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Regional vacancy edges higher amid mixed submarket performance
Regional vacancy rose 40 basis points (bps) quarter over quarter to end Q3 2026 at 8.3%. The Central PA submarket recorded a 60-bps increase from Q2 2026 to 7.1%, largely attributable to 3.4 million square feet (msf) of deliveries that were 68.0% vacant. Northeast PA’s vacancy rose 180 bps to 9.5%. However, after four consecutive quarters in the double digits, Lehigh Valley’s vacancy fell 110 bps to 9.3% amid several notable occupancies. Regional rent growth was also mixed, with Lehigh Valley’s average asking rent rising 1.6% quarter over quarter to $10.90 per square foot (psf) and Central PA’s climbing 1.8% to $8.42 psf. These gains were countered by Northeast PA, where the average asking rent fell 2.8% to $7.37 psf.