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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 Retail Market Place Newsletter

The Pittsburgh market remained relatively stable during the first quarter of 2015, with a minor downturn in both occupancy and lease rates. The region remained very strong overall posting a 3.8 percent vacancy rate, compared to a 3.7 percent vacancy rate for fourth quarter 2014. Lease rates tumbled a bit to an average of $12.04 per square foot after posting $12.20 in the previous quarter. The total retail market consists of 136,263,348 square feet, of which 5,150,329 square feet was vacant at the end of the first quarter. Absorption during the quarter was a negative 46,808 square feet. The strongest markets continued to be Oakland, the North Hills, and the South Hills with vacancy rates of 2.0%, 2.1% and 2.4% respectively. Shopping Centers, which account for 32,727,746 square feet posted a 4.9% vacancy rate during the quarter. Typical lease rates for quality new construction are in the high $20.00 to low $40.00 per square foot range. Dollar Stores and value retailers can still find decent locations in the high single digits. Landlords are providing little in the way of concessions, as many tenants have few options within the market.

Q1 2015 Pittsburgh Office Market Report

The first quarter of 2015 ended with an overall vacancy rate of 8.1% with net absorption totaling a positive 127,251 square feet for the quarter. Sublease space increased during this period ending with 307,784 square feet available. Rental rates finished up $19.84 representing a decrease of 4% adjusted for all classes of available space.

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.


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