Author Archives: Colliers International | Pittsburgh
Following a strong performance in the first quarter of 2016, Pittsburgh’s office market ended the second quarter with similar strength, boasting a vacancy rate of just 7.7%. The average rental rate, over all classes, finished at a solid $20.40 per square foot.
Overall, Pittsburgh’s Central Business District (CBD) posted a declining vacancy rate of 8.3%, down over 0.5% from this time last quarter. The average asking rental rate per square foot for all classes in the CBD remained steady from previous quarters reaching $23.66 per square foot. The average asking rental rate for Class “A” buildings in the CBD was just over $26.65 per square foot with Class ”B” reaching an average of $20.60 per square foot. We can expect overall rental rates in the CBD to increase due to the two large renovations underway to include: the 529,000 square foot Liberty Center and the 1,011,000 square foot One Oxford Centre. The buildings are currently quoting $33.00 and $34.00, respectively.
Similarly, Pittsburgh’s suburban office market remained strong. The end of the second quarter showed a 7.4% vacancy rate compared to the first quarter’s vacancy rate of 7.9%. The average rental rate for Class “A” buildings in the suburban office markets reached $23.43 per square foot with Class “B” attaining rates of $19.36 per square foot. Both classes demonstrated an increase from the previous quarter. Suburban submarkets, such as the Parkway West, have retained large amounts of Class “A” inventory providing sizeable users with options in the market.
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Three very intelligent and hard-working children joined their parents at Colliers International | Pittsburgh for the annual “Take Your Children To Work” day. The day started with fun brain-teasers, including building a skyscraper out of chocolate and playing concentration (or as some people know it as the matching game) with iconic Pittsburgh buildings and landmarks. They especially enjoyed eating the chocolate once they were finished!
After a pizza party lunch, the kids assisted their parents with some important tasks, including sorting the mail, making deposits, binding books, and delivering papers to other individuals in the office.
“Lizzie learned a great deal and cherishes the book we put together for her showcasing buildings and monuments around the world and photos of her and the other kids,” Lisa Mikolay, Office Manager for Colliers International | Pittsburgh explained. “She loved trying to build a skyscraper out of candy, working on the computer and helping me make deposits.”
Aside from helping their parents, the kids got to explore some of their own skills and talents. Seven-year old Ryan sat in one of the empty cubicles and even made a cold-call to a very interested prospect, his mom! He designed his own skyscraper and discussed business strategies with other brokers in the office. Lizzie veered off from brokerage and became a jewelry designer, making necklaces out of paperclips for the administrative staff.
Not only did the kids enjoy time in the office, they were also enamored by all the excitement downtown Pittsburgh has to offer.
“Ryan and Garrett had a great time at Colliers International | Pittsburgh for take your child to work day. They learned about downtown buildings and marketing real estate,” said Mark Anderson, Vice President of Retail Brokerage at Colliers International | Pittsburgh. “They love coming downtown and seeing all of the people and activity as well as interacting with the brokers and staff in the office.”
Lisa added, “Lizzie really enjoyed spending the day with me at work learning about the different buildings in Pittsburgh. She was amazed that people now live in the heart of the CBD and was even more amazed that they would have pets!”
Patrick J. Sentner, SIOR, Founding Principal at Colliers International | Pittsburgh, was recently elected to a two-year term on the SOCIETY OF INDUSTRIAL AND OFFICE REALTORS® (SIOR) Board of Directors. He will assume his position on the Board at the SIOR Fall World Conference in New York City in October.
Mr. Sentner has been involved in the commercial real estate industry for more than 25 years, with a focus on local office user representation and national Corporate Services representation. Prior to helping to open Colliers International | Pittsburgh, Mr. Sentner was a Founding Principal at NAI Pittsburgh Commercial, and Vice President at Oxford Development Company. He has an extensive history handling the local and national real estate requirements of companies in a wide variety of industries ranging from medical to technology to insurance to manufacturing.
After becoming a member of SIOR nearly 15 years ago, Mr. Sentner has been very active in the organization locally and nationally. He has served as President of the Western Pennsylvania Chapter, Director of the Mid-Atlantic Region, and a member of the National Budget and Finance Committee. Currently, Mr. Sentner is on the Board of Trustees for the SIOR Foundation and serves as the Treasurer for the Western Pennsylvania Chapter.
“It’s an exciting opportunity to join SIOR’s Board of Directors. I look forward to working with the leadership and the Board to pursue new and existing organizational initiatives,”
SIOR is a global professional organization that certifies commercial real estate service providers with the exclusive SIOR designation, based on achievement, knowledge, accountability and ethical standards. Only the industry’s top professionals qualify for SIOR. Today, there are more than 3,000 members in 630 cities in 34 countries. For more information, visit http://www.sior.com.