Author Archives: Colliers International | Pittsburgh
Colliers International | Pittsburgh Announces Amizade Global Service-Learning’s New Lease at 3406 Ligonier Street
Colliers International | Pittsburgh is proud to announce that Amizade Global Service-Learning has leased 4,200 SF in the office building located at 3406 Ligonier Street. The 4,200 SF office building, which is located in Lawrenceville, will be the headquarters for Amizade and Global Solutions Pittsburgh. Both non-profit companies are collaborating for The Global Switchboard project, a shared building space to connect global and local organizations in the Pittsburgh area. The launch date for The Global Switchboard project is May 1, 2014.
Patrick Sentner, SIOR, Founding Principal, and Edward Lawrence, MBA, Vice President of Office Brokerage of Colliers International | Pittsburgh, represented the tenant, Amizade Global Service-Learning.
“The building at Ligonier and 34th Street is a nearly ideal office solution for the Global Switchboard as it is stand alone, provides abundant free parking and is situated in the organization’s preferred geographic location,” said Edward Lawrence, MBA, Vice President of Office Brokerage at Colliers International | Pittsburgh.
Several brokers from Colliers International | Pittsburgh received awards at the Western Pennsylvania Chapter Society of Industrial and Office Realtors (SIOR) annual awards luncheon on Wednesday, March 12, 2014 at the Rivers Club. The awards recognize both the top and most creative commercial real estate transactions in the greater Pittsburgh area completed in 2013.
Paul Horan, Founding Principal, and Edward Lawrence, Vice President of Office Brokerage at Colliers International | Pittsburgh, represented the Landlord, Hertz Investment Group, in the Office Lease of the Year – CBD for the renewal of CBS Broadcasting Inc. (KDKA) at One Gateway Center. The deal was for 52,912 SF with a total transaction in excess of 7 million.
Patrick Tracy, Vice President of Industrial Brokerage at Colliers International | Pittsburgh, represented the Landlord, Allegheny Capital Growth, for the Industrial Lease of the Year. The deal was for 156,000 SF at 460 Nixon Road with a total transaction value of $3,300,000.
“The SIOR awards that were won by Paul, Edward, and Patrick are a tribute to their hard work and dedication to helping our clients accelerate their success,” said Gregg Broujos, Managing Director & Founding Principal at Colliers International | Pittsburgh. “Everyone at Colliers International l Pittsburgh works so hard, every day, to insure that our clients receive the highest value for their real estate needs. It is certainly nice when they receive acknowledgement of their efforts.”
The fourth quarter of 2013 finished in much the same way it began and maintained throughout the year; solid if unspectacular growth. The vacancy rate fell from 7.9 percent in the third quarter to 7.7 percent in the fourth quarter and dropped three basis points in total over the course of the year. The lack of quality Class A warehouse continues to be a factor with vacancy levels dropping to an astounding 2.97 percent.
The region’s confidence continues to spiral upward with fourth quarter projections from numerous economists that the manufacturing sector will continue to rebound. Optimism is the word heading into 2014. Pittsburgh should be especially bullish given the multitude of story lines that should positively impact the industrial market. These include CSX announcing that they will construct a $50,000,000 multi modal facility in McKees Rocks; the continued expansion of the Southwest Pennsylvania energy sector, and the much needed passage of the state transportation bill. Any of these alone are significant, but taken in total, insure that the region will continue to advance forward.
With the rest of the country’s real estate portfolio just beginning to recover, the Pittsburgh office market has seen unprecedented success in terms of its vacancy rate. The overall vacancy rate for the market, at 8.1 percent, is one of the lowest in the country, but only begins to tell the story of how vibrant the market truly is. At no point in time during the last thirty years has our market been as healthy as it is today, with the potential for vacancy rates to dip even lower.
The number of large blocks (greater than 50,000 square feet) of class “A” space in downtown Pittsburgh can be counted on one hand, with only a limited number of new options appearing on the market. A tenant in the downtown market looking for more than 100,000 square feet has as few as four options, with one being a prominent sublease and another going to sheriff’s sale in the near future. Two projects, The Gardens and 350 Fifth Avenue, may add 300,000 square feet to the mix, but still won’t be able to answer the long term demands of the market.