Q2 2013 Industrial Market Report
Market Remains Sluggish Through Q2
Pent Up Demand Should Make For An Active Q3 & Q4
Although there continues to be activity in the market the actual deals are few and far between. This makes two consecutive quarters where the Pittsburgh Market has yielded few transactions of significance. In fact, if you strip away the lease renewals by Genco Supply and Wire Co. the picture gets even bleaker.
The Greater Pittsburgh vacancy rate remained at 7.9% over Q1 2013. Q2 did yield a positive net absorption of 115,000 SF so the news is not entirely grim. Continuing the thread of viewing the market through rose colored lenses, the activity in the market while not brisk, is consistent. This bodes well for the remainder of the year with several large transactions pending and soon to be inked.
The unfortunate side effect to the anticipated up tick in activity is that the few remaining blocks of quality space will be gone. Unless additional Class A inventory is added this could result in Pittsburgh being passed over by companies not able to wait on build-to-suits.
“On behalf of the Colliers International | Pittsburgh Industrial team I am pleased to present the Q2 2013 Pittsburgh Market Report.” said John Bilyak SIOR, CCIM, Principal at Colliers International | Pittsburgh. “Enjoy, and as always, in the event you have any questions don’t hesitate to call us at 412-321-4200.”
Posted on August 6, 2013, in Economy, Industrial and tagged Colliers International, Commercial Real Estate, Industrial, Pittsburgh, Westmoreland County. Bookmark the permalink. Comments Off on Q2 2013 Industrial Market Report.