-The leasing activity at Gateway Center Complex remains strong with new & existing tenants–
Pittsburgh, PA, October 16, 2013 – Colliers International | Pittsburgh is pleased to announce that leases have been signed with six new tenants in the past five months at the Gateway Center Complex. The new tenants include Pittsburgh Human Resources Association, LM Machinery & Equipment, Ohio Security Systems, DH Marketing, Beth Bliss, Psy.D. and Arts Education Collaborative.
Paul Horan, Founding Principal, Edward Lawrence, Vice President of Office Brokerage, and David Bivens, Office Brokerage Specialist of Colliers International | Pittsburgh, represent the landlord, Hertz Investment Group.
The Gateway Center Complex, located in the heart of the Central Business District in downtown Pittsburgh, offers suites ranging from 200 SF to 20,166 SF in four office buildings.
“Since assuming leasing responsibilities at Gateway Center over two years ago, our firm has been instrumental in raising the occupancy rate for the complex from 81% to its current level of 87%,” stated Paul Horan, Founding Principal of Colliers International | Pittsburgh and leader of the Gateway leasing team.
Colliers International | Pittsburgh is proud to announce the lease of office space located at 6024 Broad Street in East Liberty. Alphalab Gear, a program of Innovation Works, leased a 10,000 SF office space.
Paul Horan, Founding Principal, and Mark E. Anderson, Vice President of Office and Retail Brokerage of Colliers International | Pittsburgh, represented the landlord, The Wedgwood Group. Patrick Gruden of CBRE represented the tenant, Alphalab Gear.
The three story office building is located in Indigo Square, which is centrally located in East Liberty. Currently, there remains 10,000 SF of leasable space within the 30,000 SF building.
The Pittsburgh market continued to outpace the national average in the second quarter of 2013 as the overall office vacancy decreased 0.1% to 8.0% compared to 17.0% nationally. Despite an average rental rate increase of $0.15 to $18.63 in the market, Pittsburgh remains a value to businesses in comparison to the nationwide average rental rate of $23.23 per square foot. Construction also continued to surge, with three buildings consisting of 358,000 square feet of office space delivered during the quarter and 1,376,855 square feet still under construction. Net absorption numbers were promising as well, with a positive 353,651 square feet in suburban markets and a positive 27,253 square feet in the Central Business
Learn more about Q2 2013 activity in the Pittsburgh office market.
More than 1,500,000 square feet of Class “B” and “C” office space has been taken off the market for conversion into residential and hospitality uses in the past couple of years. During this time, the former state office building, the Clark Building, the former Alcoa Headquarters, the former Verizon Building and 526 Penn Avenue have all been sold and either converted into residential use, or are awaiting redevelopment.
“This residential trend has added vibrancy to Pittsburgh’s Central Business District, positively impacting both the office and retail sectors of our market.” said Paul Horan, Founding Principal at Colliers International | Pittsburgh.
Colliers International | Pittsburgh is pleased to announce the successful leasing assignment of the Farmer’s Mutual Insurance Building located at 10925 Perry Highway in Wexford, PA. Paul Horan, Founding Principal, and Jessica Jarosz, Vice President at Colliers International | Pittsburgh, represented the Landlord in the two (2) recent lease transactions totaling 2,680 SF. The 6,960 SF retail building is now fully leased. The building was more than half vacant when Colliers was first engaged to provide marketing and leasing services.
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