Intelligence

Regional Summaries

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Pittsburgh, PA

Apartment
The 94,064-unit Pittsburgh apartment market vacancy rate is 4.9% for the first quarter of 2019, essentially unchanged for the period and down 60 basis points year-over-year. The average asking rent increased 0.3% during the first quarter of 2019 to $1,112 per month, with the average effective rent up 0.4% to $1,052 per month. The 2018 gains had been 4.9% and 5.0%, respectively, the latest in a series of strong increases. VIEW APARTMENT LISTINGS >
Industrial
The 61.2-million-square-foot Pittsburgh warehouse/distribution space market got off to a strong start in 2019, with 103,000 square feet of net absorption in the first quarter and a vacancy rate that fell 20 basis points to 7.9%. The rate is down 130 basis points year-over-year. Both the average asking rent and the average effective rent were unchanged during the quarter at $4.76 psf and $4.48 psf, respectively. These rates were up a modest 0.6% and 0.7% year-over-year. The 10.0-million-square-foot local Flex/R&D market vacancy rate fell 120 basis points over the first quarter of 2019 to a still-high 18.5%, down 100 basis points from a year earlier. The average asking rent increased 1.1% over the quarter to $8.38 psf, and the average effective rent was up 1.0% to $7.78 psf. The year-over-year gains are 2.1% and 2.4%, respectively. VIEW INDUSTRIAL LISTINGS >
Office
The 53.2-million-square-foot Pittsburgh general purpose, multi-tenant office market has a development boom under way despite high vacancy. The first quarter 2019 vacancy rate was 19.0%, down 30 basis points for the period but up 40 year-over-year. Rents suddenly stopped edging up during the first quarter, as the average asking rent slid 0.2% to $22.52 psf and the average effective rent slipped 0.1% to $19.06 psf. This reduced the year-over-year gains to 0.9% and 1.0%, respectively. VIEW OFFICE LISTINGS >
Retail
The 17.9-million-square-foot Pittsburgh community-neighborhood shopping center market first quarter 2019 vacancy rate is 9.6%, up 70 basis points during the period and up 100 year-over-year. Average community-neighborhood center rents were up 0.4% by both measures in the first quarter, to $18.28 psf asking and $16.04 psf effective. The 2018 rent gain had been 1.8% by both measures. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

Coldwell Banker Commercial® Reports

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CBC Infographics

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Infographic that addresses how each generation sees aspects like the adoption, use and importance of technology. Ultimately, each generations’ concerns come down to the impact that new technology will have on the industry.

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