CoreNet, an organization with a mix of Corporate Real Estate Executives and service providers, hosts a monthly discussion within their Pittsburgh chapter, “Coffee with CoreNet,” a discussion of current real estate trends in the market.
During this month’s installment of “Coffee with CoreNet”, held yesterday August 18th, our very own Paul Horan (Principal | Office Brokerage) had the opportunity to serve as a panelist and provide his expertise on the current state of the Pittsburgh office market pre and post COVID 19. Horan, a founding member of CoreNet’s Pittsburgh chapter, has over 30 years of commercial real estate experience and specializes in leasing office product, representing both owners and tenants.
Yesterday’s presentation also featured Jeremy Waldrup, President & CEO of Pittsburgh Downtown Partnership as the moderator and Jim Winter, Senior Director of Corporate Services/Commercial Brokerage at Hanna Langholz Wilson Ellis as another panelist.
The discussion centered around the state of the Downtown Pittsburgh commercial real estate market and how working from home is impacting lease structure, rental rates, and marketing efforts.
“Going in to 2020 all of us here at Colliers International | Pittsburgh were positive about the market,” stated Horan, “Our team was projecting a lot of transactions and thankfully during the first quarter, we were able to successfully conclude a number of those.”
While leasing in submarkets such as the Central Business District have slowed, opportunities have emerged in suburban office submarkets.
“Companies that have a major presence in town have the opportunity to turn to suburban satellite offices, so employees do not have to rely on public transportation or sharing an elevator,” said Horan.
These trends coincide with what tenants are looking for during a time when a majority of their employees continue to work from home. However, Horan does not see this as a permanent trend and believes Pittsburgh’s CBD will bounce back, “Long term, Pittsburgh should fare well based on the diverse drivers of our economy continuing to flourish.”
To view this month’s full installment of “Coffee with CoreNet”, please click here.
For more information on CoreNet, please click here.