Q1 Lehigh Valley Office Trends and Takeaways
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Vacancy remained at 17.9% from the end of 2021.
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Leasing and absorption were very low.
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Asking rents were stable for Class A and Class B space.
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Leasing activity remained very limited.
The Lehigh Office Market vacancy was stable during the first quarter, and down two percentage points from the cycle high in Q2 2021. Class A vacancy decreased slightly from 17.6% to 17.5%, while the Class B vacancy had a correspondingly small increase from 18.3% to 18.4%. Most tenants have remained in place and are paying rent, but the uncertainty over space needs in the post-pandemic world of hybrid in-person and remote working will have impacts on renewals and lease term lengths yet to be determined.
