Monthly Archives: September 2012
The retail services team at Colliers International | Pittsburgh provides integrated commercial real estate retail services to our clients. Locally, we operate
across the ten counties that comprise Western Pennsylvania, and parts of West Virginia. In addition to accelerating the success of our local clients, we are able to collaborate with the Colliers International global retail services team in order to provide maximum returns to our multimarket clients.
Our expert retail professionals offer client’s in-depth expertise, shared sense of initiative, and an unparalleled ability to collaborate and minimize risk while
maximizing results. Together, we provide a full range of real estate services to landlords, tenants, and developers. We offer acquisition and disposition expertise across all property sectors including retail, industrial, office, land, multi-family and hospitality.
“The Pittsburgh retail market is doing well,” said Brad Kelly, Director of Retail Services | Pittsburgh. “Retailers are reporting positive sales and new retailers are coming to our market to consider expansion. I’m looking forward to a positive 4th quarter!”
Sources: Q2 2012 Pittsburgh Office Market Highlights; CoStar
Excitement is growing for the possibility of new downtown Pittsburgh high rise buildings, offering a blend of new office and retail space. Development plans announced in Q2 2012 are all located near Market Square, fresh off a $5 million makeover. The Pittsburgh Business Times and CBS Pittsburgh reported the six-story building at 441 Smithfield Street will either be replaced with a new 33-story, 772,000 SF Class A office skyscraper stretching along Smithfield Street between Fifth and Forbes Avenues, or it will receive full Class A renovation, offering 180,000 SF of office space along with 20,000 SF of ground-level retail. Additional development plans include: a $400 million, 33-story Tower at PNC Plaza under construction on Wood Street; The Gardens at Market Square, a 17-story high-rise featuring 95,000 SF of office space, a 175-room Hilton Garden Inn, 23,000 SF of retail and a 325-space parking garage; and the conversion of the old State Office Building into residential living. Site Selection Magazine reports Pittsburgh’s Central Business District has welcomed $5 billion in new capital investment in the last six years.
“Pittsburgh has been very fortunate to be the home of growing financial organizations and hospital groups,” said Patrick Sentner SIOR, Founding Principal at Colliers International | Pittsburgh. “In addition, our location at the epicenter of Marcellus and Utica Shale plays, combined with the many technology spinoff companies coming out of our various colleges and universities, have continued to strengthen our office market.”
Hitting 2012’s halfway mark, manufacturing is having its moment. With the steel industry no longer the primary economic driver, Pittsburgh has prevailed, with a diversified manufacturing base spread out across many industries, including fabricated metals, primary metals and machinery. Geographic clustering of Marcellus Shale related companies in the Southern and Northern outskirts of Pittsburgh’s metropolitan statistical area, along with educational, R&D, business, and labor institutions that support them, gives Western Pennsylvania manufacturers access to specialized workers, suppliers, and customers, making it easier to share ideas that improve natural gas project performance.