T13:01:29","slug":"top-5-industrial-markets-for-construction-activity-in-the-northeast","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-5-industrial-markets-for-construction-activity-in-the-northeast\/","title":{"rendered":"Top 5 Markets for Industrial Construction in the Northeast"},"content":{"rendered":"

\"commercialedge\"<\/a><\/p>\n

The industrial sector has showcased continued strength in 2022, with the Northeast remaining a boomtown for logistics space. The region\u2019s strong development pipeline stands as a testimony to this: At the end of November 2022, projects under construction totaled 92.9 million square feet, or 3.3 percent of total stock, according to CommercialEdge<\/strong> data.<\/p>\n

What\u2019s more, construction starts between January and November 2022 totaled 66 million square feet\u2014 71 percent of the under construction pipeline\u2014and a 13 percent increase from the 58.3 million square feet started in 2021.<\/p>\n

Although rising construction costs may have slowed development activity, industrial deliveries from January to November 2022 amounted to nearly 43 million square feet, with the volume expected to surpass the 44.5 million square feet of deliveries recorded in 2021.<\/p>\n

The table below utilizes CommercialEdge to highlight the top five industrial markets for construction activity across the Northeast region, accounting for 66 percent of the region\u2019s active pipeline at the end of November 2022.<\/p>\n\n\n\n\n\n\n\n\n
Rank<\/strong><\/td>\nMarket Name<\/strong><\/td>\nUnder Construction Sq Ft<\/strong><\/td>\n<\/tr>\n
1<\/td>\nPhiladelphia<\/td>\n21,481,244<\/td>\n<\/tr>\n
2<\/td>\nNew Jersey<\/td>\n13,008,084<\/td>\n<\/tr>\n
3<\/td>\nWorcester-Springfield, Mass.<\/td>\n9,997,221<\/td>\n<\/tr>\n
4<\/td>\nAllentown-Bethlehem, Pa.<\/td>\n9,273,032<\/td>\n<\/tr>\n
5<\/td>\nHarrisburg, Pa.<\/td>\n7,540,920<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

1. Philadelphia<\/h2>\n
\"commercialedge\"<\/a>

Photo by Edan Cohen on Unsplash<\/em><\/p><\/div>\n

At the top of our list, the Philadelphia metro had the most active industrial development scene<\/a> in the Northeast, encompassing 21.5 million square feet under construction at the end of November, or 5.3 percent of existing inventory. Construction starts between January and November 2022 totaled 17.7 million square feet, accounting for a whopping 82.6 percent of the under-construction pipeline. Development activity gained steam in 2022\u2014as a comparison, developers broke ground on 10.4 million square feet of industrial space in 2021.<\/p>\n

Meanwhile, industrial deliveries between January and November 2022 amounted to 6.5 million square feet, less than half of the 13.7 million square feet completed in 2021, CommercialEdge data shows.<\/p>\n

The largest project underway was MRP Industrial<\/strong> and Hillwood Development<\/strong>\u2019s Bainbridge Logistics Center, a four-building, 3.7 million-square-foot development rising on the historic site of the Bainbridge Naval Training Center in Port Deposit, Md. The joint venture kicked off construction on Phase I last summer, while delivery is scheduled for the summer of 2023.<\/p>\n

2. New Jersey<\/h2>\n
\"Port<\/a>

Port of New York and New Jersey. Image via Pixabay<\/em><\/p><\/div>\n

The New Jersey industrial market continued to see healthy market fundamentals, becoming a target for industrial developers<\/a> and users alike. As of November, the metro had 13 million square feet of industrial projects underway, accounting for 2.4 percent of total stock. Developers broke ground on 10 million square feet between January and November 2022, close to the 11.4 million square feet started in 2021.<\/p>\n

Deliveries during the same time period amounted to 10.5 million square feet, nearly doubling the previous year\u2019s figure of 5.6 million square feet.<\/p>\n

According to CommercialEdge, the metro\u2019s largest industrial project underway was 1289 Rahway Avenue in Avenel, N.J., a warehouse totaling nearly 1.2 million square feet. The Morris Cos.<\/strong> started work on the asset in October 2022, with completion scheduled for the third quarter of 2023.<\/p>\n

3. Worcester\u2013Springfield, Mass.<\/h2>\n
\"commercialedge<\/a>

Photo by Gunnar Ridderstr\u00f6m on Unsplash<\/em><\/p><\/div>\n

Third on the list, the Worcester\u2013Springfield industrial market had 10 million square feet of industrial projects under construction in November, or 8.7 percent of total stock. Following tempered development activity in 2021, when the market saw less than 700,000 square feet of industrial construction starts, some 9.4 million square feet\u2014or 94.3 percent of the active pipeline\u2014broke ground between January and November 2022.<\/p>\n

Developers completed 825,493 square feet of industrial space between January and November 2022, a 127.3 percent increase from the 363,105 square feet completed in 2021.<\/p>\n

In March 2022, a joint venture between Bluewater Property Group<\/strong> and Bay Colony Properties<\/strong> broke ground on a 2.9 million-square-foot facility at 53 Sturbridge Road in Charlton, Mass., the largest project under construction in the market as of November. The property is scheduled for completion in July 2023 and will be occupied entirely by Amazon<\/strong>, serving as its “First Touch” Robotics Sortation Center.<\/p>\n

4. Allentown\u2013Bethlehem, Pa.<\/h2>\n

Also in Pennsylvania, the Allentown-Bethlehem market had nearly 9.3 million square feet of industrial space underway, which accounts for 5.9 percent of the total inventory. Almost two-thirds of the volume\u20146.9 million square feet\u2014broke ground in the first 11 months of 2022, while 6.4 million square feet of industrial space was started in 2021.<\/p>\n

CommercialEdge data shows that industrial completions between January and November 2022 amounted to 4.8 million square feet, nearly less than half of the volume delivered in 2021, when 8.7 million square feet came online.<\/p>\n

A 1.3 million-square-foot logistics center developed by Panattoni Development<\/strong> at 978 Gap Street in Tremont, Pa., was the largest project under construction at the start of November. Construction on Rausch Creek Logistics Center-Building 1 began last May, while delivery is anticipated for the second quarter of 2023.<\/p>\n

5. Harrisburg, Pa.<\/h2>\n

As of November, Harrisburg\u2019s under-construction pipeline featured 7.5 million square feet of industrial space, or 3.2 percent of the market\u2019s stock. Construction starts between January and November 2022 totaled 3.8 million square feet\u2014half of the active pipeline\u2014 and 54.8 percent less than the 8.5 million square feet started in 2021.<\/p>\n

Additionally, deliveries between January and November 2022 amounted to 4 million square feet, nearly equal to the 4.8 million square feet completed in 2021.<\/p>\n

Core5 Industrial Partners\u2019<\/strong> 1.2 million-square-foot Building 1 at the Core5 Logistics Center at Middletown in Middletown, Pa., was the largest project underway in the market as of November. Rising at the junction of SEC State Route 283 with Schoolhouse Road, the asset broke ground in October 2021 and is scheduled for completion at the beginning of 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"

These markets account for two-thirds of the region\u2019s pipeline, CommercialEdge shows.<\/p>\n","protected":false},"author":741,"featured_media":1004638925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,41288,10],"tags":[39329,37482,50674,33791,33837],"class_list":["post-1004638924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-rc-listicles","category-northeast","tag-topofthelist","tag-amazon","tag-commercialedge","tag-mrp-industrial","tag-panattoni-development-company"],"acf":[],"yoast_head":"\nTop 5 Markets for Industrial Construction in the Northeast<\/title>\n<meta name=\"description\" content=\"These markets accounted for 66 percent of the region\u2019s under-construction pipeline as of November 2022, CommercialEdge shows.\" \/>\n<meta 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