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Vacancy has increased in the third quarter of 2022 with remote work, downsizing and economic uncertainty still affecting office leasing. As of 9/30/22, vacancy rate in the Harrisburg Market was 9.6%. Notably, vacancy is higher in the Harrisburg West Submarket at 10.9% compared to 8.9% in the Harrisburg East Submarket.

Third quarter 2022 returned another record-setting rent performance in Harrisburg’s industrial market. As of 9/30/22, industrial rents averaged $7.10/SF. Remember, warehouse and distribution centers averaged $5.40/SF just two years ago.

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2Q2022 Hanson Office Report

Nearly 2.0 million square feet of space was leased during the first half of year, on par with the same level of activity recorded at the same time last year. Strong leasing volume translated into nearly 50,000 square feet of positive absorption.

Healthcare analysts suggest that based on recent trends, the medical office sector should remain robust for the next year. Thanks to continued demand for healthcare, and perhaps despite the continued popularity of telemedicine, the industry has remained relatively stable and recession-resistant.

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