Monthly Archives: May 2012
Excitement is growing for the possibility of new downtown Pittsburgh development. KDKA-TV’s Jon Delano reports Oxford Development, the owner of the building across from the Macy’s that stretches along Smithfield between Fifth and Forbes, has promised a major announcement that could mean more top-of-the-line Class A office space opening up in downtown Pittsburgh.
“The market, as far as office space particularly Class A, is as tight as it’s been in 20 years,” said Ed Lawrence MBA, Associate at Colliers International | Pittsburgh. It’s very difficult to find large contiguous blocks in downtown.” KDKA-TV’s Jon Delano reports part of the shortage is because some office buildings, like the old State Office Building, are being converted to residential, another sign of downtown growth. “From Market Square to Fifth and Forbes, the perception is changing,” says Lawrence. “It’s amazing the turnaround and renovation that is taking place in that part of town.”
Source: Q1 2012 Pittsburgh Office Market Report Highlights; CoStar
The demand for office space in Pittsburgh has strengthened due to a number of factors positively impacting the overall health of the market. In the Central Business District the “Med’s” (UPMC and Highmark) continue to expand by leasing additional Class A office space, while the “Ed’s” (Point Park University and various Charter Schools) are leasing and improving many former Class B and C properties.
At the same time, energy companies moving into the region to facilitate the Marcellus & Utica Shale natural gas activity continue to lease suburban office space while purchasing or leasing a great deal of industrial product. Since November 2011, Shell Oil has moved into 76,760 SF of now office space, Range Resources has relocated to a new 180,000 SF office building and Talisman has expanded their area presence to 73,000 SF. At the same time XTO and Chevron are counting for large blocks of Class A office space. Even with natural gas prices nearly 50% off of the recent 30 month high, more and more businesses from Texas, Oklahoma and Louisiana continue to search the Pittsburgh area for real estate options.
“The Pittsburgh region continues to thrive because of our now famous stability in the financial, healthcare and educational sectors along with the maturation of the technology industry,” said Patrick Sentner SIOR, Founding Principal at Colliers International | Pittsburgh. “Opportunities in commercial real estate will continue to prosper as these business sectors, including those attracted by the development of energy resources, gain momentum.”
Colliers International | Pittsburgh is proud to announce that Talktime Speech Therapy will be opening a second office, located at Two Landmark North, 20397 Route 19 N, in the heart of Cranberry Township. Talktime Speech Therapy also has an office in Chippewa, PA.
Edward R. Lawrence III, Associate at Colliers International | Pittsburgh, was engaged as the Exclusive Tenant Representative to Talktime Speech Therapy, securing the new 2,202 square foot office.
Jeff Bennett of Landmark Properties Group represented the landlord in the transaction.
“We were tasked with identifying a unique space that offered an accommodating environment for an office space within a submarket that has a low vacancy rate,” Lawrence said of the assignment. “We secured a five year lease for Talktime Speech Therapy at Two Landmark North in a space that features new turn-key construction and excellent access and visibility.”
“This new office will provide us with a convenient and very functional environment to treat the speech and language needs of children in Cranberry and the Butler County Area,” said Amy Shope, President and Owner of Talktime Speech Therapy. “We are particularly excited about the ability to layout the space to our specifications.”
The new office is scheduled to open in June of this year.
– No Minimum – No Reserve
– 438 Hadley Road, Greenville PA & 788 Park Avenue, Meadville PA –
Auction PA# AY001982
Colliers International | Pittsburgh is proud to announce PNC Bank has authorized Colliers in the Absolute Auction of two (2) properties. NO MINIMUM – NO RESERVE. Properties to be sold to the highest bidder regardless of price. The live auctions are set to take place in June 2012.
Prospective buyers are encouraged to visit during one (1) of the two (2) scheduled open houses schedule for May 18, 2012 and June 8, 2012.
“We are happy to be able to provide alternative marketing solutions to our valued clients like PNC,” said Gregg Broujos, Managing Director and Founding Principal at Colliers International | Pittsburgh. “I have been involved in hundreds of real estate auctions over the past few years and look forward to the successful dispositions of these properties.”
438 Hadley Road located in Greenville, PA is a 3,308 SF property zoned B-1 (business highway service district). Single-story, former bar / restaurant, constructed in 2007, situated on approximately 1.3 acres. First Open House scheduled for May 18, 2012 from 11:30 a.m. – 1:30 p.m. Second Open House scheduled for June 8th from 2:30 p.m. – 4:30 p.m. Confirmation of Auction day and time can be found at http://bit.ly/JYJv0Y.
788 Park Avenue located in Meadville, PA is a 2,136 SF property zoned B-2 (general business) situated on .11 acres. Located less than 1 mile from Allegheny College. First Open House scheduled for May 18, 2012 from 2:30 p.m. – 4:30 p.m. Second Open House scheduled for June 8th from 11:30 a.m. – 1:30 p.m. Confirmation of Auction day and time can be found at http://bit.ly/JS7wmF.
*The properties may be sold prior to auction sale.