Category Archives: market
On December 4th, the first ever Colliers PropTech Accelerator Powered by TechStars was held with the purpose of giving tech-based companies the opportunity to showcase their ideas and technology. These ten companies, from seven countries, pitched their designs with the hopes they would entice investors and eventually change the technology that is used within the commercial real estate industry.
The accelerator was created not only to showcase the talents of these ten organizations, but to also find technology solutions that would provide immediate and long-term benefits for the commercial real estate industry.
“When we look to the future, we know that how we embrace technology will increasingly be the key to our growth and differentiation amongst our peers,” said Colliers President and COO, Dylan Taylor, “We also believe that these advancements will enable our experts to deliver smarter, more personalized services, that can help make a difference for our clients.”
Attendees were able to meet and talk with entrepreneurs to get a glimpse of the newest innovative technologies that may soon be present in the industry.
To read more about the showcase, please click here.
The Steel City has claimed yet another accolade to add to its growing list. USA Today recently voted Pittsburgh as the best large metro area for jobs.
The rankings were based on “the number of hiring opportunities relative to population, the area’s affordability and job satisfaction,” according to Glassdoor.com, a website which allows former and current employees to anonymously review companies and their management.
This is far from Pittsburgh’s first recognition as one of the best cities in the country. In 2018 alone, Pittsburgh was selected as the second most livable city in the United States, number one city for the most affordable rent, number 34 out of the top 100 places to live in the world, and number one city for young people to live based on job opportunities, affordability and livability.
To read the full USA Today article, click here.
With the inauguration of President Trump fresh in our minds, it would be appropriate to discuss the impact of a new presidency on the retail real estate world. Will new tariffs impact retailers like Best Buy and Walmart, or could new manufacturing emerge that might lower costs? Instead of discussing these weighty issues, and because Colliers International | Pittsburgh has its priorities straight, we would prefer to talk about beer. Specifically the burgeoning microbrewery explosion we have seen in our region.
Combined with a hot restaurant scene, Pittsburgh’s food options have never been better.
The excitement in Pittsburgh’s food scene is headlined by the strong growth in regional micro-breweries. Just this past month Mindful Brewing opened their new location on Route 88 in Castle Shannon. At the same time Southern Tier Brewing Company opened on the North Shore and Helltown Brewing announced it is expanding to Bloomfield. By some count, no fewer than seventeen breweries are planned or expected to open in the region in 2017. While many might wonder if this could be too much of a good thing, Kyle Mientkiewicz of Grist House Craft Brewery, one of Pittsburgh’s first and most popular craft breweries disagrees. “In the grand scheme of things I don’t think the market is
saturated yet,” he said, “but if you do enter the market you better have a good product”. Grist House’s success has shown other entrepreneurs that people will seek out good
Local craft breweries are only a part of Pittsburgh’s strong restaurant scene. National and regional restaurant chains are expanding rapidly within the market and competing for real estate options. Restaurants active in the market include Firebirds, Bomba, Hello Bistro, Plaza Azteca, Choolah, Mission BBQ, Emiliano’s, and many others. By some counts there may be dozens of restaurant concepts competing for the same prime locations. The result is a lack of opportunities for smaller local restaurants and increasing rental rates. Restaurants that used to lease space for $15 or $18 per square foot are now forced to deal with market rents that range between $25 and $40 per square foot. Rising occupancy and labor costs create a conundrum for many restauranteurs. Joe Billhimer, a franchisee of multiple restaurant concepts said, “The implications of higher rents, coupled with increasing difficulty in finding quality workers and their ability to get to your location absent mass transportation services, has added another factor into deciding the right location for a restaurant to be prosperous. It has become very important to look at your location and the availability of workers.“
Some pundits believe that, nationally, there is an oversupply of restaurant uses and that there will be a market correction. In a recent poll by the National Restaurant Association, only 17% of restaurateurs believed that the market for restaurants will improve over the next year, while 29% see conditions worsening. Of course, we know that polls don’t always correlate with reality, so have a beer, leave the politics aside and enjoy the plethora a food options that Pittsburgh provides.
To read the full Q1 2017 Pittsburgh Retail Newsletter, click here.
This edition of the Investment Newsletter contains 1st quarter 2017 market indicators, market statistics, sales transactions and an investor spotlight interview with Bill Hunt of the Elmhurst Group based in Pittsburgh, Pennsylvania.
Click here to view the entire report.