Q3 2012 Pittsburgh Investment Newsletter
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.”
Posted on December 17, 2012, in Economy, Investment and tagged Colliers International, Investment, Pittsburgh Commercial Real Estate. Bookmark the permalink. Comments Off on Q3 2012 Pittsburgh Investment Newsletter.