Paul Pontius has joined JLL as Executive Vice President of Industrial Services in our Philadelphia’s Mechanicsburg office. In his new role, Pontius will aid a dedicated industrial team and provide a range of services throughout central Pennsylvania including leasing, tenant representation, sales and site selection.
Prior to joining JLL, Pontius spent 18 years working with… Read More
Large deals made headlines in the third quarter of 2015, according to JLL’s Office Statistics and Insights, released in October:
Four investment sales took place totaling more than $211.5M in the King of Prussia/Wayne area.
CrossPoint at Valley Forge, a recent redevelopment project at 550 E. Swedesford Road, sold for $328 per square foot, topping last year’s high watermark of 1000 Continental Drive by $22 per square foot.
Investment sales in King of Prussia/Wayne have totaled $293 million across six properties since the sale of 1000 Continental Drive. As class A sale prices have increased, Class B sales have reached prices of more than $200 per square foot.
The 1.1 million square feet of downtown leasing activity JLL had been tracking between January and May showed 25 percent was driven by new demand from suburban firms and out of market tenants. About the same time last year, it was just 12 percent.
“Rent growth continues and the low vacancy story continues,” said Lauren Gilchrist, researcher at JLL. “The fact that we are seeing ground up construction and speculative development at… Read More