The hotel and a recently proposed office complex on Saucon Valley Road across from Penn State Lehigh Valley are the first swells of what could soon become a wave of development in Center Valley, said Peter Talman, senior vice president with commercial real estate firm Jones Lang LaSalle.
Jones Lang LaSalle
represents the owners of much of the property in and around Upper Saucon's
Stabler Corporate Center, including Sierra
, which owns the former Center Valley Club
, and Lehigh University
, which received a gift of 755 acres, some of it in the Stabler Corporate Center, last year from the Donald B. and Dorothy Stabler Foundation
The hotel, likely the kind with suites, would include a pool and serve mostly business guests staying several days or longer, Talman
concurred that there is "pent-up demand" for accommodations from existing Center Valley businesses.
"They ship a lot of their guests to hotels in other areas," he
Demand for top-tier office space has been gradually increasing over the last several years in the Lehigh Valley, Talman
said, and as the economic recovery continues, the market will only get tighter, leading developers to propose adding new inventory.
"In terms of office space alone, the Lehigh Valley is tighter than it has ever been in its history in the category of office buildings I would deem trophy-class," Talman
said the vacancy rate for "trophy" class offices in the Lehigh Valley stands at just 4 percent, while the rate for all class-A office space is 11 percent.