JLL Pittsburgh Chart of the Week: November 9, 2015
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Tenant activity has driven up rents in Pittsburgh over the last 24 months, and despite a softening of the energy industry, the industrial property sector remains incredibly tight.
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JLL Pittsburgh Chart of the Week: November 9, 2015
- 1. $3.00 $3.50 $4.00 $4.50 $5.00 2011 2012 2013 2014 YTD 2015 Warehouse & Distribution Manufacturing Industrial Asking Rents Industrial landlords push rents as quality blocks dwindle Pittsburgh • Tenant activity has driven up rents in Pittsburgh over the last 24 months, and despite a softening of the energy industry, the industrial property sector remains incredibly tight. The market is out of equilibrium, with tenant demand for modern bulk space outweighing supply options. As a result, Class A requirements have spilled over to Class B space, pushing Class B requirements into Class C space. This paradigm has further strengthened landlord’s negotiating leverage, allowing them to apply upward pressure to rents across product classes. Source: JLL Research Chart of the week: November 9, 2015