Monthly Archives: February 2013
While the global commercial real estate recovery remains uneven and very specific to geographic and asset class, commercial real estate continues to be a prime target for both institutional and private capital alike. Compared to the other primary investment vehicles, commercial real estate offers higher yields and, in many cases, greater stability and overall safety. Additionally, commercial real estate, especially hotels, self-storage, and apartments, has historically proven to be an excellent inflation hedge. As investors continue to fear the inflationary consequences of Quantitative Easing Four (QE4), an influx of capital may surge into the commercial real estate markets in hope of hedging the consequences of the weakening U.S. dollar.
Narrowing down to a regional level, once again the Pittsburgh commercial real estate market strengthened during the fourth quarter of 2012 as all major asset classes experienced positive net absorption coupled with significant vacancy rate compression. Throughout the fourth quarter of 2012, the Pittsburgh Metropolitan Statistical Area unemployment rate dropped from 6.8% to 6.6% and remained well below the national average of 7.8%. Additionally, as of December 2012, Pittsburgh had a year-over-year job growth rate of 1% while also obtaining a new record high of 1,169,000 total jobs. As one might expect, these positive economic trends have spilled over into the real estate markets, causing vacancy decreases and rental increases.
“Providing investors with a copy of the quarterly Investment Newsletter is just one of the many examples of how Colliers accelerates our client’s success,” said Luke Hingson MRED, Investment Services Specialist at Colliers International | Pittsburgh.
Colliers International | Pittsburgh is participating in Leukemia & Lymphoma Society Race to Anyplace
In the spirit of community, Colliers International | Pittsburgh is sponsoring a team 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.
Michelle Stewart, Office & Retail Brokerage Specialist at Colliers International | Pittsburgh, will lead the Colliers International | Pittsburgh team in the six-hour stationary bike race. Team members will ride continuously from 8 am until 2 pm, in shifts of 15 minutes each, pedaling towards a cure for blood cancers. As team leader, Michelle has recruited team members to participate or make donations.
“Colliers International | Pittsburgh is proud to participate in the Leukemia & Lymphoma Society’s Race to Anyplace spinning event and generate awareness and support for this very important cause,” said Michelle Stewart, Office & Retail Brokerage Specialist at Colliers International | Pittsburgh.
The event will be held on Saturday, February 23, 2013 at the U.S. Steel Tower in downtown Pittsburgh.
To help the Colliers International | Pittsburgh Race to Anyplace team in raising funds to help support this very special Leukemia & Lymphoma Society event, click here to make a donation.
Read the rest of this entry
It is a very exciting time to live, work and play in the Pittsburgh region. With redevelopment projects slated for future construction, and sustainable improvements and investments in infrastructure, Pittsburgh is gaining notable recognition as a city with think forward strategies for economic revitalization.
Developers in Pittsburgh, and across the country are building momentum in construction, by converting empty hotels, schools and multifamily properties into improved office and residential spaces. As demand increases for tenants in technology and energy related sectors, developers nationwide are eager to fulfill their space requirements, and commercial real estate experts are improving the overall appeal of these properties by adding tenants that offer recreational, residential and even entertainment amenities.
“Our firm has been involved in many projects where a former school or church has been successfully retrofitted into an alternative use,” said Gregg Broujos, Managing Director & Founding Principal at Colliers International | Pittsburgh. “Most popular has been turning former schools into apartments, like the former Fifth Avenue High School project and a former elementary school in Emsworth, both of which we were involved with as listing brokers.”