Infrastructure Work Spurs Route 202 Activity
Ronald Reagan said that in the Route 202 corridor, America is truly on a high-tech highway... and there ain't no stopping us now." Nearly 30 years later, Liberty Property Trust VP and city manager Tom Sklow tells us we remain unstopped. (Though he was more eloquent.) The corridor attracts a diverse group of corporate users, primarily financial services, life sciences/biotech, pharmaceutical and other tech. Recent infrastructure improvements have maintained the mojo:the new Route 29 interchange on the PA Turnpike, the ongoing widening of 202, and Route 29 improvements.
Since the announcement of the Route 29 interchange on the PA Turnpike, Tom notes, five corporations have set up HQs in the area:Cube Smart (90k SF), Endo Pharmaceuticals (300k SF) Meridian Bank (30k SF), Ricoh (107k SF), and Shire Pharmaceuticals (500k SF and growing to 1M SF). Also,Our suburban Philadelphia office parks experienced a surge of interest, especially at Great Valley Corporate Center." Just in Q1 alone, Liberty inked leases for more than 151k SF in the corridor. (The only people happier about road construction are the National Association of Road Flares.)