Source: Pittsburgh Tribune-Review,  Low vacancies drive up rental rates

The Pittsburgh Tribune-Review recently approached Gregg Broujos, Managing Director and Founding Principal at Colliers International | Pittsburgh, along with other local real estate experts, to weigh in on the trend of declining office vacancies in Downtown Pittsburgh and surrounding areas.

“With Class A space Downtown at historic lows, I believe another office building or two is necessary, particularly since there is more demand, and I believe Pittsburgh’s economy won’t slow down,” said Broujos.

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The Pittsburgh Tribune-Review reports that construction of three office buildings has been announced. One is PNC Financial Services’ 800,000-square-foot headquarters building at Forbes, Fifth and Wood streets, and another is Millcraft Industries’ Gardens at Market Square, which will add 100,000 square feet. PNC will occupy the headquarters building, moving employees from other Downtown buildings it owns or leases, which may open some space in other buildings Downtown and on the North Shore.

The Central Business District has been tightened as a result of the conversion of several buildings from offices to apartments.  This includes the former State Office Building at Stanwix Street and Boulevard of Allies, and the upper floors of the Verizon Building at 201 Stanwix St.

Colliers International | Pittsburgh represents office space for sale or lease in the Pittsburgh market.  For more information on available properties, click here.