Regional Summaries

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Pittsburgh, PA

Development has been running ahead of demand in the 91,600-unit Pittsburgh apartment market, and a vacancy rate that was below 3.0% in 2012 has been over 5.0% for a year. The April 2017 vacancy rate was 5.3%, up 10 basis points year-to-date on 373 units of new supply and 245 units of net absorption. Average rents are low in this market at $1,029 per month asking and $979 per month effective in the first quarter. The 2016 gains were 4.8% asking and 4.5% effective. The first quarter 2017 increases were 0.6% asking and 0.7% effective. The overall increase in April 2017 was 0.4% by both measures. VIEW APARTMENT LISTINGS >
The 60.6-million-square-foot Reis Pittsburgh warehouse/distribution space market got 265,500 square feet of new supply in early 2017. With just 176,000 square feet of net absorption year-to-date through April, the vacancy rate ticked up 10 basis points to 9.7% that month. Rents increased moderately, by 0.7% by both measures in the first quarter and 0.2% for each in April. The asking average was $4.58 psf for the month, and the average effective was $4.31 psf. The 9.8-million-square-foot local Flex/R&D market had a vacancy rate of 20.1% in April 2017, down 40 basis points year-to-date on 34,000 square feet of net absorption. Both the average asking rent and the average effective rent increased 0.5% in the first quarter and 0.3% in April, ending that month at $7.99 psf and $7.39 psf. VIEW INDUSTRIAL LISTINGS >
The 52.7-million-square-foot Pittsburgh general purpose, multi-tenant office market was balanced in early 2017. Three projects with 240,000 square feet of space in total completed construction by May, but net absorption totaled 216,000 square feet through April. The vacancy rate was 16.5% that month, down 10 basis points year-to-date. Rent gains picked up in early 2017. In the first quarter, both the average asking rent and the average effective rent increased 1.3% to $22.14 psf and $18.76 psf, respectively. Overall rents edged up another 0.1% by both measures in April 2017. VIEW OFFICE LISTINGS >
The 17.9-million-square-foot Pittsburgh community-neighborhood shopping center market went sideways in early 2017, wth a modest occupancy improvement and flat rents. Net absorption totaled 22,000 square feet through April. The 8.7% vacancy rate that month was moderate but down only slightly year-to-date, with a 10-basis-points decrease in the first quarter and flat occupancy in April. Both the average asking rent and the average effective rent fell 0.1% in the first quarter to $17.45 psf and $15.28 psf. This was reversed by a 0.1% gain by both measures in April. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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