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Pittsburgh Retail Market Report | Q4 2022

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The greater Pittsburgh retail market remains strong despite low inventory and interest rates


The fourth quarter of 2022 continued to reflect what most industry experts predicted: external factors such as increased interest rates and persistent inflation rendered adverse effects on the retail market. However, rental rates managed to stay consistent in Q4 compared with the previous quarter. Additionally, new construction inventory increased considerably from the prior three quarters, much of it occurring in the Greater Downtown and Westmoreland County submarkets. 

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


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Pittsburgh Retail Market Report | Q4 2022

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Related Experts

Jonathan Levinson

Senior Associate | Retail Brokerage

Pittsburgh

I am an Associate at Colliers International in Pittsburgh, Pennsylvania and I specialize in retail leasing, sales and tenant representation in Western Pennsylvania and surrounding area.  I am responsible for providing in-depth, strategic consulting for clients to generate valuable solutions to suit their real estate needs.  I am dedicated to building client relationships and providing the highest quality of service to maximize value and client satisfaction.

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Mark Anderson

Senior Vice President | Retail Brokerage

Pittsburgh

I began my commercial real estate career in 1997 after graduating from Gettysburg College with a BA in history.  Initially I concentrated on corporate services work for national tenants.  Since that time I have worked on behalf of numerous fortune 1000 organizations both on the landlord and tenant side and have closed some of the largest transactions in western Pennsylvania.

I  began working on retail projects in 2005 with the ground up development of a 30,000 sf retail center.  Since that time I have focused on retail assignments, representing landlords and tenants in the development and leasing of retail projects throughout western Pennsylvania, West Virginia and south eastern Ohio.  I have worked on a number of ground up retail developments, as well as the leasing of traditional retail strip centers and urban retail projects.  I've represented a number of retail tenants in their location searches, including Wahlburgers, Banfield Pet Hospital, Hooters, Dollar General, Quest Diagnostics, Edward Jones, Emiliano's and many others.  I have been recognized as a retail power broker in the Western Pennsylvania region by Costar and have been represented on the Pittsburgh Business Times largest transactions list a number of times.

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Ralph Egerman

Principal

Pittsburgh

I have more than 30 years of experience in the commercial real estate industry.  As a Principal at Colliers International | Pittsburgh I am responsible for a full range of real estate services.  Prior to joining Colliers International | Pittsburgh, I was a Principal at NAI Pittsburgh Commerical for more than 5 years where I was reponsible for a full range of real estate services for office, retail, industrial and tenant representation.  I began my career as a member of the brokerage staff of Cushman & Wakefield.  I have worked on commercial deals in 15 states and in South Africa.  

Additionally, I have  worked in development with Carnegie Properties, where I managed investment and leasing for properties in Pittsburgh, Orlando, and Chicago. 

I was a former  Chairman of FamilyLinks Board of Directors, a former Animal Friends Board Member, a former Parent & Child Guidance Center Board Member, a former Member of the Board of Directors of Pittsburgh Metropolitan Area Hispanic Chamber of Commerce, and a former Board Member of the Rivers Club.

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