Author Archives: Colliers International | Pittsburgh
Earlier this month, Colliers International | Pittsburgh participated in the “Step Out Walk to Stop Diabetes” in support of diabetes research, education and advocacy programs. Our firm raised over $1,500 for the American Diabetes Association of Western Pennsylvania.
The Colliers team walked alongside 1,100 people in the scenic 5K walk along the Monongahela River. Over $200,000 has been raised thus far, and the American Diabetes Association is still collecting donations to reach their $350,000 goal.
Mamadou Baldé, Vice President of Office Brokerage at Colliers International | Pittsburgh, has been involved with the American Diabetes Association for over a year. As a person living with diabetes, Baldé wanted to get involved with the organization to help educate others about the disease that affects so many people. According to diabetes.org, approximately 300,000 people in Western Pennsylvania have diabetes.
“Our company philosophy revolves around family and fun, so we jumped at the chance to become involved in a charity that is so important to one of our colleagues,” explains Gregg Broujos, Managing Director and Founding Principal at Colliers International | Pittsburgh. “Mamadou demonstrates every day the strength that it takes to overcome this type of adversity and thrive within the business community. And congrats to the ADA for staging an incredibly well organized event with perfect weather to match!”
“I was very impressed by the individuals in our office who donated, raised funds, and participated in the walk,” said Baldé. “I know the ADA is extremely grateful to have Colliers’ support!”
About the American Diabetes Association
The American Diabetes Association is leading the fight to Stop Diabetes® and its deadly consequences and fighting for those affected by diabetes. The Association funds research to prevent, cure and manage diabetes; delivers services to hundreds of communities; provides objective and credible information; and gives voice to those denied their rights because of diabetes. Founded in 1940, the Association’s mission is to prevent and cure diabetes, and to improve the lives of all people affected by diabetes. For more information, please call the American Diabetes Association at 1-800-DIABETES (1-800-342-2383) or visit diabetes.org. Information from both of these sources is available in English and Spanish. Find us on Facebook (American Diabetes Association), Twitter (@AmDiabetesAssn) and Instagram (@AmDiabetesAssn)
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!”