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Gregg Broujos
Managing Director & Founding Principal | Pittsburgh

Market insight is the essential ingredient in all of the services we offer. We monitor trends and make projections to help you make critical decisions. Our researchers continuously source and analyze data in every major global market, helping you adapt to drivers outside your industry and region that could impact your business.

Recent Pittsburgh Reports

Q4 2014 Pittsburgh Investment Newsletter

The Office Market in the 4th quarter saw an 8.1% overall vacancy rate, improving from the 3rd quarter’s 8.4% rate, with a positive absorption rate of 868,224 SF. Better yet, the overall asking rate when from $19.97 PSF in Q3 to $20.61 PSF, a 3.2% increase. Two new buildings were delivered totaling 556,643 SF, with another 2,324,245 SF under construction. Two of the high profile projects under construction include the 800,000 SF Tower at PNC Plaza and 250,000 SF at Zenith Ridge III. Notable office leasing transaction include: UPMC Health Plan, represented by Colliers International in Pittsburgh, taking 140,967 SF at Heniz 57 Center, and Wesco International Charitable Foundation’s 82,018 SF at Commerce Court in Station Square. Two new buildings were delivered in the quarter with 186,000 SF at 1 Southpointe Boulevard and 174,000 SF at the Wexford Medical Mall, both of which are 100% occupied. For the quarter, Class A space improved to a 7.6% vacancy and $26.56 PSF in asking rates; Class B space had an improved 8.7% vacancy rate and an $18.57 PSF rate; and Class C space saw the vacancy decrease to 7.5%, with a $14.49 PSF asking rate. The overall CBD vacancy rate improved to 9.2% in vacancy, while the Suburban market continued to improve and ended with a 7.7% vacancy rate.

Q4 2014 Pittsburgh Office Market Highlights

In the fourth quarter of 2014, Pittsburgh office vacancy decreased by 0.03% for an overall vacancy rate of 8.1%. Contributing to this growth is Pittsburgh’s continued momentum in the areas of energy, banking, health care and research and a vibrant CBD housing market. Although growth continues to be promising, anticipated major vacancies will occur in buildings such as 525 William Penn Place and USX Tower. Adding to the pressure, the newly purchased Union Trust Building will be bringing approximately 250,000 square feet of newly retrofitted space on line this year.

Q4 2014 Pittsburgh Retail Market Place

The Pittsburgh retail market continued to remain strong during the fourth quarter of 2014.  Vacancy rates decreased slightly to 3.7% from the previous quarters 3.8%. Total inventory as of the fourth quarter was 135,697,548.  Lease rates remained relatively steady with an average of $12.20 per square foot across all class types, which was a very slight decrease from the previous quarter.  Total absorption during the quarter was 165,683 square feet.  The market continues a four year trend of improving, both in terms of the occupancy rate and lease rates.

Q4 2014 Pittsburgh Industrial Market Report

The fourth quarter of 2014 finished without the anticipated flourish that it was trending toward. Vacancy actually crept up three basis points from 7.2% to 7.5% while absorption for the quarter experienced a negative 591,656 square feet. This is the largest negative quarter since 2009 and all others, with the exception of the second quarter of 2014, were positive. Even with the market giving back close to 600,000 square feet in the fourth quarter and 300,000 square feet in the second quarter, the year end absorption number was still a rosy 675,000 square feet.

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