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Colliers International | Pittsburgh Brokers Honored at the Western Pennsylvania Chapter SIOR Awards Luncheon

2013 SIOR Awards

Colliers Brokers Receive Top Honors in Several Award Categories for 2012 Deals of the Year from the Society of Industrial and Office Realtors (SIOR)

Colliers International | Pittsburgh is pleased to announce that it has received several top honors in multiple commercial real estate categories at the annual Western Pennsylvania Chapter SIOR Luncheon, held Wednesday, May 15, 2013 at the Duquesne Club in Downtown Pittsburgh, honoring the Region’s Top Brokers and Deals for 2012.
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Q1 2013 Pittsburgh Investment Newsletter

2013  Q1 NewsletterFor the first time in the last four quarters, the Pittsburgh office market vacancy has increased. The Pittsburgh office market vacancy
rate for the first quarter of 2013 was 8.0%; 10 basis points above the prior quarter and 380 basis points lower than the national average of 11.8%. Class A office space vacancy remained unchanged from the prior quarter at a rate of 6.3%. Class B office space reported a vacancy rate of 9.3% which is a 30 basis point increase from the prior quarter. Class C office space increased by 10 basis points to a rate of 7.3%. As expected from the ascending vacancy trend, the average asking price per square foot dropped 1.4% to a rate of $18.49.

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Q3 2012 Pittsburgh Investment Newsletter

Source:  Colliers International | Pittsburgh Q3 2012 Pittsburgh Investment Newsletter

2012  Q3 NewsletterThe momentum of the Pittsburgh commercial real estate market continued during the third quarter of 2012 as all major asset classes experienced a vacancy rate compression. A strong local economy coupled with a growing population is the primary driver of the positive economic trend. Throughout the third quarter of 2012, the Pittsburgh Metropolitan Statistical Area unemployment rate of 6.8% remained well below the national average of 8.6%. Additionally, as of June 2012, Pittsburgh had a year-over-year job growth rate of 1.3%, which is almost 80 basis points higher than the national average of .35%. As one might expect, these positive economic trends have spilled over into the real estate markets causing vacancy decreases and rental increases.

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“Pittsburgh continues to gain national and global attention in the investment real estate market sector,” said Gregg Broujos, Managing  Director and Founding Principal at Colliers International | Pittsburgh.  “Our market is no longer considered a secondary market by institutional investors and private equity firms, and is considered a primary target market.  Due to our strong economic drivers and the fact that Pittsburgh is one of only three markets that has been noted by Reuters as fully recovered from the 2007-2009 recession, we continue to see strong growth in every sector of real estate.”

Demand for Office Space is Excellent in Downtown Pittsburgh

Q32012PghOfficeSources:  Colliers International | Pittsburgh Q3 2012 Pittsburgh Office Market Report

Pittsburgh office market performance continues to be strong, with an increased amount of activity and tenant movement. The office vacancy rate is steadily declining on a quarter over quarter basis, as Class A buildings continue to fill with new leases, expansions and renewals. Plans of new construction are on the horizon, employment rates are improving, and there is solid momentum in absorption. Pittsburgh is performing well ahead of the US average, and is expected to continue in a positive direction into the next quarter. Under-utilized Class B and C properties are being converted into residential use, and demand for a mixed-use “live-work-play” community continues to be the focus for adding vibrancy to downtown Pittsburgh and lifting occupancy rates. The total number of city residents has increased from 1,000 seven years ago, to over 7,000 today. High performance banking, healthcare, energy and education sectors are driving positive growth, along with favorable trends in housing recovery and residential opportunities downtown.

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“The Pittsburgh commercial office market continues to be strong.  While some local companies are still waiting to see what the upcoming “Fiscal Cliff” will mean to their businesses, others are moving forwarded with planned relocations and expansions,” said Patrick Sentner SIOR, Founding Principal at Colliers International | Pittsburgh.

“We remain encouraged in the strengthening of Pittsburgh’s commercial real estate market, and are poised to assist our clients through leveraging our breadth of knowledge and world leading Colliers platform and personnel,” added Paul Horan, Founding Principal at Colliers International | Pittsburgh.