Welcometo the:          February 7, 2013
SpeakersModeratorJack R. NorrisManaging Director | CBRE PittsburghPittsburgh Market OverviewJeffrey B. AckermanIncoming Ma...
Pittsburgh     Market Overview  Presented by:Jeffrey Ackerman
Review of the Pittsburgh Market 2012                                            201222@01220      Overall 2012 was a year...
New Office Buildings Under Construction / PlannedPNC Tower       Bakery Square II     Offices at the Gardens              ...
Pittsburgh Overall Office Market                                                    All Classes                           ...
Markets Driving Absorption              Cranberry                                          CBD and Gr.                    ...
Pittsburgh CBD Office Market                                      Class A              Total AbsorptionSquare Feet        ...
Job Growth Pittsburgh Office Market 2007-2012          z
Pittsburgh Suburban Office Market                                                 Class A                         Total Ab...
Market Comparison – Overall Office                                                       All Classes                      ...
Market Comparison – CBD Office                                                      Class A                               ...
Market Comparison – Overall Office                                                       All Classes                      ...
Market Comparison – CBD Office                                                      Class A                               ...
Vacancy Rates in 20 Largest Markets                                                     7.9%                              ...
Retail New Development New Development starting to occur:   McCandless          Blue Spruce        Cranberry Echo    Cros...
Multi-Family New Development      Brix              Highland Building/     Cranberry Woods                 Rochester Villa...
Multi-Family New Development River Vue     Phase II of the       Regional             Marquis PlaceApartments      Cork Fa...
What to Expect in 2013 Our downtown urban core will continue to experience a  rebirth Redevelopment will be on the upswi...
Asieh Mansour, Ph. D.          Head of Americas          ResearchThe Global Economy and  Real Estate Markets
Pittsburgh                                         The Future is Now                                            Thank You!...
CBRE Pitsburgh Annual Real Estate Symposium-feb 2013
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CBRE Pitsburgh Annual Real Estate Symposium-feb 2013

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CBRE Pitsburgh Annual Real Estate Symposium-feb 2013

  1. 1. Welcometo the: February 7, 2013
  2. 2. SpeakersModeratorJack R. NorrisManaging Director | CBRE PittsburghPittsburgh Market OverviewJeffrey B. AckermanIncoming Managing Director | CBRE PittsburghNational PerspectiveAsieh Mansour, Ph. D.Head of Americas Research | CBRE
  3. 3. Pittsburgh Market Overview Presented by:Jeffrey Ackerman
  4. 4. Review of the Pittsburgh Market 2012 201222@01220  Overall 2012 was a year of modest growth despite the volatile macro global economy  Technology, financial services, healthcare & energy drove the growth the past year  Leasing activity was strong across most sectors despite a lack of extremely large transactions  Occupancy and rental rates rose in most sectors  There was modest job growth in 2012 and we are expected to continue to see annual job growth of 2.2 % from 2013 to 2016Source:moodys.com
  5. 5. New Office Buildings Under Construction / PlannedPNC Tower Bakery Square II Offices at the Gardens Southpointe II Cranberry Schenley PlazaCrossroads
  6. 6. Pittsburgh Overall Office Market All Classes Total Absorption Square Feet 9 Million SFSource:CBRE – Econometric Advisors
  7. 7. Markets Driving Absorption Cranberry CBD and Gr. Downtown Parkway North Cranberry Parkway North Parkway Parkway West West SouthpointeSouthpointeSouthpointe
  8. 8. Pittsburgh CBD Office Market Class A Total AbsorptionSquare Feet 1,683,253 SFSource:Co-Star
  9. 9. Job Growth Pittsburgh Office Market 2007-2012 z
  10. 10. Pittsburgh Suburban Office Market Class A Total Absorption Square Feet 5,041,175 SFSource:Co-Star
  11. 11. Market Comparison – Overall Office All Classes Occupancy RateSource:CBRE – Econometric Advisors
  12. 12. Market Comparison – CBD Office Class A Occupancy RateSource:CBRE – Econometric Advisors
  13. 13. Market Comparison – Overall Office All Classes Total Absorption 2007-2012Source:CBRE – Econometric Advisors
  14. 14. Market Comparison – CBD Office Class A Total Absorption 2007-2012Source:CBRE – Econometric Advisors
  15. 15. Vacancy Rates in 20 Largest Markets 7.9% 8.4% 9.2% 10.1% 10.5% 11.0% 11.4% 11.8% 11.9% 12.2% 12.3% 12.9% 12.9% 13.5% 14.2% 15.5% 15.9% 16.0% 18.6% 19.2%Sources:Co-Star Group, Inc.PPR (Property and Portfolio Research )
  16. 16. Retail New Development New Development starting to occur: McCandless Blue Spruce Cranberry Echo Crossing Shoppes DevelopmentFormer Consol HQ The Foundry North Shore Place I & II
  17. 17. Multi-Family New Development Brix Highland Building/ Cranberry Woods Rochester Village at 26 Wallace Building Office Park at Park Place Johnson Development Company Southside East Side Cranberry Twp Cranberry Twp City of Pittsburgh Cranberry Woods2600 E. Carson Street Rochester Road 5,000 SF Retail 302 Multifamily Units, 129 Market-Rate comprising apartments, Phase I – 120 Units 90 Units townhomes, & live- Apartments Phase II 108 Units 180 Car Parking work units
  18. 18. Multi-Family New Development River Vue Phase II of the Regional Marquis PlaceApartments Cork Factory Enterprise Tower Apartments CBD Strip District CBD Murrysville 300 Liberty 24th & Railroad 425 6th School Rd & Avenue Street Avenue Marquis Place Lane 218 Units 95 Units Converting upper 14 188 Units floors to apartments
  19. 19. What to Expect in 2013 Our downtown urban core will continue to experience a rebirth Redevelopment will be on the upswing with a particular focus on Class B and C properties The workplace will be designed with higher ceilings and greater creativity, productivity and innovation Rental rates will spike for well located and designed real estate in most sectors Strong investor demand for Class A assets in our CBD and strong suburban markets
  20. 20. Asieh Mansour, Ph. D. Head of Americas ResearchThe Global Economy and Real Estate Markets
  21. 21. Pittsburgh The Future is Now Thank You!Sources:Bureau of Labor and StatisticsCBRE – EACo-Star Group, Inc.PPR (Property and Portfolio Research )Real Capital Analytics
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