Monthly Archives: December 2012
The WordPress.com stats helper monkeys prepared a 2012 annual report for this blog.
Here’s an excerpt:
600 people reached the top of Mt. Everest in 2012. This blog got about 5,700 views in 2012. If every person who reached the top of Mt. Everest viewed this blog, it would have taken 10 years to get that many views.
From our family at Colliers International | Pittsburgh to yours, we wish everyone a wonderful holiday and very happy new year.
From the Pittsburgh Symphony Orchestra’s Holiday Pops concerts of holiday favorites, to dueling theatre shows at the Pittsburgh Musical Theater’s “A Lyrical Christmas Carol” and Pittsburgh CLO’s “A Musical Christmas Carol”, Kennywood Holiday Lights aglow, Downtown Pittsburgh’s European Holiday Market at Market Square, and more, the Holiday weekend is full of activities that the whole family can enjoy together.
Click here for the weekend activities list.
“Pittsburgh has been named a top 10 city in many categories,” said Gregg Broujos, Managing Director & Founding Principal at Colliers International | Pittsburgh. “Add one more: it’s one of the most beautiful Christmas time cities in the world. From the crèche at the US Steel Building Plaza to the Frick Estate decorations to the ice rink at PPG, it’s hard to imagine a more wonderful holiday setting.”
Market Square offers a variety of new dining and holiday shopping experiences close to several local retailers, as well as the ice skating rink at PPG Place and the cultural district. With many great restaurants and entertainment venues, shoppers can maximize their enjoyment by combining great shopping with fine dining and theatre.
The momentum of the Pittsburgh commercial real estate market continued during the third quarter of 2012 as all major asset classes experienced a vacancy rate compression. A strong local economy coupled with a growing population is the primary driver of the positive economic trend. Throughout the third quarter of 2012, the Pittsburgh Metropolitan Statistical Area unemployment rate of 6.8% remained well below the national average of 8.6%. Additionally, as of June 2012, Pittsburgh had a year-over-year job growth rate of 1.3%, which is almost 80 basis points higher than the national average of .35%. As one might expect, these positive economic trends have spilled over into the real estate markets causing vacancy decreases and rental increases.
“Pittsburgh continues to gain national and global attention in the investment real estate market sector,” said Gregg Broujos, Managing Director and Founding Principal at Colliers International | Pittsburgh. “Our market is no longer considered a secondary market by institutional investors and private equity firms, and is considered a primary target market. Due to our strong economic drivers and the fact that Pittsburgh is one of only three markets that has been noted by Reuters as fully recovered from the 2007-2009 recession, we continue to see strong growth in every sector of real estate.”
Source: Colliers International | Pittsburgh Q3 2012 Pittsburgh Industrial Market Report
Pittsburgh’s lack of available industrial inventory in the region has caused demand to continue to grow. With short supply in sight, companies who are expanding or relocating to the region are looking to developers for build-to-suit and speculative construction plans. The Parkway West has positioned itself as the next corridor for industrial growth and development, while Butler and Washington County are building momentum in midstream facility construction for the natural gas industry. MarkWest received preliminary approval from Chartiers Twp. in Washington Co. to build a rail spur and yard off Route 519, based on a M arch 2012 report from Breaking Ground Magazine. The developer also has several additional compressor/processing stations in various stages of development in Houston and western Washington Co. Additionally, the Port of Pittsburgh, a 200 mile expanse of commercially navigable waterway, has enabled numerous industries to locate along the rivers in order to take direct advantage of inexpensive barge transportation. This is expected to positively impact the rising demand for quality, first class warehouse and distribution facilities along with an uptick in the construction of manufacturing facilities and the resultant spinoff in related industries.
“The industrial team at Colliers International | Pittsburgh continues to be bullish on the Western Pennsylvania economy and is looking forward to continuing to work towards realizing our regions potential in 2013,” said John Bilyak SIOR, CCIM, Principal at Colliers International | Pittsburgh. “Given our market conditions, the only thing that can stand in the way of our growth is a lack of space to accommodate internal expansion and external interest.”