Colliers Pittsburgh Office Team Lists 703 Rodi Road for Lease
Colliers International Pittsburgh’s Office Team of Paul Horan and Edward Lawrence MBA are pleased to bring 703 Rodi Road to market for lease.
Located off I-376 in Penn Hills, 703 Rodi Road is an 80,000 SF, four floor office building that could be utilized as a corporate headquarters building or it could be subdivided for multiple users. A qualified tenant has the opportunity for prominent signage that is highly visible from I-376 (Parkway East). There is great access to major highways and nearby amenities from this site.
“Colliers is excited to bring to market such a highly recognizable building,” said Lawrence, “We are confident that the new availability will resonate well with the business community and that activity will be strong.”
For more information about this listing, please contact Paul Horan at 412-515-8525 or Edward Lawrence MBA at 412-515-8526.
To read the full article about 703 Rodi Road, click here.
Kids Day at Colliers Pittsburgh
Colliers International | Pittsburgh welcomed three intelligent and creative children to the office for “Bring Your Son or Daughter to Work” day.
The day started with some tough ice breaker questions, such as: “if you could invent something for the future, what would it be?” and “if you could go anywhere on Earth where would you go?” Their vastly different, yet thought out answers was just the beginning of a wonderful work day.
Garrett, 7, wants to invent a robot suit, so that everyday people can be superheroes! He also wants to go to Florida to visit Legoland again. Ma’Noah, 8, wants to invent flying cars and go to Japan to eat sushi and meet the voices behind the Anime characters. Lizzie, 10, wants to find a way to end world hunger and dreams of going to Paris to see the Eiffel Tower.
The tables then turned when Garrett, Ma’Noah, and Lizzie got to ask the brokers and support staff questions in an office scavenger hunt. Next came a lesson in marketing from our Office Manager and mother of Lizzie, Lisa Mikolay. After discussing TV, digital and print forms of marketing, she showed the kids a brochure and asked them to draw their own versions and explain their reasoning.
After lunch several of the brokers presented their specialty in commercial real estate with the kids. Ed Lawrence, Principal, taught the kids the difference between a Tenant and a Landlord. Mamadou Balde, Vice President, walked them through the Tenant Representation process for finding a client new office space. Ray Orowetz, Vice President, discussed Industrial Brokerage and the different types of industrial product. Finally, Justin Kline, Vice President, gave pointers on how to sell a building. After each mini-presentation, the brokers quizzed the kids on their topic.
“My daughter, Lizzie has been coming to the office for Bring Your Son or Daughter to Work for the last 4 or 5 years, however this is the first year I heard her answering questions about commercial real estate,” Mikolay commented. “She seems to have been paying close attention to the brokers that took the time to sit with the kids and give a brief overview of their different disciplines of commercial real estate.”
The last activity was to finally present the buildings they created to the office. Lizzie created a gymnastics studio with the slogan “Love our price, we’re so nice!” Ma’Noah drew a skyscraper with a “Lets Go Pens” banner. He also made it known that Spiderman lives there. Garrett designed a Mindcraft building with a giant cake as the roof. On top of the building you will find a very friendly Pikachu Batman character. Creativity is definitely a strong suit for all three kids!
“My son had an awesome day last week!” Exclaimed Lillian, Mom to Ma’Noah. “Our conversation on the way home from a long day at work was generally about the tall fascinating buildings downtown. Thank you to Gregg and Colliers International for allowing my son to have the experience.”
Continued Strength in Q2
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.
Click here to view the full report.
Society of Office and Industrial Realtors Elects Patrick Sentner to Board of Directors
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.