Monthly Archives: December 2011
East Liberty Restaurant Tenant Activity on the Rise
Hungry for retail tenants, East Liberty is placing orders, and Chef Kevin Sousa is serving up barbecue and dogs.
This makes Kevin Sousa doubly committed to East Liberty. While finalizing plans for Union Pig and Chicken, a Western Pennsylvania-style barbecue restaurant on North Highland Avenue, which was leased to Sousa by Colliers International | Pittsburgh in October, Post-Gazette.com reports he became interested in another vacant property. In partnership with his brother, Tom Sousa, and Jay Fanelli, his new venture, Station Street Hot Dogs, was announced by Sousa on Twitter. The restaurant, which seats about 65 people, will offer counter service, except for one table in the kitchen that will be able to be reserved. An adjoining lot offers ample parking, and outdoor seating will be available in warmer months.
“Kevin’s continued expansion in East Liberty is a testament to the corridor’s unbelievable transformation and Kevin’s commitment to Pittsburgh,” said Gregg Broujos, managing director and founding principal at Colliers International | Pittsburgh. “Our firm’s clients who maintain holdings in East Liberty will be able to build off of the momentum from strong restaurant activity in the neighborhood.”
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December 2011: Pittsburgh Office Market Highlight
Source: Northeast Real Estate Business Magazine
Contributed by Paul Horan, Founding Principal
Colliers International | Pittsburgh
These are exciting times for Pittsburgh’s Central Business District’s (CBD) office market. Pittsburgh’s CBD Class A office market is experiencing a very favorable vacancy rate of 7 percent. The high levels of occupancy have been driven by strong growth within the banking, medical, energy and technology sectors, along with nearby abundant natural resources such as Marcellus Shale. PNC Corporation is breaking ground for its second $400 million office building in recent years, which is touted to become the “greenest building in the world.” PNC’s new building will be a true complement to the historic and evolving Market Square District, which has undergone a major landscape renovation, creating a beautiful area for outdoor dining, music and green space for people to enjoy.
Black Friday Shines, Small Business Saturday a Success and Cyber Monday Soars
Sources: National Retail Federation, TechFlash.com, Wall Street Journal, American Express
Consumers who gobbled up great deals holiday shopping on Black Friday, Small Business Saturday and Cyber Monday helped secure a spot in the record books, with traffic and spending up both online and in stores, reaching historic highs. According to the National Retail Federation survey conducted by BIGresearch over the weekend, Thanksgiving and Black Friday spending reached a record $52 Billion and Thanksgiving Day early bird shoppers were the highest in survey history. A record 226 million shoppers visited stores and websites over Black Friday weekend, up from 212 million last year. The average holiday shopper spent $398.62 this weekend, up from $365.34 last year. Additionally, shoppers also checked out retailers’ deals online, spending an average of $150.53 on the web – 37.8 percent of their total weekend spending.
“While online shopping has shown to be more popular,” said Gregg Broujos, Founding Principal at Colliers International | Pittsburgh, “we are definitely seeing an increase in interest from bricks and mortar retailers.”