The
Lehigh Valley consists of the Northampton and Lehigh Counties
of Pennsylvania, which includes the cities of Allentown, Bethlehem
and Easton. It is bounded on the north by the Blue Mountain
Range, to the east by the Delaware River and on the south by the
Lehigh Mountain Range. The western edge of the Lehigh Valley
is generally considered to be Weisenberg Township. The Lehigh
Valley offers convenient access to all major east coast markets.
As
of 2000, the population for the Lehigh Valley was 579,000 and
is expected to increase 7% by 2010 and 18% by the year 2020.
As
of year end 2004, the Lehigh Valley Industrial Market totaled
approximately 42 million square feet of inventory. Historically,
the core of the Lehigh Valley Industrial Market has been a manufacturing
based economy. This trend is changing. With more and
more highways dissecting the Valley and providing better access
to regional locations, the Lehigh Valley Industrial Market sees
significant growth from the manufacturing as well as distribution
and life science industries.
The
Lehigh Valley continues to see new transactions in the build to
suit and existing building markets. Speculative construction
consists of approximately 900,000 square feet under construction
and an additional 900,000 square feet planned to break ground
before year end 2005.
The
Lehigh Valley will continue to see competitive activity from the
surrounding Pennsylvania and Central New Jersey markets, however
as these surrounding markets are maturing, they are usually considered
a secondary option to the Lehigh Valley.