Regional Summaries

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Pittsburgh, PA

A development boom is coming to an end in the 92,600-unit Pittsburgh apartment market; but vacancy is still low, and rents are still rising. Reis reports 1,129 new apartments were added in 2017 through November, along with 991 units of net absorption. The November 2017 vacancy rate was 5.3%, up just 10 basis points year-to-date. Despite a downturn in November, the average asking rent was up 3.0% year-to-date to $1,053 per month at the time, with the average effective rent up 2.4% to $995 per month. VIEW APARTMENT LISTINGS >
The 61-million-square-foot Reis Pittsburgh warehouse/distribution space market had a strong bounceback year in 2017, with 964,000 square feet of net absorption through November following negative absorption in 2016. The 265,500-square-foot Clinton Commerce Center Building 2 completed construction in Clinton in July, bringing the new supply total to 663,000 square feet year-to-date. The vacancy rate was 8.8% in November, down 60 basis points year-to-date. The average asking rent was $4.71 psf, up 3.5%, and the average effective rent was $4.44 psf, up 3.7%. The 9.9-million-square-foot local Flex/R&D market has also turned around. The 73,900-square-foot Chapman Westport Business Park Flex building completed construction in September, the only new supply of 2017, but net absorption totaled 179,000 square feet through November. The November vacancy rate was 19.1%, down 120 basis points year-to-date, the average asking rent was $8.14 psf, up 2.4%, and the average effective rent was $7.54 psf, up 2.5%. VIEW INDUSTRIAL LISTINGS >
The 52.5-million-square-foot Pittsburgh general purpose, multi-tenant office market was strong in the first quarter of 2017, with 252,000 square feet of net absorption, but it has been weak ever since. The year-to-date net absorption total fell to just 45,000 in November, with 368,000 square feet of new space added. The November vacancy rate was 17.2%, up 50 basis points year-to-date. Rents have been somehow rising by about 2.0% per year and are forecast to continue to do so through 2021. In November 2017, the average asking rent was up 1.8% year-to-date to $22.23 psf, and the average effective rent was up 1.7% to $18.82 psf. VIEW OFFICE LISTINGS >
Vacancy is also below average in the 18-million-square-foot Pittsburgh community-neighborhood shopping center market, and development is limited. Net absorption totaled 62,000 square feet for 2017 through November, nearly offsetting one new center with 85,000 square feet. The 8.9% vacancy rate in November was essentially unchanged year-to-date and below the U.S. average. The average asking rent was up 1.7% year-to-date to $17.76 psf in November, with the average effective rent up 1.9% to $15.58 psf. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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