2008 york county market report
DESCRIPTION
This report will take a look back at 2008 vacancy and sale transactions highlighting the marketplace successes and failures.TRANSCRIPT
2008 Market ReportYork County, Pennsylvania
Providing Solid Business Foundations
INTRODUCTIONS
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WHAT DRIVES ROCK
WAYS TO MEASURE THE MARKET
This report will take a look back at 2008 vacancy and sale transactions highlighting the marketplace successes and failures. This report includes commercial real estate information used to evaluate economic strengths & weaknesses, supply & demand and demographic trends to analyze the York County market.
This report is broken down into seven (7) regions that encompass York County, Pennsylvania. These regions are:
•Greater York East
•Greater York West
•Northern
•Southeastern
•South Central
•Southwestern
•York City
2008 Market Report – York County, Pennsylvania
GREATER YORK EAST
2008 Market Report – York County, Pennsylvania
Area Highlights
Size: 134 Sq.Miles
Population: 109,100Total Households: 42,512Average Household Income: $66,785
Total Businesses: 3,972Total Employees: 57,758
Total Industrial Buildings: 199Total Office Buildings: 428Total Retail Buildings: 675
The Greater York East Region is located just east of York City and is bordered by the Greater York West Region, the Southeastern Region and the Susquehanna River. It is comprised heavily of Retail and Office space. There is approximately 19.2 million square feet of industrial space, 4.3 million square feet of office space and 9.6 million square feet of retail space.
Vacancy and Absorption*Measured in Square Feet
Number Sold Dollar Volume
Industrial 9 $3,292,000
Office 7 $4,429,000
Retail 14 $6,714,043
2008 Sales
GREATER YORK WEST
2008 Market Report – York County, Pennsylvania
Area Highlights
Size: 198.3 Sq.Miles
Population: 95,203Total Households: 37,125Average Household Income: $59,780
Total Businesses: 2,632Total Employees: 35,159
Total Industrial Buildings: 327Total Office Buildings: 179Total Retail Buildings: 588
The Greater York West Region is located on the west side of York City and is bordered by the Northern Region, the Southwest Region, York City and the Greater York East Region. It is comprised mostly of Industrial and Retail facilities. There is approximately 26 million square feet of industrial space, 1.3 million square feet of office space and 6.6 million square feet of retail space.
Vacancy and Absorption*Measured in Square Feet
2008 Sales
Number Sold Dollar Volume
Industrial 9 $3,292,000
Office 7 $4,429,000
Retail 14 $6,714,043
SOUTH EASTERN
2008 Market Report – York County, Pennsylvania
Area Highlights
Size: 171.4 Sq. MilesPopulation: 21,715Total Households: 7,626Average Household Income: $61,899
Total Businesses: 339Total Employees: 1,509
Total Industrial Buildings: 7Total Office Buildings: 7Total Retail Buildings: 62
The South Eastern Region of York County is bordered by the Greater York East Region, the South Central Region, the Susquehanna River and Maryland. It is comprised mostly of farmland. Currently there is approximately 172,000 square feet of industrial space, 37,000 square feet of office space, and 381,000 square feet of retail space.
2008 Sales
Number Sold Dollar Volume
Industrial 9 $3,292,000
Office 7 $4,429,000
Retail 14 $6,714,043
Vacancy and Absorption*Measured in Square Feet
SOUTH CENTRAL
2008 Market Report – York County, Pennsylvania
Area Highlights
Size: 112.7 Sq. MilesPopulation: 34,302Total Households: 12,660Average Household Income:$71,362
Total Businesses: 1,031Total Employees: 8,284
Total Industrial Buildings: 58Total Office Buildings: 62Total Retail Buildings: 160
The South Central Region is bordered by the South Western Region, the South Eastern Region, The Greater York West Region ,the Greater York East Region and Maryland. There has been industrial, office and retail growth near I-83 in the past 5-10 years. There is approximately 2.5 million square feet of industrial space, 446,000 square feet of office space and 2.1 million square feet of retail space.
2008 Sales
Number Sold Dollar Volume
Industrial 9 $3,292,000
Office 7 $4,429,000
Retail 14 $6,714,043
Vacancy and Absorption*Measured in Square Feet
SOUTH WESTERN
2008 Market Report – York County, Pennsylvania
Area Highlights
Size: 108 Sq. MilesPopulation: 46,072Total Households: 17,923Average Household Income: $61,741
Total Businesses: 1,868Total Employees: 22,775
Total Industrial Buildings: 128Total Office Buildings: 174Total Retail Buildings: 388
The South Western Region of York County is bordered by the South Central Region, the Greater York West Region, Adams County and Maryland. It has a large amount of retail space mostly located near the Hanover Area. There is approximately 10.1 million square feet of industrial space, 940,000 square feet of office space and 5.1 million square feet of retail space.
2008 Sales
Number Sold Dollar Volume
Industrial 9 $3,292,000
Office 7 $4,429,000
Retail 14 $6,714,043
Vacancy and Absorption
*Measured in Square Feet
YORK CITY
2008 Market Report – York County, Pennsylvania
Area Highlights
Size: 5.35 Sq. MilesPopulation: 41,015Total Households: 16,032Average Household Income: $37,872
Total Businesses: 1,958Total Employees: 30,439
Total Industrial Buildings: 162Total Office Buildings: 183Total Retail Buildings: 264
York City is located in the central part of York County and is bordered by the Greater York East Region and the Greater York West Region. York City is comprised of a balanced mix of industrial, office and retail properties. There is approximately 7.9 million square feet of industrial space, 2.9 million square feet of office space and 2.3 million square feet of retail space.
2008 Sales
Number Sold Dollar Volume
Industrial 9 $3,292,000
Office 7 $4,429,000
Retail 14 $6,714,043
Vacancy and Absorption* Measured in Square Feet
NORTHERN REGION
2008 Market Report – York County, Pennsylvania
Area Highlights
Size: 179.7 Sq. MilesPopulation: 56,075Total Households: 20,990Average Household Income: $73,225
Total Businesses: 1,409Total Employees: 10,567
Total Industrial Buildings: 65Total Office Buildings: 77Total Retail Buildings: 178
The Northern Region is bordered by the Greater York West Region, Adams County, Cumberland County and Dauphin County. The Northern Region mostly consists of farm land and residential communities. There is approximately 4.2 million square feet of industrial space, 650,000 square feet of office space, and 1.7 million square feet of retail space.
2008 Sales
Number Sold Dollar Volume
Industrial 9 $3,292,000
Office 7 $4,429,000
Retail 14 $6,714,043
Vacancy and Absorption
*Measured in Square Feet
York County is located in south central Pennsylvania on the border of Maryland. It is surrounded by Adams, Cumberland, Dauphin and Lancaster Counties in Pennsylvania as well as Frederick, Carroll, Baltimore and Hartford Counties in Maryland.
York County is approximately 910 square miles (906 square miles of land and 6 square miles of water) and is made up of 36 boroughs, 35 townships and 1 city.
The 2007 census reported that the estimated population in York County was 421,000 which was a 10.3% increase from 2000 and a 24% increase from 1990.
SUMMARY
York County Summary
2008 Market Report – York County, Pennsylvania
Area Highlights
Demographics: Population: 421,049 Total Households: 174,062 Average Household Income: $55,047
Business: Total Businesses: 15,732 Total Employees: 218,421 Highest Employment Sector: Manufacturing
Transportation: Major Roadways: I-83,Rte 76,Rte 30,Rte,462,
Rte 15, Rte 94, Rte 194, Rte 74
York County has been recognized for it’s strong manufacturing and distribution base. There are currently 946 Industrial buildings totaling approximately 70.2 million square feet. 7 of York’s top 10 private employers are manufacturing or distribution companies which include Defense Distribution Center, Harley-Davidson Motor Company, BAE Systems, and Utz Quality Foods. York also has 2,315 retail buildings consisting of approximately 27.8 million square feet and 1,104 office buildings totaling approximately 10.53 million square feet.
2008 Notable Sale Transactions:
Type Location Sale Date Sale Price
Industrial York Business Center-601 Memory Lane
February 2008 $70,000,000
Office 1690 Kenneth Road January 2008 $2,800,000
Retail Queensgate Shopping Center January 2008 $19,676,250
Land Commerce Park-Commerce Drive Ext.
September 2008 $15,000,000
Retail• Free Standing: A single tenant retail building.• Shopping Center: 4+ units being occupied/marketed for retail uses that is
planned, developed, owned & managed as a single property with on-site parking.• Mall: A building or a set of buildings which contain retail units, with
interconnecting walk-ways enabling visitors to easily walk from unit to unit.
Office• Class A: Buildings with excellent locations and access, high quality building
materials and rents are competitive with other newer office buildings.• Class B: Buildings with good locations, newer construction and very little
functional obsolescence and deterioration.• Class C: Buildings over 15 years of age. Spaces are generally “walk up”
office spaces or are above retail or other service businesses. Rents are lower than Class A and Class B buildings.
Industrial• Class A: Buildings with excellent locations and access, high ceilings,
feature newer technology and amenities and demand higher rents.• Class B: Buildings with good locations, medium to high ceilings, and feature
some new amenities. Rents are generally lower than Class A buildings.• Class C: Buildings over 25 years of age with low ceilings,old construction
materials and lower rents.
DEFINITIONS
COMMERCIAL REAL ESTATE TERMS
2008 Market Report – York County, Pennsylvania
REFERENCESOur information is compiled through a variety of different resources to include:
•York County Tax Records•York/Adams County MLS •Loopnet.com