301-501 Richardson Dr 208,993 SF Industrial Building Lancaster, PA 17603 $15,000,000 ($71.77/SF)

Embrace the surrounding dynamic industrial market, offering a strategic vantage point for prospective industrial investors. With convenient access to major transportation routes, the area provides seamless connectivity to key economic centers. As part of the Hempfield Industrial Park, Richardson Drive exemplifies the region's robust industrial landscape. Additionally, esteemed businesses such as Armstrong World Industries, Kellogg's, and Hershey operate in close proximity, underscoring the area's strong industrial presence. As an investor seeking prominence in the industrial sector, the location presents an ideal opportunity to capitalize on the region's economic vitality and establish a commanding presence in the sought-after Lancaster industrial market. The industrial real estate market in Lancaster County, Pennsylvania, is characterized by low vacancy rates, strong demand, and rising lease rates, reflecting a robust and competitive environment. It continues to be a key transportation corridor, benefiting from its strategic location in Eastern Pennsylvania. 1. Low Vacancy Rates & Strong Demand: Significantly Below National Average: Lancaster County's industrial vacancy rate has remained exceptionally low, often well below the national average. For instance, Q2 2024 saw the industrial vacancy rate at 1.6%, after dipping to 1.5% in Q1 2024, compared to a national rate of 6.5%. Consistent Performance: The market has consistently shown strong performance, with demand remaining high. Absorption: While the broader Eastern Pennsylvania industrial market experienced a somewhat slower start in Q1 2025, with a decline in 12-month net absorption compared to previous quarters, the Lancaster market has generally maintained positive absorption, indicating that space is being leased at a healthy pace. 2. Rising Lease Rates: Landlord-Favorable Market: Due to the low vacancy and high demand, rents continue to climb, giving landlords a pricing advantage. Average Asking Rents: While specific average asking rates for Lancaster County alone can fluctuate, general industrial lease rates in the area range from approximately $5.75 to $18.95 per square foot per year, with properties offering specialized features or newer construction commanding higher prices. The average asking rent for industrial space in Lancaster is around $8.70 per square foot.