This article will help anyone looking for information pertaining to a commercial real estate and commercial lending in the State of
Pennsylvania is a very large state with a very large population.
Its estimated 12,440,000 residents makes it the 6th most populated state in
the country. Growth in the state is slow. The population has risen by only about
500,000 people in the past 35 years.
Commercially, Pennsylvania is a varied state. Its two largest cities, Philadelphia
and Pittsburg are major urban manufacturing centers. Most of the rest of the
state is far more suburban and rural and commercial ventures range from small
fishing bait and tackle shops in the rural areas to major pharmaceutical companies
that make their homes in the Philadelphia suburbs.
There is a diverse choice of commercial real estate for those looking to bring
their industry or business to the area. In Philadelphia, investors are making
a conscious effort to invest in office space in the downtown
area, even as the office market in the Philadelphia suburbs remains strong.
The office market in the city is showing a slight recovery after years of decline,
so investors are being slowly lured back into Philly. Meanwhile, the demand
for office space in the suburbs has increased to about 3.2 million square feet
from about 2.4 million the previous year. Experts forecast an increase in rents
as office space becomes scarce.
Every sector of Pennsylvania's industrial market strong with above average
leasing activity and rents. The market has absorbed over seven million square
feet of industrial and is expected to also absorb another six and half million
that will be coming online in the coming years.
The Philadelphia suburbs, which at one time were mainly farmland, are being
developed into housing communities and the landscape is quickly changing. Along
with these housing developments, upscale retail shopping and dining centers
are being developed. Commercial real estate in Pennslyvania
is also being used for the services that the residents of these new housing
communities demand - convenience services such as spas, dry cleaners, fast food
restaurants, and entertainment centers. Much of the state's remaining farmland
is likely to be bought in the future by real estate developers and turned into
housing communities and business campuses.
Tourism is big business for Pennsylvania particularly in the
eastern half of the state. Tourists visit Philadelphia for its history, the
Poconos for the winter sports and romantic getaways, and Lancaster County for
a glimpse of the Amish way of life and the fantastic outlet shopping. Even so,
there is little demand for new development in these areas, and commercial activity