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Pr ovi di ng Sol i d Busi ness Foundat i ons

2008 Mar ket Repor t Yor k Count y , Pennsyl vani a


NTRODUCTIONS ONS IINTRODUCTI W AT DRI DRIVES VES RO RO CK W HH AT CK To del i ver unpar al l el ed Commer ci al Real Es t at e Ser vi c es by f oc usi ng on peopl e, s yst ems and ser vi c e t hr ough a TEAM appr oac h t hat cul t i vat es r el at i ons hi ps and i nc r eased oppor t uni t i es f or communi t y i mpr ovement t hr ough t he ut i l i zat i on of our knowl edge.

W AYS TO TOM M EASU RE TH TH M ARK ET W AYS EASU RE EE M ARK ET Thi s r epor t wi l l t ake a l ook back at 2008 vacancy and sal e t r ansact i ons hi ghl i ght i ng t he mar ket pl ace successes and f ai l ur es. Thi s r epor t i ncl udes commer ci al r eal est at e i nf or mat i on used t o eval uat e economi c st r engt hs & weaknesses, suppl y & demand and demogr aphi c t r ends t o anal yze t he Yor k Count y mar ket . Thi s r epor t i s br oken down i nt o seven ( 7) r egi ons t hat encompass Yor k Count y, Pennsyl vani a. These r egi ons ar e: • Gr eat er Yor k East • Gr eat er Yor k West • Nor t her n • Sout heast er n • Sout h Cent r al • Sout hwest er n • Yor k Ci t y 2008 Market Report – York County , Pennsylvania


GREATER YORK YORK EAST EAST GREATER The Gr eat er Yor k East Regi on i s l ocat ed j ust east of Yor k Ci t y and i s bor der ed by t he Gr eat er Yor k West Regi on, t he Sout heast er n Regi on and t he Susquehanna Ri ver . I t i s compr i sed heavi l y of Ret ai l and Of f i ce space. Ther e i s appr oxi mat el y 19. 2 mi l l i on squar e f eet of i ndust r i al space, 4. 3 mi l l i on squar e f eet of of f i ce space and 9. 6 mi l l i on squar e f eet of r et ai l space.

Vacancy and Absor pt i on *Measur ed i n Squar e Feet

Ar ea Hi ghl i ght s Si ze:

134

Sq. Mi l es Popul at i on: 109, 100 Tot al Househol ds: 42, 512 Aver age Househol d I ncome: $66, 785 Tot al Busi nesses: Tot al Empl oyees: Tot al I ndust r i al Bui l di ngs: Tot al Of f i ce Bui l di ngs: Tot al Ret ai l Bui l di ngs:

3, 972 57, 758 199 428 675

2008 Sal es Number Sol d

Dol l ar Vol ume

I ndust r i al

9

$3, 292, 000

Of f i ce

7

$4, 429, 000

Ret ai l

14

$6, 714, 043

2008 Market Report – York County , Pennsylvania


GREATER YORK YORK W W EST GREATER EST The Gr eat er Yor k West Regi on i s l ocat ed on t he west si de of Yor k Ci t y and i s bor der ed by t he Nor t her n Regi on, t he Sout hwest Regi on, Yor k Ci t y and t he Gr eat er Yor k East Regi on. I t i s compr i sed most l y of I ndust r i al and Ret ai l f aci l i t i es. Ther e i s appr oxi mat el y 26 mi l l i on squar e f eet of i ndust r i al space, 1. 3 mi l l i on squar e f eet of of f i ce space and 6. 6 mi l l i on squar e f eet of r et ai l space.

Vacancy and Absor pt i on *Measur ed i n Squar e Feet

Ar ea Hi ghl i ght s Si ze:

198. 3 Sq. Mi l es Popul at i on: 95, 203 Tot al Househol ds: 37, 125 Aver age Househol d I ncome: $59, 780 Tot al Busi nesses: Tot al Empl oyees:

2, 632 35, 159

Tot al I ndust r i al Bui l di ngs: Tot al Of f i ce Bui l di ngs: Tot al Ret ai l Bui l di ngs:

327 179 588

2008 Sal es Number Sol d

Dol l ar Vol ume

I ndust r i al

9

$3, 292, 000

Of f i ce

7

$4, 429, 000

Ret ai l

14

$6, 714, 043

2008 Market Report – York County , Pennsylvania


SOUTH EASTERN EASTERN SOUTH The Sout h East er n Regi on of Yor k Count y i s bor der ed by t he Gr eat er Yor k East Regi on, t he Sout h Cent r al Regi on, t he Susquehanna Ri ver and Mar yl and. I t i s compr i sed most l y of f ar ml and. Cur r ent l y t her e i s appr oxi mat el y 172, 000 squar e f eet of i ndust r i al space, 37, 000 squar e f eet of of f i ce space, and 381, 000 squar e f eet of r et ai l space.

Vacancy and Absor pt i on *Measur ed i n Squar e Feet

Ar ea Hi ghl i ght s Si ze:

171. 4 Sq. Mi l es Popul at i on: 21, 715 Tot al Househol ds: 7, 626 Aver age Househol d I ncome: $61, 899 Tot al Busi nesses: Tot al Empl oyees: Tot al I ndust r i al Bui l di ngs: Tot al Of f i ce Bui l di ngs: Tot al Ret ai l Bui l di ngs:

339 1, 509 7 7 62

2008 Sal es Number Sol d

Dol l ar Vol ume

I ndust r i al

9

$3, 292, 000

Of f i ce

7

$4, 429, 000

Ret ai l

14

$6, 714, 043

2008 Market Report – York County , Pennsylvania


SOUTH CENTRAL CENTRAL SOUTH The Sout h Cent r al Regi on i s bor der ed by t he Sout h West er n Regi on, t he Sout h East er n Regi on, The Gr eat er Yor k West Regi on , t he Gr eat er Yor k East Regi on and Mar yl and. Ther e has been i ndust r i al , of f i ce and r et ai l gr owt h near I - 83 i n t he past 5- 10 year s. Ther e i s appr oxi mat el y 2. 5 mi l l i on squar e f eet of i ndust r i al space, 446, 000 squar e f eet of of f i ce space and 2. 1 mi l l i on squar e f eet of r et ai l space.

Vacancy and Absor pt i on *Measur ed i n Squar e Feet

Ar ea Hi ghl i ght s Si ze:

112. 7 Sq. Mi l es Popul at i on: 34, 302 Tot al Househol ds: 12, 660 Aver age Househol d I ncome: $71, 362 Tot al Busi nesses: Tot al Empl oyees: Tot al I ndust r i al Bui l di ngs: Tot al Of f i ce Bui l di ngs: Tot al Ret ai l Bui l di ngs:

1, 031 8, 284 58 62 160

2008 Sal es Number Sol d

Dol l ar Vol ume

I ndust r i al

9

$3, 292, 000

Of f i ce

7

$4, 429, 000

Ret ai l

14

$6, 714, 043

2008 Market Report – York County , Pennsylvania


SOUTH W W ESTERN SOUTH ESTERN The Sout h West er n Regi on of Yor k Count y i s bor der ed by t he Sout h Cent r al Regi on, t he Gr eat er Yor k West Regi on, Adams Count y and Mar yl and. I t has a l ar ge amount of r et ai l space most l y l ocat ed near t he Hanover Ar ea. Ther e i s appr oxi mat el y 10. 1 mi l l i on squar e f eet of i ndust r i al space, 940, 000 squar e f eet of of f i ce space and 5. 1 mi l l i on squar e f eet of r et ai l space.

Vacancy and Absor pt i on *Measur ed i n Squar e Feet

Ar ea Hi ghl i ght s Si ze:

108 Sq. Mi l es Popul at i on: 46, 072 Tot al Househol ds: 17, 923 Aver age Househol d I ncome: $61, 741 Tot al Busi nesses: Tot al Empl oyees: Tot al I ndust r i al Bui l di ngs: Tot al Of f i ce Bui l di ngs: Tot al Ret ai l Bui l di ngs:

1, 868 22, 775 128 174 388

2008 Sal es Number Sol d

Dol l ar Vol ume

I ndust r i al

9

$3, 292, 000

Of f i ce

7

$4, 429, 000

Ret ai l

14

$6, 714, 043

2008 Market Report – York County , Pennsylvania


YORK CI CITY TY YORK Yor k Ci t y i s l ocat ed i n t he cent r al par t of Yor k Count y and i s bor der ed by t he Gr eat er Yor k East Regi on and t he Gr eat er Yor k West Regi on. Yor k Ci t y i s compr i sed of a bal anced mi x of i ndust r i al , of f i ce and r et ai l pr oper t i es. Ther e i s appr oxi mat el y 7. 9 mi l l i on squar e f eet of i ndust r i al space, 2. 9 mi l l i on squar e f eet of of f i ce space and 2. 3 mi l l i on squar e f eet of r et ai l space.

Vacancy and Absor pt i on * Measur ed i n Squar e Feet

Ar ea Hi ghl i ght s Si ze:

5. 35 Sq. Mi l es Popul at i on: 41, 015 Tot al Househol ds: 16, 032 Aver age Househol d I ncome: $37, 872 Tot al Busi nesses: Tot al Empl oyees: Tot al I ndust r i al Bui l di ngs: Tot al Of f i ce Bui l di ngs: Tot al Ret ai l Bui l di ngs:

1, 958 30, 439 162 183 264

2008 Sal es Number Sol d

Dol l ar Vol ume

I ndust r i al

9

$3, 292, 000

Of f i ce

7

$4, 429, 000

Ret ai l

14

$6, 714, 043

2008 Market Report – York County , Pennsylvania


NORTHERN REGI REGION ON NORTHERN The Nor t her n Regi on i s bor der ed by t he Gr eat er Yor k West Regi on, Adams Count y, Cumber l and Count y and Dauphi n Count y. The Nor t her n Regi on most l y consi st s of f ar m l and and r esi dent i al communi t i es. Ther e i s appr oxi mat el y 4. 2 mi l l i on squar e f eet of i ndust r i al space, 650, 000 squar e f eet of of f i ce space, and 1. 7 mi l l i on squar e f eet of r et ai l space.

Vacancy and Absor pt i on *Measur ed i n Squar e Feet

Ar ea Hi ghl i ght s Si ze:

179. 7 Sq. Mi l es Popul at i on: 56, 075 Tot al Househol ds: 20, 990 Aver age Househol d I ncome: $73, 225 Tot al Busi nesses: Tot al Empl oyees: Tot al I ndust r i al Bui l di ngs: Tot al Of f i ce Bui l di ngs: Tot al Ret ai l Bui l di ngs:

1, 409 10, 567 65 77 178

2008 Sal es Number Sol d

Dol l ar Vol ume

I ndust r i al

9

$3, 292, 000

Of f i ce

7

$4, 429, 000

Ret ai l

14

$6, 714, 043

2008 Market Report – York County , Pennsylvania


SUM M ARY SUM M ARY Yorkk Count Countyy Sum Sum m aryy Yor m ar Ar ea Hi ghl i ght s Demogr aphi cs: Popul at i on: Hous ehol ds: ds : Tot al Househol Aver age Househol d I ncome: Busi ness: nes ses : Tot al Busi nesses: Tot al Empl oyees: Hi ghest Empl oyment Sect or : Tr anspor t at i on: Maj or Roadways: Roadway s:

421, 049 174, 062 $55, 047 15, 732 218, 421

Manuf act ur i ng I - 83, Rt e 76, Rt e 30, Rt e, 462, Rt e 15, Rt e 94, Rt e 194, Rt e 74

Yor k Count y i s l ocat ed i n sout h c ent r al Penns yl v ani a on t he bor der of Mar yl and. I t i s s ur r ounded by Adams , Cumber l and, Dauphi n and Lanc ast er Count i es i n Pennsyl vani a as wel l as Fr eder i ck, Car r ol l , Bal t i mor e and Har t f or d Count i es i n Mar y l and. Yor k Count y i s appr oxi mat el y 910 s quar e mi l es ( 906 s quar e mi l es of l and and 6 squar e mi l es of wat er ) and i s made up of 36 bor oughs, 35 t ownshi ps and 1 ci t y. The 2007 c ens us r epor t ed t he est i mat ed popul at i on Count y was 421, 000 whi ch 10. 3% i ncr eas e f r om 2000 24% i nc r ease f r om 1990.

t hat i n Yor k was a and a

Yor k Count y has been r ec ogni zed f or i t ’ s s t r ong manuf act ur i ng and di s t r i but i on base. Ther e ar e c ur r ent l y 946 I ndus t r i al bui l di ngs t ot al i ng appr ox i mat el y 70. 2 mi l l i on squar e f eet . 7 of Yor k’ s t op 10 pr i v at e empl oy er s ar e manuf ac t ur i ng or di st r i but i on c ompani es whi ch i nc l ude Def ens e Di st r i but i on Cent er , Har l ey- Dav i ds on Mot or Company, BAE Sy st ems, and Ut z Qual i t y Foods . Yor k al so has 2, 315 r et ai l bui l di ngs consi s t i ng of appr ox i mat el y 27. 8 mi l l i on squar e f eet and 1, 104 of f i c e bui l di ngs t ot al i ng appr ox i mat el y 10. 53 mi l l i on squar e f eet . 2008 Not abl e Sal e Tr ansact i ons: Type

Locat i on

Sal e Dat e

Sal e Pr i ce

I ndust r i al

Yor k Busi ness Cent er - 601 Memor y Lane

Febr uar y 2008

$70, 000, 000

Of f i ce

1690 Kennet h Road

Januar y 2008

$2, 800, 000

Ret ai l

Queensgat e Shoppi ng Cent er

Januar y 2008

$19, 676, 250

Land

Commer ce Par k- Commer ce Dr i ve Ext .

Sept ember 2008

$15, 000, 000

2008 Market Report – York County , Pennsylvania


DEFINI NITI TIONS ONS DEFI CO M M ERCIAL AL REAL REAL ESTATE ESTATE TERM TERM CO M M ERCI SS Ret ai l • • •

Fr ee St andi ng: A si ngl e t enant r et ai l bui l di ng. Shoppi ng Cent er : 4+ uni t s bei ng occupi ed/ mar ket ed f or r et ai pl anned, devel oped, owned & managed as a si ngl e pr oper t y wi t par ki ng. Mal l : A bui l di ng or a set of bui l di ngs whi ch cont ai n r et ai l i nt er connect i ng wal k- ways enabl i ng vi si t or s t o easi l y wal k f

l uses t hat i s h on- si t e uni t s, wi t h r om uni t t o uni t .

Of f i ce • • •

Cl ass A: Bui l di ngs wi t h excel l ent l ocat i ons and access, hi gh qual i t y bui l di ng mat er i al s and r ent s ar e compet i t i ve wi t h ot her newer of f i ce bui l di ngs. Cl ass B: Bui l di ngs wi t h good l ocat i ons, newer const r uct i on and ver y l i t t l e f unct i onal obsol escence and det er i or at i on. Cl ass C: Bui l di ngs over 15 year s of age. Spaces ar e gener al l y “ wal k up” of f i ce spaces or ar e above r et ai l or ot her ser vi ce busi nesses. Rent s ar e l ower t han Cl ass A and Cl ass B bui l di ngs.

I ndust r i al • • •

Cl ass A: Bui l f eat ur e newer Cl ass B: Bui l some new ameni Cl ass C: Bui l mat er i al s and

di ngs wi t h excel l ent l ocat i ons and access, hi gh cei l i ngs, t echnol ogy and ameni t i es and demand hi gher r ent s. di ngs wi t h good l ocat i ons, medi um t o hi gh cei l i ngs, and f eat ur e t i es. Rent s ar e gener al l y l ower t han Cl ass A bui l di ngs. di ngs over 25 year s of age wi t h l ow cei l i ngs, ol d const r uct i on l ower r ent s.

REFEREN CES REFEREN CES Our i nf or mat i on i s compi l ed t hr ough a var i et y of di f f er ent r esour ces t o i ncl ude: •Yor k Count y Tax Recor ds •Yor k/ Adams Count y MLS •Loopnet . c om

2008 Market Report – York County , Pennsylvania


2008 York County Market Report