If you’ve remained connected to the world of commercial real estate in Harrisburg then you already know that there has been a boom in industrial development over the last few years. This surge has made central PA the hub for distribution facilities that serve many major north-eastern areas.
This surge has also led to a new development in PA – a greater need to creatively repurpose existing properties for alternative use. Popular phrases like “waste not, want not” or “work with what you’ve got” are appropriate ways to describe the mentality of commercial real estate investors in the Harrisburg region.
Shaun Donovan, Economic Development Specialist for the Harrisburg Regional Chamber shared some of his insight about what Harrisburg commercial real estate may look like in 2017.
“The growing focus and a likely prediction for investments in 2017 will be a rise to reuse existing properties,” says Donovan, “Green properties are becoming less common and less financially feasible.”
Other growth within the city is coming from office properties. Harrisburg has seen a large growth in technology companies occupying existing office properties. Within a 10 block portion of Harrisburg, for example, reside 20 different technology companies. It has become a hot area that investors have taken a large interest in.
Harrisburg has been working hard for years to continue improving development. In addition to the industrial and technology markets, the addition of new bus routes and multifamily properties, as well as the ever-growing hospitality and retail market continue to fuel development. With all these things considered, optimism is high for a strong year for the city of Harrisburg in 2017.