Colliers International | Pittsburgh Represents Regulatory & Quality Solutions LLC (“R&Q”) in New Lease at 2790 Mosside Boulevard
R&Q has signed a lease at 2790 Mosside Boulevard for approximately 6,900 SF of executive and professional office space. Jessica Jarosz, Vice President of Occupier Services at Colliers International | Pittsburgh exclusively represented R&Q in the transaction.
R&Q will be moving its headquarters from a small office building in Murrysville, PA later this month. 2790 Mosside Boulevard will offer R&Q a corporate address and executive office environment to emulate the culture of the firm and to support its continued growth.
“We are very excited about our new office space and owe much of it to Colliers’ expertise and leadership” stated Maria J. Fagan, President of R&Q.
R&Q was founded in 2008 and provides quality and regulatory consulting solutions to medical device companies. Their experts are experienced, knowledgeable, and scalable to whatever challenges the medical device business faces during its entire life cycle. From strategic advice and guidance, to full spectrum, hands-on regulatory and quality engineering support, R&Q has the resources to ensure the success of your business. To learn more about R&Q, visit their website at http://www.rqteam.com.
Colliers International | Pittsburgh names Edward Lawrence and David Thor as Principals
Colliers International | Pittsburgh, a commercial real estate leader in Western Pennsylvania, is proud to announce the promotion of two of its leading professionals.
Effective immediately, Edward Lawrence’s title is Principal | Office Brokerage and he is responsible for landlord representation and office brokerage activities. In the past year, Mr. Lawrence completed 60 transactions and is currently representing 3,500,000 +/- SF of office space. In 2012, Mr. Lawrence was recognized by SIOR for the Most Creative Deal of the Year and the CBD Office Lease of the Year and again in 2013 for the CBD Office Lease of the Year.
Also effective immediately, David Thor’s title is Principal | Occupier Services. David assists clients with strategy, site selection, proposals, financial analyses and lease negotiations and acquisition/disposition strategies. He develops and maintains client relationships and delivers professional services in office, industrial, retail, and land transactions. David’s transaction volume exceeds $63,000,000 spanning more than 750,000 +/- SF.
“Eddie and David have shown in a relatively short amount of time that they are tremendous brokers, industry leaders, and valuable members of the Community. We respect not only their brokerage abilities and leadership, but also the work that they do outside of the office. Both are actively involved with several of their favorite charities and non-profits” said Gregg Broujos, Managing Director and Founding Principal.
Lawrence joined the firm in 2007 and earned a BA from Denison University and a MBA from Waynesburg University.
Thor joined the firm in 2010 and earned a BS from Indiana University’s Kelly School of Business, is a LEED Accredited Professional, and the current President of CoreNet Global’s Pittsburgh Chapter.
Alexis Wilkerson Joins Colliers International | Pittsburgh Office Team
Alexis Wilkerson joins Colliers International | Pittsburgh as an Associate with the Office Brokerage team. She will specialize in landlord representation.
Alexis began her career with Colliers over two years ago serving as a marketing and research intern for the Occupier Services group. During this time she aided in completing various research requirements, coordinating database files, and assisting with administrative and marketing tasks.
In December 2014, she graduated from Robert Morris University with a Bachelor of Arts degree in Marketing. Alexis was a highly active student, participating in organizations such as the American Marketing Association (AMA), the NCAA Student Athlete Committee (NSAC), the Student Advisory Committee (SAAC), the National Collegiate Scholar Committee (NCSC), and served in the Member of Advertising Club (AdClub). Additionally, during all four years at RMU Alexis played defense for the Women’s Division I Lacrosse Team.
“We are pleased to have Alexis join our team. Her energy and enthusiasm will further enhance the services we bring to our clients,” Paul Horan, Founding Principal of Colliers International | Pittsburgh commented.
Q3 2014 Office Market Report
The Pittsburgh office market continued its steady growth during the third quarter with increased absorption and an unchanged vacancy rate of 8.4%. The average asking lease rate was up over last quarter to $19.97 per square foot, an increase of 0.7%. Class “A” space continues to be in strong demand, especially in the CBD where the vacancy rate is 6.84% and large blocks of space are scarce. Suburban class “A” space has a higher vacancy rate of 9.1%, with large vacancies in the Cranberry, Monroeville and Parkway West submarkets.
Lease rates have general held steady or increased over the quarter. Overall, asking lease rates for the CBD are $21.84 with suburban asking lease rates coming in at $19.20. The average lease rate for the entire market is $19.97, which represents a healthy increase over the average rate of $18.79 quoted at this time last year.
Absorption for the quarter was 404,283 square feet, the largest amount since fourth quarter 2012. The largest transactions during the quarter were Express Scripts’ lease for 70,000 square feet and EQT’s lease of 30,000 square feet at Zenith Ridge Two. It is anticipated that absorption should continue to be positive for the near term although new deliveries may hold the occupancy rate in check. A number of new projects are on the drawing board, but not many will be built on a speculative basis, and those that are built speculatively will be relatively small. With the exception of the Gardens at Market Square (159,000 SF), the most speculative construction is under 100,000 square feet.