Demand for Industrial Product Continues to Grow Steadily
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.”
Posted on December 14, 2012, in Economy, Industrial and tagged Colliers International, Commercial Development, Industrial outlook, Pittsburgh Commercial Real Estate. Bookmark the permalink. Comments Off on Demand for Industrial Product Continues to Grow Steadily.