If you have a large, empty industrial building, and can’t find a traditional tenant – such as a logistics company – how does a data center sound? An empty 1 million-square-foot building in Allen Township owned by Prologis could soon become one.
The Prologis name may be familiar to Lehigh Valley residents as the California real estate company that added several warehouses and other industrial facilities to the region as it grew into a logistics hub. While that part of the commercial real estate industry continues to grow, it has slowed in the years after the COVID pandemic, and vacancy rates have gone up in the Lehigh Valley.
Abundant private equity capital is driving aggressive developer investment, though there are lingering questions regarding long-term revenue models and bubble risks, Lehigh University economics professor Alberto Lamadrid said…