Monthly Archives: February 2013
Colliers International | Pittsburgh Pedals Together in Support of the Leukemia & Lymphoma Society Race to Anyplace 2013
In the spirit of community, Colliers International | Pittsburgh teamed up to raise funds for the 13th Annual Race to Anyplace stationary bike race to benefit the Leukemia & Lymphoma Society of Western PA and WV.
Last year, over 80 teams from local businesses, health clubs, and the community raised more than $100,000 to fuel the Society’s mission: to cure blood cancers – leukemia, lymphoma, myeloma, and Hodgkin’s disease, and to improve the quality of life of patients and their families. This year, the 13th Annual Race To Anyplace raised more than $120,000 at the event held Saturday February 23, 2013 at the U.S. Steel Tower in downtown Pittsburgh.
Michelle Stewart, Office & Retail Brokerage Specialist at Colliers International | Pittsburgh, lead the Colliers International | Pittsburgh team in the six-hour stationary bike race to generate awareness for the Leukemia & Lymphoma Society. Team members rode continuously from 8 am until 2 pm, in shifts of 15-30 minutes each, pedaling towards a cure for blood cancers. As team leader, Michelle recruited team members to participate or make donations. Collectively, the team logged approximately 162 miles and was able to raise approximately $600 to benefit the Leukemia & Lymphoma Society of Western PA and WV.
“It was an exciting event that enabled us to work together as a team for an important cause,” said Michelle Stewart. “I’m very proud of the Colliers International | Pittsburgh Race to Anyplace cycling team for the hard work they put in to log miles, and their enthusiasm and support for one another. The camaraderie and positive energy we generated helped drive our momentum to continue to pedal as a team throughout the six hour event.”
During the fourth quarter of 2012, Pittsburgh’s overall office vacancy rate decreased to 7.9%, continuing an ongoing positive trend. Behind the stability of Pittsburgh’s banking sector, the strength of local health insurance companies and the under-the-radar growth of many high-tech companies, Pittsburgh continues to be one of the strongest office markets in the United States.
The strength of the overall Pittsburgh office market is not limited to just a few submarkets. While most of the focus has been on the Central Business District, Cranberry and Southpointe, the other submarkets continue to perform well. The Parkway West is as tight as it has been since the “dot-com” days due to growth in both energy and mortgage service companies. In addition, the Parkway East/Monroeville area, while the weakest of the various submarkets, with a 10.5% overall vacancy rate, is actually strong compared to historical levels.
“The Pittsburgh office market is as strong as we have seen it since the dot-com days of the late 1990’s,” said Patrick Sentner SIOR, a founding principal at Colliers International | Pittsburgh. “Only this time the overall fundamentals appear to be much more sound.”
Pittsburgh Enjoys Positive Industrial Absorption – Although Lack of New Class A Industrial Warehouse Product Still Remains
Pittsburgh continued its pattern of ignoring national uncertainty during the final three months of 2012, and enjoyed another quarter of positive absorption.
Unfortunately, the pattern also continued with the sluggish delivery of new Class A industrial warehouse product. Net absorption for the calendar year 2012 was roughly 388,000 SF while overall vacancy fell to 8.2% and vacancy for Class A product came in at a stunning 3.6%.
Pittsburgh is not a market that traditionally experiences a high volume of build to suit activity. Historically most absorption occurs through activity on existing product – either speculative or second/third generation. With the lack of available inventory, it will be interesting to monitor build to suit projects over 2013. Most forecasters do not anticipate a drop off in demand which makes for simple math – excess demand and limited supply equals build to suit. While developers always prefer to build with a tenant in hand, in speculative development one often wins the deal due to timing. Increased build to suit activity will lead to increased competition, perhaps including national players. The risk our market runs for not delivering existing options to meet the demand is that we lose projects to other markets.
“The Colliers Pittsburgh Industrial team remains bullish on the demand for industrial space throughout our region, although our optimism is tempered somewhat by the lack of supply,” said John Bilyak SIOR, CCIM, Principal at Colliers International | Pittsburgh. “We look forward to another active albeit challenging year, in that we will have to be especially creative in identifying solutions for our clients.”
Colliers International | Pittsburgh is proud to announce that La Prima Espresso will be moving its roasting operation out of the Pennsylvania Railroad Fruit Auction and Sales building in the Strip District to a 4,000 square foot building located at 1500 Chateau Street in Manchester on the North Side. The property also includes a 4,000 square foot lot.
Anthony Pantoni, Industrial Services Specialist at Colliers International | Pittsburgh, was engaged as the Exclusive Tenant Representative to La Prima Espresso, securing the new 4,000 square foot location.
Raymond Orowetz P.E., LEED Green Associate of Colliers International | Pittsburgh represented the landlord in the transaction.
“As we continue to see the inventory of industrial space shrink in Greater Downtown, great locations become harder to find,” said Anthony Pantoni, Industrial Services Specialist at Colliers International | Pittsburgh. “La Prima’s relocation to Manchester is part of the revitalization going on there and we are seeing significant interest from companies considering moving there.”
“We look forward to being part of the continuing development of Manchester and being good neighbors in the community,” said Sam Patti, Owner of La Prima Espresso. “This is a coming home of sorts, as Manchester was the settlement area of early Sicilian immigrants to Pittsburgh – the heritage of my dear Mother’s family.”