Downtown Office Market Report - Team Cole
2010 Year - End Report
Reading, Berks County Pennsylvania
Downtown Office Market Report
Suburban Office Market Report - Team Cole
From the Author’s Desk
This report provides an overview of the current office market conditions in Suburban Berks County
Pennsylvania. NAI Keystone maintains a comprehensive list of all available properties within the
Berks County marketplace, including but not limited to; available space, number of facilities in mar-
ket, asking rents, incentives, extra costs, etc… The information that NAI Keystone has assembled is
separated by Class A and Class B facilities and consists of market data such as, absorption rates,
vacancy rates, asking rents, etc...
Bryan E. Cole The report will be available on a quarterly basis by emailing us at firstname.lastname@example.org and
Broker asking to subscribe to our mailing list.
610.370.8502 (direct) Bryan E. Cole Resume
610.370.8503 (e-fax) Bryan joined NAI Keystone in July of 2004, but before joining NAI, Bryan Cole spent 4 year’s active
duty in the U.S. Marine Corp, including a 6 month deployment in Afghanistan, a 4 month deploy-
ment in Kuwait/Iraq, and a 7 month deployment in Japan. Prior to joining the military Bryan was
involved in the construction of commercial and multi-unit properties in the Philadelphia sub-
urbs. Bryan has experience working with a diverse group of individuals in numerous countries
throughout the world. During Bryan’s time at NAI, he has sold in the excess of $130 Million Dollars
worth of Commercial Real Estate, and leased hundreds of thousands of square feet of industrial
and office space. Because of this, Bryan earned NAI gold club status his first year in the business
which is presented to approximately 75 - 100 brokers within the NAI Global network, which is com-
prised of over 8,000 Brokers. Bryan is currently working on earning both his CCIM designation and
SIOR designation. Bryan has been NAI Keystone's Top Performer from 2006 - 2010.
NAI (New America International)
Veterans of Foreign Wars Berks Chamber of Commerce
PA Assoc. of Realtors NAI Gold Club
NAI Office Council ICSC Member
CoreNet Global NAI Corporate Services Council
National Assoc. of Realtors CCIM Candidate
NAI Retail Council SIOR Candidate
Young Professionals Network WERC
Commercial Industrial Council of Berks TriState Board or Realtors
CIC Board Member (2007) Council of Supply Chain Management
Chapter President of National Marine Corp NAIOP Member
NAI Keystone - Team Cole
Downtown Office Market Report– End of 2010
Downtown City of Reading, although has seen some new deals con-
Class A Class B summated, like the Greater Reading Chamber of Commerce, Great-
er Berks Development Fund and Berks Economic Partnership leasing
space at 201 Penn Street, the market remains flat due to these
companies coming from existing space within the City. Buildings
Net Absorption that have seen vacancy for some time, including 645 Penn Street
Class A Class B
and 501 Washington Street are starting to show some signs of hope
due to new management and ownership changes taking effect.
Owners and tenants are continuing to struggle with high parking
costs and security concerns, which are continuing to be addressed
by a committed City Administration.
Class A Class B Downtown City of Reading vacancy rates continue to increase in
late 2010 with rates rising 15.6% to 20.7% in Class “B” Product with
much of the vacancy continuing to surround large blocks of contigu-
The City of Reading and economic development groups have been
Class A Class B
working hard to improve and revitalize Downtown which shows in
the number of projects underway. The new IMAX Theater and the
nearly completed addition to the Reading Eagle Headquarters in the
CBD are welcome entrants to the market and kick off a multi-million
dollar main street corridor project that includes a new $67 million
Doubletree hotel and garage project across from the Sovereign En-
tertainment and Expo Center.
For Full Article visit http://bryan-cole.com/MarketIntel.html
Major Lease Transactions: - for detailed information contact Bryan Cole
Tenant: Building: Size (SF): City
Reading Area Community 201 Penn Street Greater than 10,000 sf Reading
BEP, GBDF, Chamber 201 Penn Street Greater than 10,000 sf Reading
Kadent 645 Penn Street Greater than 15,000 sf Reading
Berks Counseling 645 Penn Street Greater than 15,000 sf Reading
Latino Chamber of 501 Washington Street Greater than 10,000 sf Reading
NAI Keystone - Team Cole
Competitive Set - Contiguous Blocks of Space
Status Property Name City Zip Gross Bldg. SF Vacant SF Lease Price
Existing 515 Canal Street Reading 19602 175,000 150,000 $20.00 Gross
Existing 525 Lancaster Avenue Reading 19601 110,000 110,000 $11.00 NNN
Existing 520 Willow Street Reading 19601 84,000 84,000
Existing 437 Penn Street Reading 19601 120,000 72,600 $9.00 + E
Existing 645 Penn Street Reading 19601 106,302 40,000 (NV) $11.50 Gross
Existing 35 North 6th Street Reading 19601 90,000 80,000 $12.00 MG
Existing 230 North 5th Street Reading 19601 42,000 30,000 $10.00 MG
Existing 501 Washington Street Reading 19601 108,000 28,154 $9.50 Gross
Existing 201 Penn Street Reading 19601 95,000 25,000 (SL) $15.50 Gross
Existing 126 North 5th Street Reading 19501 20,000 20,000
Existing 505 Penn Street Reading 19601 33.000 16,500 $12.00 MG
Existing 400 Washington Street Reading 19601 75,000 15,000 $12.50 MG
Existing 50 North 4th Street Reading 19601 20,000 15,000 $7.00 NNN
Existing 147 North 5th Street Reading 19601 15,000 15,000 $9.50 Gross
Existing 1215 North 11th Street Reading 19604 15,000 15,000
Existing 62 S. 6th Street Reading 19602 10,000 10,000
Existing 525 Penn Street Reading 19601 9,292 9,292
Existing 500 Penn Street Reading 19602 17,200 8,600 $9.00 Gross
Existing 108 S. 5th Street Reading 19601 8,000 5,000 $12.00 Gross
Existing 811 William Lane Reading 19603 25,000 7,400 $7.50 NNN
Reading Pennsylvania Maps
Maps were obtained from www.GreaterReading.com - which is powered by Berks Economic Partnership
NAI Keystone - Team Cole
Methodology/Definitions/Sub Market Map
The change in occupied space in a given time period.
Available Square Footage
Net rentable area considered available for lease;
excludes sublease space.
Average Asking Rental Rate
Rental rate as quoted from each building’s owner/
management company, For office space, a full service
rate was requested;
for retail, a triple net rate requested; for
industrial, a NN basis.
Class A Product is office Space of steel and concrete
construction, built after 1980, quality tenants, excel-
lent amenities & premium rates. Class B product is SF/PSF
office Space built after 1980, fair to good finishes & Square foot/per square foot, used as a unit of measurement.
wide range of tenants.
Direct Vacancy Sublease
Space currently available for lease directly with the Arrangement in which a tenant leases rental property to another,
landlord or building owner. and the tenant becomes the landlord to the subtenant.
Market Size Sublease Space
Includes all existing and under construction office Total square footage being marketed for lease by the tenant.
buildings (office, office condo, office loft, office med- Sublease space is not considered in the overall occupancy or ab-
ical, all classes and all sizes, both multi-tenant and sorption numbers
single-tenant, including owner-occupied build- - only direct leases are included.
ings) within each market.
Overall Vacancy Space currently available in the market for sublease with an
All unoccupied lease space, either direct or sublease. existing tenant within a building acting as the landlord.