Industrial's Revved Up for Another Good Year
Another hot property type in greater Philly in ’15 will be industrial (as it was in ’14, which our Industrial Summit speakers pointed out last month). NAI Mertz SVP Jeff Licht (snapped with son Jared), who’s in the Bucks County office, tells us that he anticipates an overall strong year for industrial activity. Among other factors, demand for the property type has been strengthened by the ability of industrial properties to be repurposed for recreational, religious or multifamily use, he says.
Also, Jeff notes, interest rates are expected to remain low--at least through mid-year--spurring users and investors to find a property before they rise. “Increased volume in transactions should push prices per square foot higher, enough to hopefully trigger owners on the fence to finally participate in the market,” he says.