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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

Q2 2015 Pittsburgh Industrial Market Report

The Pittsburgh industrial market totals 176,186,457 square feet across all product types and building classes. The flex product inventory accounts for 22,585,646 square feet with the balance of 153,600,822 square feet in warehouse/light manufacturing. Approximately 18,000,000 square feet of the warehouse inventory is class A.

The second quarter of 2015 finished with a 6.9% vacancy rate across all product classes which is unchanged from the previous quarter. Class A warehouse vacancy rate is at an unprecedented 2.23% vacancy further reinforcing the need for spec development. Flex product has a vacancy rate of 9.2% which is somewhat misleading because it does not account for several pending transactions. Even taking these into account it is clear the Pittsburgh development community prefers flex development over Class A warehouse based on the number of speculative flex projects happening in most every submarket. Rental rates for all product types witnessed an increase with warehouse increasing two cents to $4.76 and flex jumping a whopping twenty four cents to $12.45.

Q1 2015 Pittsburgh Investment Newsletter

The OFFICE MARKET in the Pittsburgh MSA slipped from an overall vacancy rate of 8.0% in 4Q 2014 to the current 8.1% in 1Q 2015. This compared to a higher vacancy rate of 8.3% one year ago. Absorption in the first quarter of 2015 was 127,251 SF, while deliveries totaled 298,256 SF and 1,691,989 SF was under construction in 1Q 2015. The overall asking rate in the first quarter was $19.84 PSF, compared to $20.15 in 4Q 2014 and $19.22 in 1Q 2014. As for the CLASS A market, the asking rate dipped 3.4% to $24.65 PSF in the first quarter, from the 4Q 2014 rate of $25.52 PSF, while the asking rate one year ago was $24.34 PSF. Class A absorption
was 130,773 SF for the quarter, while we saw deliveries of 207,000 SF and 1,610,000 under construction.

Q4 2015 Pittsburgh Office Market Report

At the conclusion of 2015, Pittsburgh’s office market is beginning to show signs of peaking. Overall office vacancy rates for the 4th quarter increased slightly over 3rd quarter results from 8.1% vacant to 8.3% vacant at year end. Rental rates for office space in all submarkets and classes decreased slightly in the 4th quarter to $20.51/sf, from $20.55/sf in the 3rd quarter, or a 0.02% decrease.

Q3 2015 Pittsburgh Retail Market Place Newsletter

The Pittsburgh retail real estate market continues to be strong. The vacancy rate across all retail property types dropped to 3.5% during the last quarter, although the numbers are skewed upward by large vacancies in a few submarkets. The market for prime anchored shopping center space is extremely tight and the effective vacancy rate for most quality centers is between 1-2%. Absorption for the period was 208,000 square feet. The total retail market is 138,741,180 square feet, including 32,945,052 of shopping center space. Low vacancy rates and high absorption has pushed lease rates up.


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