Pittsburgh Industrial Market Snapshot
Source: NorthEast Real Estate Business August 2011 Publication
Contributed by John Bilyak, Principal & Director of Industrial Brokerage at Colliers International | Pittsburgh
John Bilyak, Principal & Director of Industrial Brokerage at Colliers International | Pittsburgh, recently contributed to the Northeast Real Estate Business publication, with a feature article that focuses on a snapshot of the Pittsburgh Industrial Market.
“While Pittsburgh has weathered the storm and our vacancy rate is healthy, the real story is that there is a need for additional well-located Class A inventory,” said Bilyak, who is responsible for industrial tenant and owner representation at Colliers International | Pittsburgh.
The Pittsburgh industrial market has remained relatively stable over the last several years, and 2010 along with the first quarter of 2011 stayed true to the trend. The market encompasses a five-county region in southwestern Pennsylvania, centered around Allegheny County and including Butler, Beaver, Washington and Westmoreland counties. The total market is roughly 120 million square feet and has a current vacancy rate across all industrial product types of approximately 9 percent. This vacancy rate is somewhat deceiving due to the availability of several significant spaces, which skew the rate upward. Additionally the lion’s share of the vacancy lies in the Class B and C product types. The vacancy rate for Class A product is closer to 5.5 percent.
Colliers International | Pittsburgh is a locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, providing results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world. We are focused on accelerating our clients’ success by seamlessly providing a full range of services to real estate users, owners and investors. Through a culture of service excellence and a shared sense of initiative, Colliers International has integrated the resources of real estate specialists worldwide to deliver solutions for our clients’ unique business needs.
Posted on August 26, 2011, in Economy, Industrial and tagged Class A, Industrial outlook, Pittsburgh Commercial Real Estate. Bookmark the permalink. Comments Off on Pittsburgh Industrial Market Snapshot.