Q1 2014 Pittsburgh Retail Market Place Highlights
Pittsburgh’s retail market experienced minimal impact the first quarter of 2014. The vacancy rate remained the same at 4% from the previous quarter in 2013, ranking Pittsburgh 12th out of 63 markets nationally, the lowest being San Francisco at 3.4% and the highest is Cleveland at 15.2%. Researchers are forecasting the national average vacancy to drop from 12% to 10.6% in 2014. This will be the first time rates have dipped below 12% since 2009, a far stretch from a low 7.5% in 2005.
While the vacancy rates remain stagnant, the rental rates continue to rise. The rates increased 0.7% this quarter bringing the total increase over the past four years to 5.88%.
The net absorption for Pittsburgh was positive 234,553 square feet, a significant difference from the fourth quarter of 2013 at 494,762 square feet. New Class A retail development continues to be in demand for retailers. There were a total of 11 new retail buildings and a total of approximately 200,000 square feet delivered last quarter with an additional 216,000 still under construction.
Click here to read the full Q1 2014 Pittsburgh Retail Market Place Highlights.
Posted on May 7, 2014, in Economy, Retail and tagged Colliers International | Pittsburgh, ICSC RECon 2014, Pittsburgh Commercial Real Estate, Pittsburgh Retail. Bookmark the permalink. Comments Off on Q1 2014 Pittsburgh Retail Market Place Highlights.