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Pittsburgh Industrial Market Report | Q4 2022

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Positive absorption and new construction signal healthy industrial market in PGH region


Overall vacancy decreased in the final quarter of 2022, returning to favorable trends seen in later quarters of 2021 and 2022. Overall absorption increased within the Pittsburgh region, the most contributive submarkets being Parkway East, Washington County, and Westmoreland County. The largest figure for new construction in comparison with the previous five quarters was seen in Q4, with a majority occurring in the South submarket. Overall, the industrial pipeline remains strong for Class A warehouse distribution space with anticipated increased leasing activity despite concerns regarding interest and inflation. 

Read more about the latest retail trends and statistics in the Pittsburgh market within our full report. 


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Pittsburgh Industrial Market Report | Q4 2022

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Related Experts

John Bilyak

Managing Director/Market Leader

Pittsburgh

I am a Principal at Colliers International | Pittsburgh and I am the team leader for the industrial team.  I have been involved in the commercial real estate business for more than 21 years, with a focus on developing client relations, executing industrial brokerage assignments, site selection and real estate related consulting and market valuations.  Prior to joining Colliers International | Pittsburgh, I spent more than five years with NAI Pittsburgh Commercial, the Westen Pennsylvania regional representative of NAI Global, and 13 years with the Grubb & Ellis Company as Vice President of Industrial Brokerage.  I worked extensively with prominent local and national real estate users, investors and developers such as CBS Corporation, Matthews International, McKnight Capital Group,  Sampson Morris Group, Walnut Capital, The Buncher Company and Pittsburgh Industrial Parks.

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Raymond Orowetz

Senior Vice President | Industrial Brokerage

Pittsburgh

Educated as a civil engineer (read frustrated architect) I learned the hard way that, no matter how devoted, energetic and productive an employee you might be, you're expendable.  So, after getting my pink slip as my thank you for spending 12 years in the engineering world, I could feel a change in the air.

The last few years of my engineering career were spent in business development and the sales side of engineering. I had gotten the sales bug. Having invested in some multi-family real estate I decided that commercial real estate would be my next challenge and a great way to harness the entrepreneurial independence of the real estate world with the excitement of unlimited income.

I knew absolutely no one in the business so it took a while to get traction and a position in the big leagues. After 6 or 7 years I figured I knew everything and everyone so I set up my own brokerage firm. What was I thinking? Flying solo required a 110% commitment in order to provide a high level of service to my clients while establishing a reputable business. But I did exactly that and I ran it for 15 years.

The timing was perfect, however, in 2005 to join NAI Pittsburgh Commercial as it was being formed. The NAI platform provided an ideal springboard for me to continue to grow my book of business minus the day to day issues of being an owner. In July of 2011 we changed platforms and became a member of Colliers International.

Being a registered professional engineer, in addition to a real estate broker, has opened many doors. I bring a different perspective to the table along with a true understanding of the principles behind building design, construction and development.  I offer my clients a unique combination of knowledge, skills and experience.

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Cody Hunt

Associate

Pittsburgh

I am an Associate at Colliers | Pittsburgh specializing in Industrial and Investment properties.  My responsibilities include developing client relations, executing brokerage assignments, consulting, and market valuations. I started my sales career at ADP in small business development. I completed their sales training, which was an unmatched, in-person program that allowed for rapid development of basic sales skills. At the same time, I purchased a distressed residential property and worked to educate myself on how to rehabilitate the property from the ground up. My experience in real estate ignited a drive in me to learn as much as I can about the industry. With my interest in real estate, and experience in business-to-business sales, brokerage was the clear path for me to take with my career. I am passionate about what I do, and highly value the clients that I work to serve.

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Q4 Interview: Astrobotic's John Thornton & Colliers' Ed Lawrence
John Thornton of Astrobotic