Demand for Office Space is Excellent in Downtown Pittsburgh
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.
“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.
Posted on November 30, 2012, in Office and tagged Central Business District, Colliers International, Commercial Development, Investment, Leasing, Pittsburgh Commercial Real Estate, Pittsburgh's best rankings, Tenant Representation. Bookmark the permalink. Comments Off on Demand for Office Space is Excellent in Downtown Pittsburgh.