Monthly Archives: November 2012
Demand for Office Space is Excellent in Downtown Pittsburgh
Sources: Colliers International | Pittsburgh Q3 2012 Pittsburgh Office Market Report
Pittsburgh office market performance continues to be strong, with an increased amount of activity and tenant movement. The office vacancy rate is steadily declining on a quarter over quarter basis, as Class A buildings continue to fill with new leases, expansions and renewals. Plans of new construction are on the horizon, employment rates are improving, and there is solid momentum in absorption. Pittsburgh is performing well ahead of the US average, and is expected to continue in a positive direction into the next quarter. Under-utilized Class B and C properties are being converted into residential use, and demand for a mixed-use “live-work-play” community continues to be the focus for adding vibrancy to downtown Pittsburgh and lifting occupancy rates. The total number of city residents has increased from 1,000 seven years ago, to over 7,000 today. High performance banking, healthcare, energy and education sectors are driving positive growth, along with favorable trends in housing recovery and residential opportunities downtown.
Click here for the full report.
“The Pittsburgh commercial office market continues to be strong. While some local companies are still waiting to see what the upcoming “Fiscal Cliff” will mean to their businesses, others are moving forwarded with planned relocations and expansions,” said Patrick Sentner SIOR, Founding Principal at Colliers International | Pittsburgh.
“We remain encouraged in the strengthening of Pittsburgh’s commercial real estate market, and are poised to assist our clients through leveraging our breadth of knowledge and world leading Colliers platform and personnel,” added Paul Horan, Founding Principal at Colliers International | Pittsburgh.
Pittsburgh is Stuffed with Thanksgiving Weekend Activities
Sources: Pittsburgh Post-Gazette, walkscore.com, National Retail Federation
From benefits featuring live music and comedic entertainment, to the Steelers’ Six Super Bowl Trophies exhibit at the Senator John Heinz History Center, the Macy’s Holiday Parade, the annual Turkey Trot, and more, Thanksgiving weekend is stuffed with plenty of activities that the whole family can enjoy together.
Click here for the weekend activities list.
Following the Thanksgiving celebration, enjoy a fresh-air walk outdoors to work off the extra Holiday helpings. According to a national analysis by walkscore.com, Pittsburgh has a walkable score of 64 on a scale of 0-100. Lower Lawrenceville, the Central Business District and South Side Flats received the highest scores.
“Thanksgiving weekend provides a great opportunity for friends and family to come together, enjoy a wonderful dinner and explore the many new dining, entertainment and shopping experiences within Pittsburgh’s beautiful Central Business District,” said Ralph Egerman, Principal at Colliers International | Pittsburgh. “I am especially excited to take family and friends to the newly renovated and historic Market Square. Recently enhanced by the world’s greenest high rise office tower at PNC Plaza, Market Square features several new and exciting restaurants and shops. With construction soon to start on a new 400 million dollar office tower at PNC Plaza; Market Square will continue to benefit from the many people who work nearby and daily visitors.”
Sharpsburg Business Park maximizes site plan through innovative space reinvention
Located in an Enterprise Zone, along the 23rd St. Extension near Route 28 and the Highland Park Bridge, and just 7 miles from downtown Pittsburgh, Sharpsburg Business Park features two (2) newly renovated buildings, which total 147,775-square-feet of flex/office space. Extensive renovation efforts created this business campus, which offers parking directly adjacent to both buildings, as well as loading dock access.
Building A offers 101,828 SF, subdividable to 10,000 SF suites. Building B is fully leased. Building shell renovations are complete.
Celebrate Pittsburgh’s 52nd Annual Light Up Night®
Sources: Pittsburgh Downtown Partnership, 2012 Santa Spectacular
The concept of “Light Up Night” took root in Pittsburgh in 1960, and this year the 52nd annual Light Up Night, kicks off the Downtown Holiday shopping season in the Golden Triangle November 16 – 17.
The entire Golden Triangle becomes the stage for one of the largest holiday celebrations in the nation. Enjoy traditional elements from the past, like tree lightings, the Victorian horse-drawn candlelight carriage parade and holiday exhibits, which will be glimmering against a backdrop of over three miles of lights. Enjoy new exhibits including the Celebrate Santa!™ Lighting of Market Square Season celebrating the official Downtown Pittsburgh arrival of Santa Claus. Visit the Wyndham Grand Winter Wonderland booths at the 2012 Santa Spectacular at Point State Park, featuring exciting new displays and star-studded entertainment with a special performance by Greyson Chance on the Santa Spectacular Stage. Roberto Clemente Bridge Party, and musical performances at Market Square and EQT Plaza, will feature hours of entertainment, provided by the Al Dowe and Etta Cox Trio, No Bad JuJu, Joe Grushecky and The Houserockers, and many more. And the celebration would not be complete, without one of the region’s largest and most creative pyrotechnics displays by Zambelli fireworks launched from the Warhol Bridge.