- Increased leasing activity across most submarkets has dropped the total vacancy rate to 16.7 percent.
- The technology sector exhibits the most demand with over 600,000 square feet of tenant requirements active in the market.
- Development is focused on urban submarkets, totaling 841,026 square feet under construction, as companies seek higher-quality space downtown and in urban areas.
YTD net absorption across the Pittsburgh office market was 209,030 square feet. Vacancy increased to 16.8% due to SAP Ariba vacating 109,000 square feet in the CBD. While leasing activity has been consistent, new construction has captured most demand, putting downward pressure on asking rents for existing properties. Landlords are enhancing amenities to compete, and over 450,000 square feet of positive absorption has occurred in renovated properties since 2016.
The COVID-19 pandemic has impacted the Pittsburgh office market. Less than 1% of office inventory was made available through subleases in Q2 2020 as leasing activity declined but started to return to normal levels in June. While over 500,000 square feet of net absorption was negative due to sublease space and slowed leasing, construction of speculative office projects resumed as restrictions were lifted. Demand remains for new construction focusing on health and safety, and the local economy is expected to start regaining footing in the coming months, though 2020 activity may lag previous years.
- Robotics and automation continue to drive office activity in Pittsburgh, especially in the Fringe submarket near Carnegie Mellon University.
- Demand from technology companies is fueling growth in the Fringe and urban submarkets, while vacancy rates are higher in suburban areas.
- Overall vacancy in Pittsburgh is at 16.3% as of Q1 2017, a slight decrease, while average asking rents have increased. Investment continues to flow into the city.
- Asking rates in the Oakland / East End submarket are reaching record highs, cresting $50.00 per-square-foot.
- Mascaro Construction receives $9.0 million contract for over 100,000 square feet of tenant improvements at US Steel Tower for WeWork.
- Urban submarket Class A total average asking rates reached an all-time high of over $31.00 per-square-foot in the third quarter.
- In 2019, 500,000 square feet of new office inventory was delivered in the Pittsburgh market, with another 1.3 million square feet under development and 1.1 million square feet proposed. This new supply is in response to leasing activity from companies relocating from suburbs and new-to-market firms seeking Class A space near universities.
- FNB plans to anchor a new 160,000 square foot tower in downtown Pittsburgh, adding over 200,000 square feet of available trophy office space. Covestro also plans to purchase Bayer's campus by the end of 2020.
- While the new space provides opportunity for growth, demand will be tested as supply increases and vacancy may rise short-term until
- Increased leasing activity across most submarkets has dropped the total vacancy rate to 16.7 percent.
- The technology sector exhibits the most demand with over 600,000 square feet of tenant requirements active in the market.
- Development is focused on urban submarkets, totaling 841,026 square feet under construction, as companies seek higher-quality space downtown and in urban areas.
YTD net absorption across the Pittsburgh office market was 209,030 square feet. Vacancy increased to 16.8% due to SAP Ariba vacating 109,000 square feet in the CBD. While leasing activity has been consistent, new construction has captured most demand, putting downward pressure on asking rents for existing properties. Landlords are enhancing amenities to compete, and over 450,000 square feet of positive absorption has occurred in renovated properties since 2016.
The COVID-19 pandemic has impacted the Pittsburgh office market. Less than 1% of office inventory was made available through subleases in Q2 2020 as leasing activity declined but started to return to normal levels in June. While over 500,000 square feet of net absorption was negative due to sublease space and slowed leasing, construction of speculative office projects resumed as restrictions were lifted. Demand remains for new construction focusing on health and safety, and the local economy is expected to start regaining footing in the coming months, though 2020 activity may lag previous years.
- Robotics and automation continue to drive office activity in Pittsburgh, especially in the Fringe submarket near Carnegie Mellon University.
- Demand from technology companies is fueling growth in the Fringe and urban submarkets, while vacancy rates are higher in suburban areas.
- Overall vacancy in Pittsburgh is at 16.3% as of Q1 2017, a slight decrease, while average asking rents have increased. Investment continues to flow into the city.
- Asking rates in the Oakland / East End submarket are reaching record highs, cresting $50.00 per-square-foot.
- Mascaro Construction receives $9.0 million contract for over 100,000 square feet of tenant improvements at US Steel Tower for WeWork.
- Urban submarket Class A total average asking rates reached an all-time high of over $31.00 per-square-foot in the third quarter.
- In 2019, 500,000 square feet of new office inventory was delivered in the Pittsburgh market, with another 1.3 million square feet under development and 1.1 million square feet proposed. This new supply is in response to leasing activity from companies relocating from suburbs and new-to-market firms seeking Class A space near universities.
- FNB plans to anchor a new 160,000 square foot tower in downtown Pittsburgh, adding over 200,000 square feet of available trophy office space. Covestro also plans to purchase Bayer's campus by the end of 2020.
- While the new space provides opportunity for growth, demand will be tested as supply increases and vacancy may rise short-term until
This document summarizes real estate market conditions in Montreal, Quebec in the first quarter of 2019. It finds that the unemployment rate remained unchanged at 5.9% and vacancy rates declined to 10.9% as positive absorption of 795,000 square feet continued across major markets. Rental rates increased slightly by 2% annually as large blocks of available space disappeared and demand increased in a tightening market. The outlook is for the positive momentum to continue through 2019, with further tightening of vacancy rates and small increases in average rental rates.
The Pittsburgh office market experienced approximately 600,000 square feet of negative absorption in Q1 2021 as large companies placed sublease space on the market. Total vacancy reached 20.6% due to increased sublease availability putting upward pressure on vacancy rates. While activity has been slow over the past year, office re-entry is expected to return to 80% by the end of 2021 as vaccines roll out. Remote work will impact leasing demand going forward as companies have proven remote work can be successful but comes with costs of reduced collaboration.
JLL Detroit Office Insight & Statistics - Q1 2019Harrison West
Over 202,000 square feet of space was absorbed in the first quarter, with notable transactions taking place in the city and the suburbs. Chicago-based Coyote Logistics made headlines with the announcement of a 58,000-square-foot lease at Bedrock’s Assembly Building at 1700 West Fort Street, bringing 500 new jobs to the burgeoning Corktown neighborhood. Google announced plans to expand their 29,000-square-foot office at Little Caesars arena.
JLL Detroit Office Insight & Statistics - Q1 2018Harrison West
2018 is poised to be another great year of growth for Detroit’s office market. With transformational developments underway like the Hudson’s site downtown, and others in the pipeline like the Monroe Block and the to-be-determined jail site development, the buzz downtown is palpable.
JLL West Michigan Industrial Insight & Statistics - Q1 2020Harrison West
While West Michigan market has seen historically low vacancy figures and impressive rent growth the past few years, we should expect things to slow in Q2 as the effects of the COVID-19 pandemic begin to take hold. Market fundamentals remain stable; however, given the current uncertainty, we expect leasing and sales activity to slow considerably in the near term as occupiers evaluate their current and future space needs.
JLL Detroit Office Insight & Statistics – Q2 2016Aaron Moore
The quagmire persists – high demand and not enough supply. CBD vacancy rates for the second quarter were 14.5 percent as office construction has come to a virtual halt.
JLL Detroit Office Insight & Statistics - Q4 2018Harrison West
The fourth quarter of 2018 was highlighted by yet another high-profile groundbreaking, as Bedrock began work on the Monroe Blocks development, a mixed-use project totaling over 1.4 million square feet that will bring approximately 847,000 square feet to the CBD office inventory. Market-wide, total vacancy fell by 60 basis points to 20.2 percent as 149,007 square feet was absorbed, while average asking rents rose by 1.0 percent up to $19.85 per square foot.
JLL Detroit Office Insight & Statistics - Q3 2018Harrison West
- Vacancy in Detroit's office market increased slightly in the past two quarters but conditions remain stable, with current vacancy rates of 15.7% in urban areas and 22.3% in suburbs.
- Automakers made headlines again in Q3 as Cadillac announced moving back to Detroit after four years in New York, while multiple office buildings hit the market for sale downtown.
- Rent growth continued across the metro area despite a bump in vacancy, as large available spaces in the suburbs may be backfilled by year's end.
JLL Detroit Office Insight & Statistics - Q2 2017Harrison West
As fundamentals continue to improve in Detroit’s office market, we will see rent growth and continued development activity. Downtown, expect to see increased mixed-use projects along Woodward, while in the suburbs build-to-suit projects will remain prevalent.
Vacancy across the region is down 180 basis points from the third quarter of last year. Much of the gains have come in Class B properties, which have absorbed three times more square footage in 2016 than Class A properties. Find out more in our Q3 Office Outlook.
JLL Grand Rapids Office Insight & Statistics - Q3 2017Harrison West
Conditions in the Grand Rapids office market continue to improve steadily. While overall vacancy has steadily across the metro, downtown Class A space has seen an uptick in vacancy due to consolidation, most notably Fifth Third Bank, who vacated approximately 70,000 feet at 200 Monroe to 111 Lyon St NW.
JLL Grand Rapids Office Insight & Statistics - Q1 2019Harrison West
Looking ahead, we expect conditions to remain stable. Both vacancy and rent growth have leveled off over the past several quarters. Moving forward, construction figures will increase as Studio Park’s office component breaks ground and development along the East Paris Corridor increases.
JLL Grand Rapids Office Insight & Statistics - Q1 2020Harrison West
Looking ahead we expect to see the decelerating conditions to continue. The market has already showed signs of a slowdown over the past year. Now, with increased global uncertainty due to COVID-19, we expect leasing activity to slow, as tenants become reluctant to commit, while sales activity is likely to halt as well. JLL will be closely monitoring rental rates and vacancy levels, as well as key tenants in the market during this period of economic volatility.
New development is multiplying in the Fringe and Oakland / East End submarket. Demand from the technology industry continues to brew. However, leasing activity has not yet brought absorption back to positive.
This document summarizes real estate market conditions in Montreal, Quebec in the first quarter of 2019. It finds that the unemployment rate remained unchanged at 5.9% and vacancy rates declined to 10.9% as positive absorption of 795,000 square feet continued across major markets. Rental rates increased slightly by 2% annually as large blocks of available space disappeared and demand increased in a tightening market. The outlook is for the positive momentum to continue through 2019, with further tightening of vacancy rates and small increases in average rental rates.
The Pittsburgh office market experienced approximately 600,000 square feet of negative absorption in Q1 2021 as large companies placed sublease space on the market. Total vacancy reached 20.6% due to increased sublease availability putting upward pressure on vacancy rates. While activity has been slow over the past year, office re-entry is expected to return to 80% by the end of 2021 as vaccines roll out. Remote work will impact leasing demand going forward as companies have proven remote work can be successful but comes with costs of reduced collaboration.
JLL Detroit Office Insight & Statistics - Q1 2019Harrison West
Over 202,000 square feet of space was absorbed in the first quarter, with notable transactions taking place in the city and the suburbs. Chicago-based Coyote Logistics made headlines with the announcement of a 58,000-square-foot lease at Bedrock’s Assembly Building at 1700 West Fort Street, bringing 500 new jobs to the burgeoning Corktown neighborhood. Google announced plans to expand their 29,000-square-foot office at Little Caesars arena.
JLL Detroit Office Insight & Statistics - Q1 2018Harrison West
2018 is poised to be another great year of growth for Detroit’s office market. With transformational developments underway like the Hudson’s site downtown, and others in the pipeline like the Monroe Block and the to-be-determined jail site development, the buzz downtown is palpable.
JLL West Michigan Industrial Insight & Statistics - Q1 2020Harrison West
While West Michigan market has seen historically low vacancy figures and impressive rent growth the past few years, we should expect things to slow in Q2 as the effects of the COVID-19 pandemic begin to take hold. Market fundamentals remain stable; however, given the current uncertainty, we expect leasing and sales activity to slow considerably in the near term as occupiers evaluate their current and future space needs.
JLL Detroit Office Insight & Statistics – Q2 2016Aaron Moore
The quagmire persists – high demand and not enough supply. CBD vacancy rates for the second quarter were 14.5 percent as office construction has come to a virtual halt.
JLL Detroit Office Insight & Statistics - Q4 2018Harrison West
The fourth quarter of 2018 was highlighted by yet another high-profile groundbreaking, as Bedrock began work on the Monroe Blocks development, a mixed-use project totaling over 1.4 million square feet that will bring approximately 847,000 square feet to the CBD office inventory. Market-wide, total vacancy fell by 60 basis points to 20.2 percent as 149,007 square feet was absorbed, while average asking rents rose by 1.0 percent up to $19.85 per square foot.
JLL Detroit Office Insight & Statistics - Q3 2018Harrison West
- Vacancy in Detroit's office market increased slightly in the past two quarters but conditions remain stable, with current vacancy rates of 15.7% in urban areas and 22.3% in suburbs.
- Automakers made headlines again in Q3 as Cadillac announced moving back to Detroit after four years in New York, while multiple office buildings hit the market for sale downtown.
- Rent growth continued across the metro area despite a bump in vacancy, as large available spaces in the suburbs may be backfilled by year's end.
JLL Detroit Office Insight & Statistics - Q2 2017Harrison West
As fundamentals continue to improve in Detroit’s office market, we will see rent growth and continued development activity. Downtown, expect to see increased mixed-use projects along Woodward, while in the suburbs build-to-suit projects will remain prevalent.
Vacancy across the region is down 180 basis points from the third quarter of last year. Much of the gains have come in Class B properties, which have absorbed three times more square footage in 2016 than Class A properties. Find out more in our Q3 Office Outlook.
JLL Grand Rapids Office Insight & Statistics - Q3 2017Harrison West
Conditions in the Grand Rapids office market continue to improve steadily. While overall vacancy has steadily across the metro, downtown Class A space has seen an uptick in vacancy due to consolidation, most notably Fifth Third Bank, who vacated approximately 70,000 feet at 200 Monroe to 111 Lyon St NW.
JLL Grand Rapids Office Insight & Statistics - Q1 2019Harrison West
Looking ahead, we expect conditions to remain stable. Both vacancy and rent growth have leveled off over the past several quarters. Moving forward, construction figures will increase as Studio Park’s office component breaks ground and development along the East Paris Corridor increases.
JLL Grand Rapids Office Insight & Statistics - Q1 2020Harrison West
Looking ahead we expect to see the decelerating conditions to continue. The market has already showed signs of a slowdown over the past year. Now, with increased global uncertainty due to COVID-19, we expect leasing activity to slow, as tenants become reluctant to commit, while sales activity is likely to halt as well. JLL will be closely monitoring rental rates and vacancy levels, as well as key tenants in the market during this period of economic volatility.
New development is multiplying in the Fringe and Oakland / East End submarket. Demand from the technology industry continues to brew. However, leasing activity has not yet brought absorption back to positive.
- The first quarter saw 401,006 square feet of net absorption in the Pittsburgh market. Vacancy rates decreased to 16.2% while average asking rents increased.
- In the Fringe submarket, two new developments delivered - District 15 for Facebook and SAP Center for SAP. Additional projects are under development or proposed in this submarket and in Oakland/East End.
- Wabtec's decision to relocate operations to North Shore exemplifies strong demand to locate near the city's talent pool. New projects in Oakland/East End could increase competition for other urban submarkets.
The Pittsburgh office market had quite the summer in 2018. More tenants flock to the urban core, 420 Boulevard of the Allies sold, and District Fifteen is fully leased before delivering.
- Robotic company leasing activity increased in the third quarter, with over 90,000 square feet signed. Total net absorption decreased due to several large class A blocks becoming available.
- UPMC, the largest employer in Pennsylvania, plans to expand their office presence in Pittsburgh after being selected as a provider for the state's new healthcare program.
- To attract top talent, companies will need to invest in modern office space that supports human capital development, as older inventory may not meet current needs.
The document summarizes the Q3 2021 real estate market report for Pittsburgh, Pennsylvania. It finds that new leasing is slowly recovering as more companies begin returning to offices, representing 81% of 2020 levels. However, net absorption remains negative as the recovery remains gradual. Asking rental rates have increased slightly by 2.4% year-over-year as new construction delivers at higher prices. Tenants continue pursuing newer, higher-quality buildings in desirable locations like the Strip District. New construction has lagged pre-pandemic levels, which will constrain supply growth over the next year.
Leasing activity slowly recovers to pre-pandemic levels. While the market continues to feel the impact from COVID, Duolingo expands 38,000 s.f. at Liberty East at Pittsburgh’s highest recorded rental rate, suggesting that there is still an appetite for new construction within the urban core
Pittsburgh is going into the fourth quarter with positive absorption. The market's unique position as a central distribution hub and hub to a petrochemical facility will continue to drive activity.
Uncertainty looms as sublease space availability
and vacancy reach record highs
• Available sublease space has surpassed 2.1 million s.f., making up
about 14% of all available space for lease in Pittsburgh’s inventory.
• Q2 marked the 7th consecutive quarter of rising vacancy rates.
• The majority of year-to-date new leasing activity has been equally
divided among the highest performing submarkets: CBD, Fringe, and
Northern 1-79/ Cranberry.
JLL Louisville Office Outlook - Q3 2019Alex Westcott
The document provides an analysis of the Louisville, KY office market in Q3 2019. Key points include:
- Humana continued renovating its owned office space, vacating leased space and impacting availability downtown.
- Suburban leasing remained steady, with two large deals in Commerce Crossings.
- The market remains split between contracting CBD due to moves to owned space, and steady suburban activity, though overall vacancy is up downtown.
- Construction of new industrial developments is increasing in the Pittsburgh region, concentrated in the West and Beaver County submarkets, with over 1.3 million square feet under construction.
- While net absorption for the year remains low due to low vacancy rates, absorption is expected to increase as new developments deliver. Industrial leasing activity is shifting towards new construction projects.
- JobsOhio provided a $30 million grant to help advance plans for a potential second petrochemical facility in Belmont County, Ohio, which could further drive demand for industrial and distribution space in the region.
There was a slowing of Industrial leasing activity for the summer, but as Amazon proposes to expand their footprint, they have introduced a new type of warehouse to the region.
Pittsburgh's industrial market continues to see strong demand in 2021, with record net absorption and declining vacancy rates. While new construction projects are expected to deliver over 2 million square feet of new space in the next year, nearly half of all new construction is occurring in the West submarket to address the robust demand. Manufacturing activity has also increased, with several new facilities planned or under construction. Investor optimism remains high despite rising construction costs, as developers work to meet the need for industrial space in the Pittsburgh area.
Pittsburgh's industrial market started 2021 strong with nearly 800,000 square feet of positive absorption and 1.7 million square feet under construction. Several new construction projects were announced in the first quarter, including a 280,000 square foot Amazon distribution facility. Developers are optimistic about speculative projects due to limited supply and quick lease-up times. Significant lease transactions in the first quarter contributed to an overall decline in vacancy to 6.1%. The industrial market is well positioned to continue growing in 2021 as development aims to match high demand and the economy recovers from the pandemic.
The Pittsburgh market has felt the effects of COVID in other property types, but industrial continues to move forward due to e-commerce and distribution demand.
Industrial developers and investors are in touch with the pulse of the industrial marketplace and are taking aggressive steps to meet the potential increase in demand for modern, Class A space.
Pittsburgh's industrial market was strong and steady going into the new decade. The COVID-19 outbreak caused a pause in development, but Pittsburgh is positioned to rebound.
The document discusses industrial real estate trends in the Pittsburgh region in Q2 2019. It notes that Nord-Lock committed to a 125,000 square foot build-to-suit in Clinton Commerce Park, continuing development in the West submarket. It also discusses speculation around redevelopment of the former Sears Outlet property in the Downtown submarket. Industrial sales volume in the region has reached nearly $50 million for the first half of 2019, with all transactions outside Downtown.
- The redevelopment of a brownfield site in McKees Rocks known as the Rocks Multimodal Park could provide new industrial space, as progress has been slow on redeveloping other brownfield sites like Hazelwood Green.
- Vacancy rates in the region declined to new lows of 7.4% as more industrial space was absorbed, including Kenco Logistics taking a 455,000 square foot warehouse in Starpointe Industrial Park.
- While brownfield redevelopment projects take a long time due to zoning, permitting and cleanup costs, converting former industrial lands can help address the declining availability of space in the region.
- Natural gas production in Washington County increased year-over-year in October 2018 and has maintained an upward trajectory into 2019, however measurable leasing activity in the region as a result has yet to occur, potentially due to low vacancy.
- Online holiday shopping increased substantially compared to the previous year, but leasing activity for last mile distribution centers locally has not reflected this rise in ecommerce.
- Al. Neyer began construction of two buildings totaling over 260,000 square feet in the West submarket, adding to the region's warehouse inventory.
The Downtown industrial submarket in Pittsburgh is undergoing a transformation as older warehouses are being repurposed for technology companies, resulting in declining vacancy rates. New "tech flex" developments that combine office, warehouse, and amenity space are attracting tech tenants. Overall vacancy rates in the Pittsburgh region declined slightly in the first quarter of 2018, with the lowest vacancy in the Northeast submarket and the most new construction underway in the West submarket. Rental rates continue to climb across the region as demand remains strong, particularly from technology and energy-related users.
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An exclusive research study by Sunil Agarwal & Associates delves into the surging demand for 4 BHK homes during Quarter 1, 2023.
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