Sampson Morris Group Holds Broker Oktoberfest
On October 23, 2012, an Oktoberfest Luncheon/Open House was held by Sampson Morris Group & Colliers International | Pittsburgh on the second floor of 5400 Campbells Run Road | Building One. There were approximately eighty brokers from the Western Pennsylvania commercial real estate brokerage community in attendance for this event.
Sampson Morris Group’s Oktoberfest Luncheon/Open House focused on the prime opportunities available at the following Sampson Morris Group properties: 5400 Campbells Run Road | Building One, 5490 Campbells Run Road | Building Five, Sharpsburg Business Park, McMichael Road Business Park, Century Business Park, Robinson Commerce Center and 173 Industry Drive. John Bilyak SIOR, CCIM, Principal | Pittsburgh, and Paul Horan, Founding Principal | Pittsburgh, of Colliers International | Pittsburgh represented 5400 Campbells Run Road | Building One, 5490 Campbells Run Road | Building Five, Sharpsburg Business Park, McMichael Road Business Park, Century Business Park and Robinson Commerce Center. CBRE represented 173 Industry Drive and Oxford Realty Services represented the retail availabilities.
“We were extremely pleased with the turnout from the brokerage community and trust everyone left with a better understanding of the multitude of opportunities being offered from the Sampson Morris Group.” said John Bilyak SIOR, CCIM, Principal at Colliers International | Pittsburgh.
Central Business District Booming with News of Office Space Development
Sources: Q2 2012 Pittsburgh Office Market Highlights; CoStar
Excitement is growing for the possibility of new downtown Pittsburgh high rise buildings, offering a blend of new office and retail space. Development plans announced in Q2 2012 are all located near Market Square, fresh off a $5 million makeover. The Pittsburgh Business Times and CBS Pittsburgh reported the six-story building at 441 Smithfield Street will either be replaced with a new 33-story, 772,000 SF Class A office skyscraper stretching along Smithfield Street between Fifth and Forbes Avenues, or it will receive full Class A renovation, offering 180,000 SF of office space along with 20,000 SF of ground-level retail. Additional development plans include: a $400 million, 33-story Tower at PNC Plaza under construction on Wood Street; The Gardens at Market Square, a 17-story high-rise featuring 95,000 SF of office space, a 175-room Hilton Garden Inn, 23,000 SF of retail and a 325-space parking garage; and the conversion of the old State Office Building into residential living. Site Selection Magazine reports Pittsburgh’s Central Business District has welcomed $5 billion in new capital investment in the last six years.
Click here for the full report.
“Pittsburgh has been very fortunate to be the home of growing financial organizations and hospital groups,” said Patrick Sentner SIOR, Founding Principal at Colliers International | Pittsburgh. “In addition, our location at the epicenter of Marcellus and Utica Shale plays, combined with the many technology spinoff companies coming out of our various colleges and universities, have continued to strengthen our office market.”
New Skyscraper Could Be Built In Downtown Pittsburgh
Excitement is growing for the possibility of new downtown Pittsburgh development. KDKA-TV’s Jon Delano reports Oxford Development, the owner of the building across from the Macy’s that stretches along Smithfield between Fifth and Forbes, has promised a major announcement that could mean more top-of-the-line Class A office space opening up in downtown Pittsburgh.
“The market, as far as office space particularly Class A, is as tight as it’s been in 20 years,” said Ed Lawrence MBA, Associate at Colliers International | Pittsburgh. It’s very difficult to find large contiguous blocks in downtown.” KDKA-TV’s Jon Delano reports part of the shortage is because some office buildings, like the old State Office Building, are being converted to residential, another sign of downtown growth. “From Market Square to Fifth and Forbes, the perception is changing,” says Lawrence. “It’s amazing the turnaround and renovation that is taking place in that part of town.”
Pittsburgh Commercial Real Estate Market Continues to Strengthen
Source: Q1 2012 Pittsburgh Office Market Report Highlights; CoStar
The demand for office space in Pittsburgh has strengthened due to a number of factors positively impacting the overall health of the market. In the Central Business District the “Med’s” (UPMC and Highmark) continue to expand by leasing additional Class A office space, while the “Ed’s” (Point Park University and various Charter Schools) are leasing and improving many former Class B and C properties.
At the same time, energy companies moving into the region to facilitate the Marcellus & Utica Shale natural gas activity continue to lease suburban office space while purchasing or leasing a great deal of industrial product. Since November 2011, Shell Oil has moved into 76,760 SF of now office space, Range Resources has relocated to a new 180,000 SF office building and Talisman has expanded their area presence to 73,000 SF. At the same time XTO and Chevron are counting for large blocks of Class A office space. Even with natural gas prices nearly 50% off of the recent 30 month high, more and more businesses from Texas, Oklahoma and Louisiana continue to search the Pittsburgh area for real estate options.
Read the complete Colliers International | Pittsburgh Q1 2012 Pittsburgh Office Market Report.
“The Pittsburgh region continues to thrive because of our now famous stability in the financial, healthcare and educational sectors along with the maturation of the technology industry,” said Patrick Sentner SIOR, Founding Principal at Colliers International | Pittsburgh. “Opportunities in commercial real estate will continue to prosper as these business sectors, including those attracted by the development of energy resources, gain momentum.”