Source: Changing Gears Presents Reinventing Pittsburgh: Part 1
As December welcomes us with a crisp snowfall that blankets our city streets and rivers, we look forward to a promising new economy for Pittsburgh, where the manufacturing plants and industrial buildings have been reinvented to accommodate emerging healthcare, education and technology corporations.
Our smoky, dust filled skyline of yesteryear, now greets us with the fresh air of change. Changing Gears, a public media project about the future of the industrial Midwest, is spending the next few years looking at ways to reinvent the Midwest economy. Reinventing Pittsburgh is the start of their first week-long series.
Read the full article
The manufacturing hardships experienced in the early 1980’s left the future of the Steel City economy uncertain. Virtually overnight, 150,000 jobs were wiped out, the deindustrialization of the Pittsburgh region began, and the future was unclear.
But today, the economic horizon has made a shift, for the better. The steel industry, which was the muscle of our region in decades past, is a fraction of its former self today, and has evolved from basic industry to service industries in the region. Warehouses and industrial sites are being renovated for new uses, as the homes for corporations in biomedical research, multimedia production, computer gaming development, and even for use as condos, upscale retail, and more.
According to a recent Post-Gazette article article on Pittsburgh neighborhoods, a state tax-incentive for technology start-ups looped Pittsburgh’s Uptown into an innovation zone that includes part of Downtown and the North Side. Development proposals are piling up -- new restaurants in the Consol Energy Center, a residential "portal" project near the Birmingham Bridge, condos in the Fifth Avenue High School, renovation of a Fifth Avenue warehouse into apartments, and more.
“Pittsburgh has changed,” said Raymond Orowetz, P.E., LEED Green Associate of NAI Pittsburgh Commercial. “Whether it’s for the better or not depends on how one has been affected. Regarding the Uptown section of the City in particular, I can’t understand why it’s taken so long. There’s a major university (Duquesne), a major sports venue (the Mellon Arena, most recently replaced by the Consol Energy Center) and a major hospital (Mercy). They’ve been there “forever” and they’re located along the most highly travelled corridor in the city which joins our CBD with our educational/cultural hub coupled with excellent access to public transportation along the entire route. It should be rockin’ just like East Carson Street.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Monday, December 6, 2010
Friday, December 3, 2010
Pittsburgh among 8 Cities that want your Business
Source: CNNMoney.com
Pittsburgh has long been known for its winning sports teams and world class museums, but these days, Pittsburgh fares well as a top city becoming a hub for technology start-ups. Although we pale in comparison to heavy weights like Silicon Valley, New York, and Boston, the City of Pittsburgh offers compelling incentives to attract and retain the best talent in our region. First-rate universities and computer science departments, like our local Carnegie Mellon University, have attracted talented students from around the world, seeding technology professionals focused on developing startups that can help boost our local economy.
Pittsburgh has become a place where startups are succeeding, where investors want to live, and students want to stay following graduation. With mega tax breaks and innovative business incubators, the progression of local startups has enabled a cross generational, collaborative entrepreneurial community to develop. Talent retention and improved financial resources for entrepreneurs, are positioning us as a city for success.
“We are not a cookie cutter city,” said John Bilyak, CCIM, Principal & Director of Industrial Brokerage at NAI Pittsburgh Commercial. “With well-preserved neighborhoods, locally owned shops and restaurants, and a first class cultural district, Pittsburgh provides a down home personality within a growing business and technological community. It has become a city of renewal, where generations of people continue to live, work and grow together.”
Earlier this year, Forbes.com ranked Pittsburgh #64 for Best Places for Business and Careers. Pittsburgh’s biggest industries--health care, technology and education--are necessary regardless of the economic outlook.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Pittsburgh has long been known for its winning sports teams and world class museums, but these days, Pittsburgh fares well as a top city becoming a hub for technology start-ups. Although we pale in comparison to heavy weights like Silicon Valley, New York, and Boston, the City of Pittsburgh offers compelling incentives to attract and retain the best talent in our region. First-rate universities and computer science departments, like our local Carnegie Mellon University, have attracted talented students from around the world, seeding technology professionals focused on developing startups that can help boost our local economy.
Pittsburgh has become a place where startups are succeeding, where investors want to live, and students want to stay following graduation. With mega tax breaks and innovative business incubators, the progression of local startups has enabled a cross generational, collaborative entrepreneurial community to develop. Talent retention and improved financial resources for entrepreneurs, are positioning us as a city for success.
“We are not a cookie cutter city,” said John Bilyak, CCIM, Principal & Director of Industrial Brokerage at NAI Pittsburgh Commercial. “With well-preserved neighborhoods, locally owned shops and restaurants, and a first class cultural district, Pittsburgh provides a down home personality within a growing business and technological community. It has become a city of renewal, where generations of people continue to live, work and grow together.”
Earlier this year, Forbes.com ranked Pittsburgh #64 for Best Places for Business and Careers. Pittsburgh’s biggest industries--health care, technology and education--are necessary regardless of the economic outlook.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Monday, November 29, 2010
Team to study impact of 'green' buildings
Source: Pittsburgh Post-Gazette
Increasingly, everyone from new home builders to major companies like PNC Bank have embraced the green credo of buildings that are not only energy efficient but use environmentally sustainable products.
But exactly what environmental impact those buildings have over the life of their existence from construction to operation to demolition and disposal is not fully understood.
A team of Pittsburgh engineers and architects will try to get at that very notion -- known as "life cycle assessment."
Read the full story
David J. Thor, LEED AP, Associate of NAI Pittsburgh Commercial reacts, “The ability to capture measurable increases in human performance would be invaluable in defining the value proposition as we work with clients who are entertaining a variety of alternatives, including sites that have been developed in accordance with sustainable building standards.”
Advances made as a result of studies like the Life Cycle Assessment can be pivotal in changing attitudes towards environmental issues and setting new construction standards. The results can positively influence the local economy through emerging industries that create jobs. Even better, the results can assist commercial building owners with constructing more efficient and environmentally friendly office, retail and industrial properties, through improved building materials, energy and water efficiency and pollution control.
“The scope of the study is huge and hopefully the results will be meaningful in such a way as to pull together our concerns about the environment, the effects on user health and productivity and the economics of going green,” adds Raymond Orowetz, P.E., LEED Green Associate of NAI Pittsburgh Commercial. “Any undertaking that helps to more concretely substantiate how building in an environmentally conscious manner is beneficial in all regards will be useful and help to enhance the momentum that building in a sustainable fashion already enjoys.”
Pittsburgh has steadily grown into a globally recognized green initiative leader in energy and the environment. Just this year, the city of Pittsburgh was selected as the North American host city by the United Nations Environment Programme (UNEP) for World Environment Day 2010, as well as the location for The G-20 Summit, positioning the region as a thought leader in innovation, transformation and sustainable solutions.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Increasingly, everyone from new home builders to major companies like PNC Bank have embraced the green credo of buildings that are not only energy efficient but use environmentally sustainable products.
But exactly what environmental impact those buildings have over the life of their existence from construction to operation to demolition and disposal is not fully understood.
A team of Pittsburgh engineers and architects will try to get at that very notion -- known as "life cycle assessment."
Read the full story
David J. Thor, LEED AP, Associate of NAI Pittsburgh Commercial reacts, “The ability to capture measurable increases in human performance would be invaluable in defining the value proposition as we work with clients who are entertaining a variety of alternatives, including sites that have been developed in accordance with sustainable building standards.”
Advances made as a result of studies like the Life Cycle Assessment can be pivotal in changing attitudes towards environmental issues and setting new construction standards. The results can positively influence the local economy through emerging industries that create jobs. Even better, the results can assist commercial building owners with constructing more efficient and environmentally friendly office, retail and industrial properties, through improved building materials, energy and water efficiency and pollution control.
“The scope of the study is huge and hopefully the results will be meaningful in such a way as to pull together our concerns about the environment, the effects on user health and productivity and the economics of going green,” adds Raymond Orowetz, P.E., LEED Green Associate of NAI Pittsburgh Commercial. “Any undertaking that helps to more concretely substantiate how building in an environmentally conscious manner is beneficial in all regards will be useful and help to enhance the momentum that building in a sustainable fashion already enjoys.”
Pittsburgh has steadily grown into a globally recognized green initiative leader in energy and the environment. Just this year, the city of Pittsburgh was selected as the North American host city by the United Nations Environment Programme (UNEP) for World Environment Day 2010, as well as the location for The G-20 Summit, positioning the region as a thought leader in innovation, transformation and sustainable solutions.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Tuesday, November 23, 2010
Pittsburgh is Stuffed with Thanksgiving Weekend Activities
Sources: Pittsburgh Post-Gazette, National Retail Federation
From benefits featuring live music and comedic entertainment, to a downtown Trolley Tour, Thanksgiving Day Parade, the annual Turkey Trot, and more, the weekend is stuffed with plenty of activities that the whole family can enjoy together.
Click here for a list of Thanksgiving weekend activities
Following the Thanksgiving celebration, enjoy a fresh-air walk outdoors to work off the extra Holiday helpings. Thirty-six Pittsburgh neighborhoods rank as a "walker's paradise" or "very walkable" in a national analysis at walkscore.com. According to the Pittsburgh Post-Gazette article, Pittsburgh weighs in with 36 neighborhoods scoring 70 and above on a scale of 0-100. A walker's paradise score of 90-100 means residents do not need cars. The Central Business District, South Side Flats, North Oakland and Lower Lawrenceville received the highest scores.
This latest ranking gives us good reason to visit downtown Pittsburgh, participate in the Thanksgiving weekend activities, and start our holiday shopping on foot at local retailers in these business districts. More people plan on shopping over the Thanksgiving weekend this year than last, according to the National Retail Federation. The retail trade group is estimating that 138 million Americans plan on shopping during the holiday weekend, an increase of 4 million over last year’s projections.
Friday, November 26th, the traditional start of the Holiday Shopping season, known as “Black Friday,” is a great day to visit the shops and department stores of Downtown Pittsburgh. With many great restaurants and entertainment venues; shoppers can maximize their enjoyment by combining great shopping with fine dining and theatre.
“Thanksgiving weekend provides an opportunity for everyone to come together and enjoy the holiday,” said Ralph Egerman, Principal of NAI Pittsburgh Commercial. “I am particularly excited to introduce our city to family members from out of town, especially the downtown shopping experience at all of the wonderful stores in the Golden Triangle. Macy’s is a priority stop around the holidays.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
From benefits featuring live music and comedic entertainment, to a downtown Trolley Tour, Thanksgiving Day Parade, the annual Turkey Trot, and more, the weekend is stuffed with plenty of activities that the whole family can enjoy together.
Click here for a list of Thanksgiving weekend activities
Following the Thanksgiving celebration, enjoy a fresh-air walk outdoors to work off the extra Holiday helpings. Thirty-six Pittsburgh neighborhoods rank as a "walker's paradise" or "very walkable" in a national analysis at walkscore.com. According to the Pittsburgh Post-Gazette article, Pittsburgh weighs in with 36 neighborhoods scoring 70 and above on a scale of 0-100. A walker's paradise score of 90-100 means residents do not need cars. The Central Business District, South Side Flats, North Oakland and Lower Lawrenceville received the highest scores.
This latest ranking gives us good reason to visit downtown Pittsburgh, participate in the Thanksgiving weekend activities, and start our holiday shopping on foot at local retailers in these business districts. More people plan on shopping over the Thanksgiving weekend this year than last, according to the National Retail Federation. The retail trade group is estimating that 138 million Americans plan on shopping during the holiday weekend, an increase of 4 million over last year’s projections.
Friday, November 26th, the traditional start of the Holiday Shopping season, known as “Black Friday,” is a great day to visit the shops and department stores of Downtown Pittsburgh. With many great restaurants and entertainment venues; shoppers can maximize their enjoyment by combining great shopping with fine dining and theatre.
“Thanksgiving weekend provides an opportunity for everyone to come together and enjoy the holiday,” said Ralph Egerman, Principal of NAI Pittsburgh Commercial. “I am particularly excited to introduce our city to family members from out of town, especially the downtown shopping experience at all of the wonderful stores in the Golden Triangle. Macy’s is a priority stop around the holidays.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Friday, November 19, 2010
Founding Principal, Gregg Broujos, featured in the PA Real Estate Journal
Source: Pennsylvania Real Estate Journal, Section C of the Mid Atlantic Real Estate Journal
Gregg Broujos, Founding Principal of NAI Pittsburgh Commercial, is featured in the November 12 – 25, 2010 issue of Pennsylvania Real Estate Journal for representing RKF Inc. in the sale of 5523 Walnut Street.
Click here to see the article
In October, NAI Pittsburgh Commercial announced the sale of 5523 Walnut Street in Shadyside for $950,000. This three story building with elevator service is located in Shadyside’s upscale retail and neighborhood corridor.
“The sale of 5523 Walnut Street again shows the strength of the Shadyside market and the entire East End submarket. Our firm entertained at least five offers on this property, which sold in a very short time period,” according to Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial.
Mr. Broujos has an extensive background in Investment Property Sales and Commercial Property brokerage and has marketed over 800 properties for sale via the Real Estate Auction method. He has been in the real estate business for over 20 years.
He has handled numerous local and national retail assignments for restaurant, financial services, hotel and real estate clients, and, he has been appointed as the exclusive leasing agent for a 250,000 square feet retail center in Cranberry, PA.
For additional information on multi-family opportunities, please contact Gregg Broujos (ext. 206) at (412) 321-4200.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Gregg Broujos, Founding Principal of NAI Pittsburgh Commercial, is featured in the November 12 – 25, 2010 issue of Pennsylvania Real Estate Journal for representing RKF Inc. in the sale of 5523 Walnut Street.
Click here to see the article
In October, NAI Pittsburgh Commercial announced the sale of 5523 Walnut Street in Shadyside for $950,000. This three story building with elevator service is located in Shadyside’s upscale retail and neighborhood corridor.
“The sale of 5523 Walnut Street again shows the strength of the Shadyside market and the entire East End submarket. Our firm entertained at least five offers on this property, which sold in a very short time period,” according to Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial.
Mr. Broujos has an extensive background in Investment Property Sales and Commercial Property brokerage and has marketed over 800 properties for sale via the Real Estate Auction method. He has been in the real estate business for over 20 years.
He has handled numerous local and national retail assignments for restaurant, financial services, hotel and real estate clients, and, he has been appointed as the exclusive leasing agent for a 250,000 square feet retail center in Cranberry, PA.
For additional information on multi-family opportunities, please contact Gregg Broujos (ext. 206) at (412) 321-4200.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Thursday, November 18, 2010
Celebrate the 50th Anniversary of Pittsburgh’s Light Up Night
Source: Pittsburgh Downtown Partnership
The concept of "Light Up Night" took root in Pittsburgh in 1960, and this year will mark its 50th Anniversary. For the first time ever, Light Up Night will be celebrated over two nights, Nov. 19 – 20, 2010. The Pittsburgh Downtown Partnership has planned a one-of-a-kind celebration for the 50th Anniversary of Light Up Night. Enjoy traditional elements from the past, like tree lightings and holiday exhibits, paired with new events, including Pittsburgh's first-ever Duquesne Light Horse-drawn Candlelight Carriage Parade and the Grand Pittsburgh Celebrate Santa! Stage Show in Market Square, which will be glimmering against a backdrop of over three miles of lights. The celebration continues with the Roberto Clemente Bridge Party and the Highmark March throughout Downtown. Two large performance stages will feature hours of entertainment, provided by CAPA choir, the Joe Negri Quartet, Donnie Iris, and many more. And the celebration would not be complete, without one of the region’s largest and most creative pyrotechnics displays, the PNC GRAND Fireworks Finale by Zambelli Internationale.
Click for a complete listing of Light Up Night activities.
Jessica Jarosz, Associate of NAI Pittsburgh Commercial, who was born and raised in Pittsburgh, reflects on her memories of Light Up Night. “Light Up Night is a holiday tradition that my friends and family have shared together since I was a child. Every year we look forward to the new festivities and the experience of seeing the city of Pittsburgh bright with holiday spirit. There is always something for everyone to enjoy, no matter your age - live entertainment, dining in the city, the official lighting of the tree, the reveal of the Macy’s store windows, a visit from Santa and spectacular fireworks, but most importantly, it is an indication that the commencement of the Christmas shopping season has finally arrived!”
Light Up Night attracts thousands of visitors to downtown Pittsburgh each year. Marking the start of the holiday shopping season, local retailers benefit from the annual celebration.
Join your family and friends at the 50th Anniversary Celebration of Light Up Night in downtown Pittsburgh, one of the best metropolitan cities to live, work, shop, dine, play, and do business.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
The concept of "Light Up Night" took root in Pittsburgh in 1960, and this year will mark its 50th Anniversary. For the first time ever, Light Up Night will be celebrated over two nights, Nov. 19 – 20, 2010. The Pittsburgh Downtown Partnership has planned a one-of-a-kind celebration for the 50th Anniversary of Light Up Night. Enjoy traditional elements from the past, like tree lightings and holiday exhibits, paired with new events, including Pittsburgh's first-ever Duquesne Light Horse-drawn Candlelight Carriage Parade and the Grand Pittsburgh Celebrate Santa! Stage Show in Market Square, which will be glimmering against a backdrop of over three miles of lights. The celebration continues with the Roberto Clemente Bridge Party and the Highmark March throughout Downtown. Two large performance stages will feature hours of entertainment, provided by CAPA choir, the Joe Negri Quartet, Donnie Iris, and many more. And the celebration would not be complete, without one of the region’s largest and most creative pyrotechnics displays, the PNC GRAND Fireworks Finale by Zambelli Internationale.
Click for a complete listing of Light Up Night activities.
Jessica Jarosz, Associate of NAI Pittsburgh Commercial, who was born and raised in Pittsburgh, reflects on her memories of Light Up Night. “Light Up Night is a holiday tradition that my friends and family have shared together since I was a child. Every year we look forward to the new festivities and the experience of seeing the city of Pittsburgh bright with holiday spirit. There is always something for everyone to enjoy, no matter your age - live entertainment, dining in the city, the official lighting of the tree, the reveal of the Macy’s store windows, a visit from Santa and spectacular fireworks, but most importantly, it is an indication that the commencement of the Christmas shopping season has finally arrived!”
Light Up Night attracts thousands of visitors to downtown Pittsburgh each year. Marking the start of the holiday shopping season, local retailers benefit from the annual celebration.
Join your family and friends at the 50th Anniversary Celebration of Light Up Night in downtown Pittsburgh, one of the best metropolitan cities to live, work, shop, dine, play, and do business.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Tuesday, November 16, 2010
Western Pennsylvania finds 'right direction'
Source: Pittsburgh Tribune-Review, Thomas Olson
Wednesday, November 10, 2010
The stubbornly sluggish economy has not stopped Western Pennsylvania's ability to attract businesses and jobs in the past year or so, economic development experts say. The region through October has attracted 33 new businesses compared to 30 that came into the region for full-year 2009, according to the Allegheny Conference on Community Development.
For instance, the number of private-sector jobs in the seven-county region in September was about 9,000 ahead of the same month last year, according to the Bureau of Labor Statistics. The region's 7.9 percent unemployment rate is significantly lower than the nation's 9.6 percent rate.
By another count, the region through October has attracted 33 new businesses compared to 30 that came into the region for full-year 2009, according to the Allegheny Conference on Community Development.
Read the Full Article
Recent announcements of new companies coming here, paired with the latest announcement that Pittsburgh has received a top ten job ranking, is solid proof that our region is moving in the right direction for economical growth.
“It is no surprise that Pittsburgh is near the top of the list of the nation’s biggest markets for job retention and creation,” stated Bill Leone, a Principal with NAI Pittsburgh Commercial, Pittsburgh’s premier commercial real estate firm. “Pittsburgh’s financial, healthcare and educational sectors continue to prosper; the velocity of new businesses this year, including those attracted by the development of energy sources; and the maturation of the technology industry, combined with the slight improvement in the economic climate, makes for a very positive direction for our region. We expect tremendous improvement in Pittsburgh’s employment data in what appears to be a bright future for Western Pennsylvania.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Wednesday, November 10, 2010
The stubbornly sluggish economy has not stopped Western Pennsylvania's ability to attract businesses and jobs in the past year or so, economic development experts say. The region through October has attracted 33 new businesses compared to 30 that came into the region for full-year 2009, according to the Allegheny Conference on Community Development.
For instance, the number of private-sector jobs in the seven-county region in September was about 9,000 ahead of the same month last year, according to the Bureau of Labor Statistics. The region's 7.9 percent unemployment rate is significantly lower than the nation's 9.6 percent rate.
By another count, the region through October has attracted 33 new businesses compared to 30 that came into the region for full-year 2009, according to the Allegheny Conference on Community Development.
Read the Full Article
Recent announcements of new companies coming here, paired with the latest announcement that Pittsburgh has received a top ten job ranking, is solid proof that our region is moving in the right direction for economical growth.
“It is no surprise that Pittsburgh is near the top of the list of the nation’s biggest markets for job retention and creation,” stated Bill Leone, a Principal with NAI Pittsburgh Commercial, Pittsburgh’s premier commercial real estate firm. “Pittsburgh’s financial, healthcare and educational sectors continue to prosper; the velocity of new businesses this year, including those attracted by the development of energy sources; and the maturation of the technology industry, combined with the slight improvement in the economic climate, makes for a very positive direction for our region. We expect tremendous improvement in Pittsburgh’s employment data in what appears to be a bright future for Western Pennsylvania.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Monday, November 15, 2010
Pittsburgh, Boston Share Winning Football Stats and Real Estate Markets
Sources: The Providence Journal; FOX Sports; Mass. Market
As the city of Pittsburgh woke Monday morning to a blanket of fog, which reduced visibility in some places to just a few feet, we were reminded of the 39 – 26 defeat to the New England Patriots on Sunday night, and the anticipated matchup between quarterbacks. Brady (103-32, .763) and Roethlisberger (63-27, .700) rank 1-2 among active quarterbacks in regular-season winning percentage. Counting playoff games, Brady is 117-36 (.765) and Roethlisberger is 71-29 (.710). Six years later, Roethlisberger has won two Super Bowls himself, putting him only one behind Brady.
When it comes to winning, the Patriots and Steelers are the pinnacles of the NFL. The Patriots' .632 winning percentage since free agency began in 1993 is the NFL's best, and the Steelers are second at .627. Brady's .767 winning percentage coming in led all quarterbacks, and Roethlisberger's .700 was second.
Successful football statistics are not the only rankings both cities share. By comparison, neither city would be considered a concrete jungle. There is ample green space in both, and each is very neighborhood oriented, drawing opportunities in both residential as well as commercial real estate.
According to a recent blog post by Mass. Market, Zillow.com’s release of its latest quarterly residential home value report indicates that both Pittsburgh and Boston are the only two among the country’s 25 largest metro areas to see gains in home values from the second quarter of this year to the third. They are also the only two metro areas on the top 25 list where fewer than 10 percent of the single-family homes are underwater (it’s 6.3 percent in Pittsburgh, 9.5 percent in Boston). In the past year, home values have risen 1.6 percent in both the Boston and Pittsburgh markets, by Zillow’s calculations. The health of a local residential real estate market is inextricably linked to the health of the local commercial real estate sector. Fully occupied office buildings, hospitals and stores mean there are still plenty of jobs – and those jobs are the lifeblood of a city’s home values. And, while Pittsburgh and Boston have lost key corporate headquarters over the years, the cities maintain vibrant life sciences and education industries.
Paul Horan, Founding Principal of NAI Pittsburgh Commercial, and native of Boston, Massachusetts reacts, “I am pleased to hear about the similarities that both Pittsburgh and Boston share both on and off the field. I have always admired the city of Boston, its culture, and the economical advances it has made in education, healthcare and technology, but I am most proud to call Pittsburgh my home, because I have been able to be a part of a community that continues to grow and earn extraordinary achievements.”
Although the outcome of the football season remains unclear for both teams pursuing Super Bowl status, the fog has lifted from each city in regards to their winning real estate market statistics, and the outlook is very positive.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
As the city of Pittsburgh woke Monday morning to a blanket of fog, which reduced visibility in some places to just a few feet, we were reminded of the 39 – 26 defeat to the New England Patriots on Sunday night, and the anticipated matchup between quarterbacks. Brady (103-32, .763) and Roethlisberger (63-27, .700) rank 1-2 among active quarterbacks in regular-season winning percentage. Counting playoff games, Brady is 117-36 (.765) and Roethlisberger is 71-29 (.710). Six years later, Roethlisberger has won two Super Bowls himself, putting him only one behind Brady.
When it comes to winning, the Patriots and Steelers are the pinnacles of the NFL. The Patriots' .632 winning percentage since free agency began in 1993 is the NFL's best, and the Steelers are second at .627. Brady's .767 winning percentage coming in led all quarterbacks, and Roethlisberger's .700 was second.
Successful football statistics are not the only rankings both cities share. By comparison, neither city would be considered a concrete jungle. There is ample green space in both, and each is very neighborhood oriented, drawing opportunities in both residential as well as commercial real estate.
According to a recent blog post by Mass. Market, Zillow.com’s release of its latest quarterly residential home value report indicates that both Pittsburgh and Boston are the only two among the country’s 25 largest metro areas to see gains in home values from the second quarter of this year to the third. They are also the only two metro areas on the top 25 list where fewer than 10 percent of the single-family homes are underwater (it’s 6.3 percent in Pittsburgh, 9.5 percent in Boston). In the past year, home values have risen 1.6 percent in both the Boston and Pittsburgh markets, by Zillow’s calculations. The health of a local residential real estate market is inextricably linked to the health of the local commercial real estate sector. Fully occupied office buildings, hospitals and stores mean there are still plenty of jobs – and those jobs are the lifeblood of a city’s home values. And, while Pittsburgh and Boston have lost key corporate headquarters over the years, the cities maintain vibrant life sciences and education industries.
Paul Horan, Founding Principal of NAI Pittsburgh Commercial, and native of Boston, Massachusetts reacts, “I am pleased to hear about the similarities that both Pittsburgh and Boston share both on and off the field. I have always admired the city of Boston, its culture, and the economical advances it has made in education, healthcare and technology, but I am most proud to call Pittsburgh my home, because I have been able to be a part of a community that continues to grow and earn extraordinary achievements.”
Although the outcome of the football season remains unclear for both teams pursuing Super Bowl status, the fog has lifted from each city in regards to their winning real estate market statistics, and the outlook is very positive.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Pittsburgh tenth on job rankings list
Source: Pittsburgh Business Times
Thursday, November 4, 2010
Pittsburgh was among 44 of the nation's biggest markets that added jobs in September, according to figures released by the U.S. Bureau of Labor Statistics. Pittsburgh ranked 10th in number of jobs created with 9,000 jobs or .91 percent added in September compared to September 2009. The bureau recorded 1,001,600 million private sector jobs for the region in September, up from 992,600 jobs for the same month in 2009.
Read the full article
Pittsburgh has experienced a very stable labor market, and is working to attract and retain high-quality talent, including, young people. Talent attraction to our region can drive the economy. In fact, Pittsburgh has ranked in the top 10 for personal income growth. According to the Pittsburgh Business Times article, personal income has been on the rise in Pittsburgh over the past 25 years, so much so that a new study ranks it No. 6 among the nation’s 100 largest metropolitan areas in terms of income growth.
Portfolio.com, a national business news site affiliated with the Pittsburgh Business Times, examined federal income data covering the period from 1984 to 2009. The study focused on per capita income, a key indicator of earning power and economic vitality, and used a 25-part formula to create an overall score for income growth. Pittsburgh’s per capita income grew 212 percent in the 25 years from 1984 to 2009 and 22 percent in the five years from 2004 to 2009. Pittsburgh's per capita income in 2009 was $42,216.
Pittsburgh continues to climb rankings and improved its score on Moody's latest, of 60 commercial real estate markets during the third quarter, to move up from a tie for 10th place in the second quarter to a tie for fifth, according to Trib Total Media, Inc staff and wire reports. Pittsburgh ranked #1 in 2009 according to Moody’s Investors Services.
“These latest economic indicators bode well for the commercial real estate industry,” said Ralph Egerman, Principal of NAI Pittsburgh Commercial. “When organizations experience growth, they hire. As hiring opportunities improve, demand for office, warehouse and space of all types increase. Additionally; when employment trends upward, people have more disposal income which helps improve occupancy for all types of retail properties.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Thursday, November 4, 2010
Pittsburgh was among 44 of the nation's biggest markets that added jobs in September, according to figures released by the U.S. Bureau of Labor Statistics. Pittsburgh ranked 10th in number of jobs created with 9,000 jobs or .91 percent added in September compared to September 2009. The bureau recorded 1,001,600 million private sector jobs for the region in September, up from 992,600 jobs for the same month in 2009.
Read the full article
Pittsburgh has experienced a very stable labor market, and is working to attract and retain high-quality talent, including, young people. Talent attraction to our region can drive the economy. In fact, Pittsburgh has ranked in the top 10 for personal income growth. According to the Pittsburgh Business Times article, personal income has been on the rise in Pittsburgh over the past 25 years, so much so that a new study ranks it No. 6 among the nation’s 100 largest metropolitan areas in terms of income growth.
Portfolio.com, a national business news site affiliated with the Pittsburgh Business Times, examined federal income data covering the period from 1984 to 2009. The study focused on per capita income, a key indicator of earning power and economic vitality, and used a 25-part formula to create an overall score for income growth. Pittsburgh’s per capita income grew 212 percent in the 25 years from 1984 to 2009 and 22 percent in the five years from 2004 to 2009. Pittsburgh's per capita income in 2009 was $42,216.
Pittsburgh continues to climb rankings and improved its score on Moody's latest, of 60 commercial real estate markets during the third quarter, to move up from a tie for 10th place in the second quarter to a tie for fifth, according to Trib Total Media, Inc staff and wire reports. Pittsburgh ranked #1 in 2009 according to Moody’s Investors Services.
“These latest economic indicators bode well for the commercial real estate industry,” said Ralph Egerman, Principal of NAI Pittsburgh Commercial. “When organizations experience growth, they hire. As hiring opportunities improve, demand for office, warehouse and space of all types increase. Additionally; when employment trends upward, people have more disposal income which helps improve occupancy for all types of retail properties.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Friday, November 12, 2010
NAI Pittsburgh Commercial is Pleased to Announce
The Hiring of David J. Thor as Associate
PITTSBURGH, PA – (November 12, 2010) - NAI Pittsburgh Commercial is pleased to announce that David J. Thor has been named as an Associate of the firm. Specializing in Tenant Advisory Services and Agency Representation, David is responsible for assisting clients with strategy, site selection, proposals, financial analyses and lease negotiations, in addition to identifying and securing tenants and/or buyers. His responsibilities also include developing agency and tenant representation relationships and performing the associated client-related professional services in office, industrial, land and retail transactions.
Prior to joining NAI Pittsburgh Commercial, David represented the interests of his clients, while serving as a Product Manager for Accenture, a global management consulting and technology services outsourcing organization. Additionally, David has played an integral role in various local real estate-intensive ventures, cultivating relationships and serving in both Project Management and Operational Management capacities. Mr. Thor is a native of the Pittsburgh area and has over 12 years of professional experience, with a focus on client service. He is a LEED Accredited Professional.
Patrick Sentner, Founding Principal at NAI Pittsburgh Commercial, said that Mr. Thor will be a great asset to the firm and its commitment to providing the highest level of service to its clients. “Mr. Thor’s impressive work experience coupled with his stronger work ethic will help NAI Pittsburgh Commercial to provide our clients with an even higher level of service to our current and future clients.”
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
About NAI Global
NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 325 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. To learn more, visit www.naiglobal.com.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
PITTSBURGH, PA – (November 12, 2010) - NAI Pittsburgh Commercial is pleased to announce that David J. Thor has been named as an Associate of the firm. Specializing in Tenant Advisory Services and Agency Representation, David is responsible for assisting clients with strategy, site selection, proposals, financial analyses and lease negotiations, in addition to identifying and securing tenants and/or buyers. His responsibilities also include developing agency and tenant representation relationships and performing the associated client-related professional services in office, industrial, land and retail transactions.
Prior to joining NAI Pittsburgh Commercial, David represented the interests of his clients, while serving as a Product Manager for Accenture, a global management consulting and technology services outsourcing organization. Additionally, David has played an integral role in various local real estate-intensive ventures, cultivating relationships and serving in both Project Management and Operational Management capacities. Mr. Thor is a native of the Pittsburgh area and has over 12 years of professional experience, with a focus on client service. He is a LEED Accredited Professional.
Patrick Sentner, Founding Principal at NAI Pittsburgh Commercial, said that Mr. Thor will be a great asset to the firm and its commitment to providing the highest level of service to its clients. “Mr. Thor’s impressive work experience coupled with his stronger work ethic will help NAI Pittsburgh Commercial to provide our clients with an even higher level of service to our current and future clients.”
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
About NAI Global
NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 325 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. To learn more, visit www.naiglobal.com.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Thursday, November 11, 2010
NAI Pittsburgh Commercial Sends Thanks and Appreciation to Our Veterans
In November 1919, President Wilson proclaimed November 11 as the first commemoration of Armistice Day with the following words: "To us in America, the reflections of Armistice Day will be filled with solemn pride in the heroism of those who died in the country’s service and with gratitude for the victory, both because of the thing from which it has freed us and because of the opportunity it has given America to show her sympathy with peace and justice in the councils of the nations…"
Learn more about the history of Veterans Day
In honor of our nations’ veterans we send our thanks and appreciation to the millions who have served our country throughout history. The city of Pittsburgh will honor our local veterans during the annual Veterans Day Parade, starting today at 10:30am in Downtown Pittsburgh.
“Everyone here at NAI Pittsburgh Commercial continuously thinks about our women and men in the armed forces throughout the world, and the tremendous sacrifices that are made by them and their families. Personally, my father is a Colonel in the Marine Corps and my father-in-law is a General in the Army so our family knows very well how difficult the situation is for the members of the U.S. military. To our brave soldiers, their families, and the brave military personnel that have died protecting our freedom, NAI Pittsburgh thanks you and prays for you,” said Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Learn more about the history of Veterans Day
In honor of our nations’ veterans we send our thanks and appreciation to the millions who have served our country throughout history. The city of Pittsburgh will honor our local veterans during the annual Veterans Day Parade, starting today at 10:30am in Downtown Pittsburgh.
“Everyone here at NAI Pittsburgh Commercial continuously thinks about our women and men in the armed forces throughout the world, and the tremendous sacrifices that are made by them and their families. Personally, my father is a Colonel in the Marine Corps and my father-in-law is a General in the Army so our family knows very well how difficult the situation is for the members of the U.S. military. To our brave soldiers, their families, and the brave military personnel that have died protecting our freedom, NAI Pittsburgh thanks you and prays for you,” said Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Friday, November 5, 2010
Downtown Pittsburgh a magnet for new restaurants
Source: Pittsburgh Post-Gazette, Mark Belko
November 3, 2010
New restaurants are popping up all over the place, a surge attributed in part to Downtown's office, residential and student growth and the deals landlords are willing to offer to fill vacant space.
Overall, at least 15 food establishments, from full-service restaurants to coffee shops, opened Downtown in 2009, according to the Allegheny County Health Department. So far this year, at least 11 more have opened.
Local real estate experts say one of the biggest factors in the restaurant boomlet Downtown and elsewhere was the willingness of landlords, pinched by the recession, to cut deals to fill vacant space.
They are getting deals from developers and the federal government for tenant improvement dollars that previously had been reserved for only the top national chains. It has helped that the chains have been the most cautious about expanding in the current economy.
Another factor is availability of so-called "second generation" opportunities -- new establishments that take over vacant space once occupied by restaurants that fell victim to the recession or other woes.
Not to be overlooked is the burgeoning Downtown residential development; the student population, including the Art Institute of Pittsburgh and Point Park and Duquesne universities; and the influx of new office tenants, such as UPMC and EQT Corp.
All provide potential diners, whether for fast food or fine cuisine.
Read the full article
Restaurants hungry for commercial real estate opportunities, are seeking value in Pittsburgh as a business location. ““It is wonderful to see all of the new and exciting restaurants that are opening in the downtown area. From the owners of Sonoma Grill opening in Market Square; the Penn Avenue Fish Company’s new location in the Golden Triangle; and the Nine on Ninth folks settling in on Liberty Avenue, it’s a great time to be a resident, worker, or visitor in the downtown district. And it’s further proof that residential is the ultimate driver of commercial activity,” said Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial.
Pittsburgh is on the value menu when it comes to a prime location for the restaurant industry. From fine dining to grab and go, Pittsburgh is drawing recognized names and specialty eateries.
Hungry for more? NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
November 3, 2010
New restaurants are popping up all over the place, a surge attributed in part to Downtown's office, residential and student growth and the deals landlords are willing to offer to fill vacant space.
Overall, at least 15 food establishments, from full-service restaurants to coffee shops, opened Downtown in 2009, according to the Allegheny County Health Department. So far this year, at least 11 more have opened.
Local real estate experts say one of the biggest factors in the restaurant boomlet Downtown and elsewhere was the willingness of landlords, pinched by the recession, to cut deals to fill vacant space.
They are getting deals from developers and the federal government for tenant improvement dollars that previously had been reserved for only the top national chains. It has helped that the chains have been the most cautious about expanding in the current economy.
Another factor is availability of so-called "second generation" opportunities -- new establishments that take over vacant space once occupied by restaurants that fell victim to the recession or other woes.
Not to be overlooked is the burgeoning Downtown residential development; the student population, including the Art Institute of Pittsburgh and Point Park and Duquesne universities; and the influx of new office tenants, such as UPMC and EQT Corp.
All provide potential diners, whether for fast food or fine cuisine.
Read the full article
Restaurants hungry for commercial real estate opportunities, are seeking value in Pittsburgh as a business location. ““It is wonderful to see all of the new and exciting restaurants that are opening in the downtown area. From the owners of Sonoma Grill opening in Market Square; the Penn Avenue Fish Company’s new location in the Golden Triangle; and the Nine on Ninth folks settling in on Liberty Avenue, it’s a great time to be a resident, worker, or visitor in the downtown district. And it’s further proof that residential is the ultimate driver of commercial activity,” said Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial.
Pittsburgh is on the value menu when it comes to a prime location for the restaurant industry. From fine dining to grab and go, Pittsburgh is drawing recognized names and specialty eateries.
Hungry for more? NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Thursday, November 4, 2010
NAI Pittsburgh Commercial is Pleased to Announce
John Bilyak, Principal & Director of Industrial Brokerage, Awarded Prestigious CCIM Designation
PITTSBURGH, PA – (November 4, 2010) - NAI Pittsburgh Commercial is proud to announce John Bilyak, Principal & Director of Industrial Brokerage, has successfully completed a comprehensive examination to earn the prestigious Certified Commercial Investment Member (CCIM) designation by the CCIM Institute, one of the nation’s leading commercial real estate associations in the world. A CCIM is a recognized expert in the disciplines of commercial and investment real estate. The designation was awarded during Institute examinations held in Orlando, Florida.
The CCIM designation is awarded to real estate professionals upon successful completion of a graduate-level education curriculum and presentation of a portfolio of qualifying industry experience. The curriculum addresses: financial analysis, market analysis, user decision analysis and investment analysis – the cornerstones of commercial investment real estate.
Only 6 percent of the estimated 150,000 commercial real estate practitioners nationwide hold the CCIM designation, which reflects not only the caliber of the program, but also why it is one of the most coveted and respected designations in the industry.
Bilyak has over twenty (20) years of commercial real estate and business experience. His career in real estate has been primarily focused on the disposition and leasing of land and industrial oriented property. He also concentrates on the sale of income producing office and industrial buildings. Bilyak is a member of the National Association of Realtors (NAR) and the National Association of Industrial and Office Properties (NAIOP).
For additional information on industrial, land and investment opportunities, please contact John Bilyak (ext. 209) at
412 321 4200.
About NAI Global
NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 325 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. To learn more, visit www.naiglobal.com.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
PITTSBURGH, PA – (November 4, 2010) - NAI Pittsburgh Commercial is proud to announce John Bilyak, Principal & Director of Industrial Brokerage, has successfully completed a comprehensive examination to earn the prestigious Certified Commercial Investment Member (CCIM) designation by the CCIM Institute, one of the nation’s leading commercial real estate associations in the world. A CCIM is a recognized expert in the disciplines of commercial and investment real estate. The designation was awarded during Institute examinations held in Orlando, Florida.
The CCIM designation is awarded to real estate professionals upon successful completion of a graduate-level education curriculum and presentation of a portfolio of qualifying industry experience. The curriculum addresses: financial analysis, market analysis, user decision analysis and investment analysis – the cornerstones of commercial investment real estate.
Only 6 percent of the estimated 150,000 commercial real estate practitioners nationwide hold the CCIM designation, which reflects not only the caliber of the program, but also why it is one of the most coveted and respected designations in the industry.
Bilyak has over twenty (20) years of commercial real estate and business experience. His career in real estate has been primarily focused on the disposition and leasing of land and industrial oriented property. He also concentrates on the sale of income producing office and industrial buildings. Bilyak is a member of the National Association of Realtors (NAR) and the National Association of Industrial and Office Properties (NAIOP).
For additional information on industrial, land and investment opportunities, please contact John Bilyak (ext. 209) at
412 321 4200.
About NAI Global
NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 325 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. To learn more, visit www.naiglobal.com.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Wednesday, November 3, 2010
Pittsburgh Ranked No. 1 for relocating
Source: CNBC.com
October 2010
Pittsburgh has made a major transformation - from an industrial steel town into a hub for education, health care and the arts. Yet, it’s still surprisingly affordable. The cost of living is 12.2 percent below the national average and the average home price is $116,400, well below the national average of $171,700.
It’s repeatedly ranked as one of the most livable cities: The crime rate is low, it ranks high on both arts and colleges, and it’s at low risk for a natural disaster such as an earthquake, hurricane or tornado.
It’s also repeatedly ranked as one of the best sports cities, with the six-time Super Bowl champion Pittsburgh Steelers, the Pittsburgh Pirates baseball team and the Pittsburgh Penguins hockey team. You would be hard-pressed to find a city with more loyal sports fans – a fact that should not be underestimated when it comes to quality of life.
The unemployment rate is 7.8 percent, well below the national average of 10.2 percent. Indeed.com has named it the No. 18 job market, with two applicants for every job available.
Read the full article
This latest rating pairs nicely with a resume that already includes Best City for Commercial Real Estate, Best Places To Live, Best Housing Market, Best Place to Raise a Family, and Most Bike-Friendly Cities, among other wonderful rankings.
“These favorable statistics, along with our top tier universities and colleges, are among the reasons more and more firms, both nationally and internationally, are committing to do business in Pittsburgh,” said Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
October 2010
Pittsburgh has made a major transformation - from an industrial steel town into a hub for education, health care and the arts. Yet, it’s still surprisingly affordable. The cost of living is 12.2 percent below the national average and the average home price is $116,400, well below the national average of $171,700.
It’s repeatedly ranked as one of the most livable cities: The crime rate is low, it ranks high on both arts and colleges, and it’s at low risk for a natural disaster such as an earthquake, hurricane or tornado.
It’s also repeatedly ranked as one of the best sports cities, with the six-time Super Bowl champion Pittsburgh Steelers, the Pittsburgh Pirates baseball team and the Pittsburgh Penguins hockey team. You would be hard-pressed to find a city with more loyal sports fans – a fact that should not be underestimated when it comes to quality of life.
The unemployment rate is 7.8 percent, well below the national average of 10.2 percent. Indeed.com has named it the No. 18 job market, with two applicants for every job available.
Read the full article
This latest rating pairs nicely with a resume that already includes Best City for Commercial Real Estate, Best Places To Live, Best Housing Market, Best Place to Raise a Family, and Most Bike-Friendly Cities, among other wonderful rankings.
“These favorable statistics, along with our top tier universities and colleges, are among the reasons more and more firms, both nationally and internationally, are committing to do business in Pittsburgh,” said Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Monday, November 1, 2010
Pittsburgh real estate market moves up in rating
Saturday, October 23, 2010
Source: Trib Total Media
Pittsburgh continues to climb rankings and improved its score on Moody's latest, of 60 commercial real estate markets during the third quarter, to move up from a tie for 10th place in the second quarter to a tie for fifth, according to Trib Total Media, Inc staff and wire reports.
The region ranked first in the nation at year end of 2008.
The region scored an 84 in the multi-family market, aided by having the lowest vacancy rate at 2.4 percent. Its next highest total was 74 in the limited service hotel group, followed by a 68 in the Downtown office category.
Read the full article
This latest rating pairs nicely with a resume that already includes Best City to Relocate, Best Places To Live, Best Housing Market, Best Place to Raise a Family, and Most Bike-Friendly Cities, among other wonderful rankings.
Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial, reacts to this latest ranking, “This latest ranking of our city confirms that Pittsburgh’s well-known and consistent reputation as a historically stable commercial real estate market keeps us in the upper tier of the United States. We are the Pittsburgh Steelers of the Multi-Family market – either number one, or close to it.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Source: Trib Total Media
Pittsburgh continues to climb rankings and improved its score on Moody's latest, of 60 commercial real estate markets during the third quarter, to move up from a tie for 10th place in the second quarter to a tie for fifth, according to Trib Total Media, Inc staff and wire reports.
The region ranked first in the nation at year end of 2008.
The region scored an 84 in the multi-family market, aided by having the lowest vacancy rate at 2.4 percent. Its next highest total was 74 in the limited service hotel group, followed by a 68 in the Downtown office category.
Read the full article
This latest rating pairs nicely with a resume that already includes Best City to Relocate, Best Places To Live, Best Housing Market, Best Place to Raise a Family, and Most Bike-Friendly Cities, among other wonderful rankings.
Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial, reacts to this latest ranking, “This latest ranking of our city confirms that Pittsburgh’s well-known and consistent reputation as a historically stable commercial real estate market keeps us in the upper tier of the United States. We are the Pittsburgh Steelers of the Multi-Family market – either number one, or close to it.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Tuesday, October 26, 2010
NAI Pittsburgh Commercial is Pleased to Announce
The Hiring of Sara Boehm as Administrative Assistant
PITTSBURGH, PA – (October 26, 2010) - NAI Pittsburgh Commercial is pleased to announce that Sara Boehm has been named as Administrative Assistant.
Her responsibilities include: designing marketing materials; updating information on various websites; and assisting brokers in researching property data.
Prior to joining NAI Pittsburgh Commercial, Ms. Boehm worked in Account Service for several local advertising agencies, coordinating projects with team leaders and agency executives.
Bill Leone, Founding Principal at NAI Pittsburgh Commercial, said that Ms. Boehm will be a great asset to the firm and its commitment to providing the highest level of service to its clients. “The entire NAI Pittsburgh Commercial team is pleased that Sara has joined our organization. Sara brings with her a wealth of marketing and project coordination experience which will be of great benefit to our valued clientele. NAI Pittsburgh Commercial’s mission is to provide our clientele with the highest level of results-oriented service; recruiting top level professionals makes this possible. Each member of our staff brings unique attributes to NAI Pittsburgh Commercial.”
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
About NAI Global
NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 325 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. To learn more, visit www.naiglobal.com.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
PITTSBURGH, PA – (October 26, 2010) - NAI Pittsburgh Commercial is pleased to announce that Sara Boehm has been named as Administrative Assistant.
Her responsibilities include: designing marketing materials; updating information on various websites; and assisting brokers in researching property data.
Prior to joining NAI Pittsburgh Commercial, Ms. Boehm worked in Account Service for several local advertising agencies, coordinating projects with team leaders and agency executives.
Bill Leone, Founding Principal at NAI Pittsburgh Commercial, said that Ms. Boehm will be a great asset to the firm and its commitment to providing the highest level of service to its clients. “The entire NAI Pittsburgh Commercial team is pleased that Sara has joined our organization. Sara brings with her a wealth of marketing and project coordination experience which will be of great benefit to our valued clientele. NAI Pittsburgh Commercial’s mission is to provide our clientele with the highest level of results-oriented service; recruiting top level professionals makes this possible. Each member of our staff brings unique attributes to NAI Pittsburgh Commercial.”
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
About NAI Global
NAI Global is one of the leading commercial real estate services providers worldwide. Headquartered in Princeton, New Jersey, NAI Global manages a network of 5,000 commercial real estate professionals and 325 offices in over 55 countries, and completes over $45 billion in annual transaction volume. Since 1978, NAI Global clients have built their businesses on the power of NAI’s expanding network. NAI Global’s extensive services include corporate real estate services, brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain consulting and related advisory services. To learn more, visit www.naiglobal.com.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Tuesday, October 19, 2010
NAI Pittsburgh Commercial Announces the Sale of 5523 Walnut Street in Shadyside
PITTSBURGH, PA – (October 18, 2010)
NAI Pittsburgh Commercial is proud to announce the sale of 5523 Walnut Street in Shadyside for $950,000. This three story building with elevator service is located in Shadyside’s upscale retail and neighborhood corridor.
Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial, represented the seller, RKF Inc. The buyer was Penn-Wilkins Assoc.
“The sale of 5523 Walnut Street again shows the strength of the Shadyside market and the entire East End submarket. Our firm entertained at least five offers on this property, which sold in a very short time period,” according to Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial.
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
For additional information on multi-family opportunities, please contact Gregg Broujos (ext. 206) at (412) 321-4200.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
NAI Pittsburgh Commercial is proud to announce the sale of 5523 Walnut Street in Shadyside for $950,000. This three story building with elevator service is located in Shadyside’s upscale retail and neighborhood corridor.
Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial, represented the seller, RKF Inc. The buyer was Penn-Wilkins Assoc.
“The sale of 5523 Walnut Street again shows the strength of the Shadyside market and the entire East End submarket. Our firm entertained at least five offers on this property, which sold in a very short time period,” according to Gregg Broujos, Founding Principal at NAI Pittsburgh Commercial.
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
For additional information on multi-family opportunities, please contact Gregg Broujos (ext. 206) at (412) 321-4200.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Thursday, September 23, 2010
Respironics Leases 78,000 SF in Greensburg
Takes Former Delallo Food Distribution Center
Respironics Inc., producer of electronic medical products, has leased the 77,980-square-foot building at 1592 Roseytown Road in Greensburg, PA.
Located in the Westmoreland County Industrial submarket, the former Delallo Food Distribution Center features 3,530 square feet of office space and sits on five acres of land. Renovated in 1996, it offers 13 loading docks, seven drive-in bays and a clear height of 23 feet.
Rob Blackmore of CB Richard Ellis represented the tenant. Jeff Adams and John Bilyak represented the landlord, Francis X Delallo.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Respironics Inc., producer of electronic medical products, has leased the 77,980-square-foot building at 1592 Roseytown Road in Greensburg, PA.
Located in the Westmoreland County Industrial submarket, the former Delallo Food Distribution Center features 3,530 square feet of office space and sits on five acres of land. Renovated in 1996, it offers 13 loading docks, seven drive-in bays and a clear height of 23 feet.
Rob Blackmore of CB Richard Ellis represented the tenant. Jeff Adams and John Bilyak represented the landlord, Francis X Delallo.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Monday, September 13, 2010
Gas drilling sparks real estate windfall
Pittsburgh Tribune Review
by: Sam Spatter
September 13, 2010
The natural gas-rich Marcellus shale has created a surge in real estate activity in Southwest Pennsylvania.
It's not confined to leasing acres of land for natural gas drilling operations, but extends to the rental of housing and the leasing of office, industrial and warehouse space since the boom in gas exploration in the mile-deep shale began here two years ago.
"I estimate at least 400,000 square feet of new and existing warehouse space has been leased or purchased — and that's probably a low figure," said Dan Petricca of Coldwell Banker Commercial, who has been actively leasing space to companies.
Dan Adamski, executive vice president, Jones Lang LaSalle Americas Inc., has an even larger estimate. "There is in excess of 1.1 million square feet of office/warehouse space leased by the firms involved in the Marcellus Shale," he said.
That approaches a whole year's worth of leasing activity for the entire Pittsburgh region, figures show. Reports from Grubb & Ellis Pittsburgh show that in 2009, total office and industrial space leased in the region was 1.26 million square feet. Suburban locations — including Southpointe, Washington County, which has seen much of the shale-related growth — contributed significantly to that total.
As for housing, about 80 percent of the activity in Washington and adjoining counties has been in rentals, said Betsy West, president of the Washington-Greene County Association of Realtors. The boom in shale gas exploration, however, has not had a major impact on home sales, she said.
The industrial and residential real estate boom has come from new companies bringing jobs and people to the region, West said.
There has been no exact count of jobs created in Southwest Pennsylvania from the natural gas boom, but one estimate has 44,000 jobs being added statewide.
A survey by the Marcellus Shale Coalition, a trade group representing gas companies, found that 10 companies with operations in Southwest Pennsylvania now have 2,076 employees, and they expect to add 5,185 new jobs through 2011.
Moon-based Atlas Energy Inc., has been on a hiring spree since it announced in April a $1.7 billion joint venture with Reliance Industries Ltd. of India. Atlas has added 158 people to its roster this year, bringing its total to 677 in Pennsylvania, said spokeswoman Claudia Koloski. Most of the hires have come from this region, she said.
Kelley Hoover, director of brokerage services at Burns & Scalo Real Estate, said nearly 70 percent of her recent leases have been with companies that drill for natural gas or support them. She has worked with about 11 who have leased more than 50,000 square feet of space in local office buildings, with more than 33,000 square feet alone in the Southpointe 1 complex in Washington County.
A combined 21,000 square feet has been leased in areas such as Neville Island, Montour Business Park and Bridgeville, she said.
There are at least 50 companies involved locally in shale operations, and more are coming here, she said. "Every week I hear from another company, usually located in the nation's southwest, who wants to locate an office here," she said.
Hoover said a shortage of leasable space may be developing at Southpointe. "It depends on the amount of space the company needs for its office, but currently it's difficult to find 2,000 square feet available," she said. That's about the size of a GetGo station and pumps.
Because of the influx of natural gas companies into the Southpointe area, the office vacancy rate there is about 8 percent, said Adamski. And some companies are considering adding more space.
Universal Pegasus, based in Houston, Texas., opened an office with 10,000 square feet five months ago at 601 Technology Dr., Southpointe. The company, which employs 15 engineers, project managers and surveyors, expects to add between 50 and 70 mostly local employees over the next 18 months and double its space, said CEO John Jameson. The company provides energy consultation services to the oil and gas industry.
"Southwestern Pennsylvania is projected to be our fastest-growing area in the years to come," Jameson said.
Range Resources Inc. is planning to build its own building, as are others. Developer Horizon Properties has proposed a 180,000-square-foot building for Range in the Southpointe II complex, also in Washington County.
Besides Washington County, other areas are seeing activity. Examples are:
• Megnablend Inc., of Waxabachie, Texas, purchased the former Mars Petcare warehouse in Everson, Fayette County, from Everson Development LLC for $1.25 million.
"The reason we moved here was because of the Marcellus Shale operations, but that was not the only reason," said spokewoman Theresa Taylor.
Megnablend supplies custom chemical blends to the gas and oil industry, and has products for agricultural companies, with several customers here, she said. Megnablend will open its warehouse with six employees, and expects to employ 30 within three to five years.
• Talisman Energy Corp. of Calgary, Canada, decided to relocate its U.S. headquarters from Long Island, N.Y., to Pittsburgh because of the shale boom. The company leased a 50,142-square-foot building at Pennwood Commons, a two-building complex located in Thorn Hill Industrial Park, Cranberry. It is on track to hire 60 employees.
Many of Talisman's employees transferred to the area and buying homes here or renting apartments, said Hoover of Burns & Scalo.
• Allied Technology Inc., which serves the oil and natural gas industry with equipment used from the wellhead to the refinery, plans to build a $7.5 million facility at the Industrial 70 Park at Fitz Henry, South Huntingdon Township, in Westmoreland County. The company anticipates creating about 100 jobs at the plant within three years.
Allied Technology selected the site about a mile off Interstate 70 because of its proximity to the drilling that is occurring in Western Pennsylvania and West Virginia, and the easy access, said CEO Wendell Brooks. "We did a pretty careful search," he said.
The influx of workers has had a significant impact on local rental apartments in the past 18 month, said Northwood's West. Most available rental space has been leased. Some workers are knocking on house doors, asking if the owner would they like to rent a room there, she said.
Another phenomenon is the use of mobile homes leased to workers, she said.
"We are seeing an influx of families coming from Texas, Oklahoma, Wyoming, Virginia and Kentucky," she said. "These individuals, who usually have families and homes in their hometown, aren't interested in buying here unless they are able to sell their current home and relocate their family."
"We have seen several workers pool their resources and purchase a small house when rentals could not be found," she said.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
by: Sam Spatter
September 13, 2010
The natural gas-rich Marcellus shale has created a surge in real estate activity in Southwest Pennsylvania.
It's not confined to leasing acres of land for natural gas drilling operations, but extends to the rental of housing and the leasing of office, industrial and warehouse space since the boom in gas exploration in the mile-deep shale began here two years ago.
"I estimate at least 400,000 square feet of new and existing warehouse space has been leased or purchased — and that's probably a low figure," said Dan Petricca of Coldwell Banker Commercial, who has been actively leasing space to companies.
Dan Adamski, executive vice president, Jones Lang LaSalle Americas Inc., has an even larger estimate. "There is in excess of 1.1 million square feet of office/warehouse space leased by the firms involved in the Marcellus Shale," he said.
That approaches a whole year's worth of leasing activity for the entire Pittsburgh region, figures show. Reports from Grubb & Ellis Pittsburgh show that in 2009, total office and industrial space leased in the region was 1.26 million square feet. Suburban locations — including Southpointe, Washington County, which has seen much of the shale-related growth — contributed significantly to that total.
As for housing, about 80 percent of the activity in Washington and adjoining counties has been in rentals, said Betsy West, president of the Washington-Greene County Association of Realtors. The boom in shale gas exploration, however, has not had a major impact on home sales, she said.
The industrial and residential real estate boom has come from new companies bringing jobs and people to the region, West said.
There has been no exact count of jobs created in Southwest Pennsylvania from the natural gas boom, but one estimate has 44,000 jobs being added statewide.
A survey by the Marcellus Shale Coalition, a trade group representing gas companies, found that 10 companies with operations in Southwest Pennsylvania now have 2,076 employees, and they expect to add 5,185 new jobs through 2011.
Moon-based Atlas Energy Inc., has been on a hiring spree since it announced in April a $1.7 billion joint venture with Reliance Industries Ltd. of India. Atlas has added 158 people to its roster this year, bringing its total to 677 in Pennsylvania, said spokeswoman Claudia Koloski. Most of the hires have come from this region, she said.
Kelley Hoover, director of brokerage services at Burns & Scalo Real Estate, said nearly 70 percent of her recent leases have been with companies that drill for natural gas or support them. She has worked with about 11 who have leased more than 50,000 square feet of space in local office buildings, with more than 33,000 square feet alone in the Southpointe 1 complex in Washington County.
A combined 21,000 square feet has been leased in areas such as Neville Island, Montour Business Park and Bridgeville, she said.
There are at least 50 companies involved locally in shale operations, and more are coming here, she said. "Every week I hear from another company, usually located in the nation's southwest, who wants to locate an office here," she said.
Hoover said a shortage of leasable space may be developing at Southpointe. "It depends on the amount of space the company needs for its office, but currently it's difficult to find 2,000 square feet available," she said. That's about the size of a GetGo station and pumps.
Because of the influx of natural gas companies into the Southpointe area, the office vacancy rate there is about 8 percent, said Adamski. And some companies are considering adding more space.
Universal Pegasus, based in Houston, Texas., opened an office with 10,000 square feet five months ago at 601 Technology Dr., Southpointe. The company, which employs 15 engineers, project managers and surveyors, expects to add between 50 and 70 mostly local employees over the next 18 months and double its space, said CEO John Jameson. The company provides energy consultation services to the oil and gas industry.
"Southwestern Pennsylvania is projected to be our fastest-growing area in the years to come," Jameson said.
Range Resources Inc. is planning to build its own building, as are others. Developer Horizon Properties has proposed a 180,000-square-foot building for Range in the Southpointe II complex, also in Washington County.
Besides Washington County, other areas are seeing activity. Examples are:
• Megnablend Inc., of Waxabachie, Texas, purchased the former Mars Petcare warehouse in Everson, Fayette County, from Everson Development LLC for $1.25 million.
"The reason we moved here was because of the Marcellus Shale operations, but that was not the only reason," said spokewoman Theresa Taylor.
Megnablend supplies custom chemical blends to the gas and oil industry, and has products for agricultural companies, with several customers here, she said. Megnablend will open its warehouse with six employees, and expects to employ 30 within three to five years.
• Talisman Energy Corp. of Calgary, Canada, decided to relocate its U.S. headquarters from Long Island, N.Y., to Pittsburgh because of the shale boom. The company leased a 50,142-square-foot building at Pennwood Commons, a two-building complex located in Thorn Hill Industrial Park, Cranberry. It is on track to hire 60 employees.
Many of Talisman's employees transferred to the area and buying homes here or renting apartments, said Hoover of Burns & Scalo.
• Allied Technology Inc., which serves the oil and natural gas industry with equipment used from the wellhead to the refinery, plans to build a $7.5 million facility at the Industrial 70 Park at Fitz Henry, South Huntingdon Township, in Westmoreland County. The company anticipates creating about 100 jobs at the plant within three years.
Allied Technology selected the site about a mile off Interstate 70 because of its proximity to the drilling that is occurring in Western Pennsylvania and West Virginia, and the easy access, said CEO Wendell Brooks. "We did a pretty careful search," he said.
The influx of workers has had a significant impact on local rental apartments in the past 18 month, said Northwood's West. Most available rental space has been leased. Some workers are knocking on house doors, asking if the owner would they like to rent a room there, she said.
Another phenomenon is the use of mobile homes leased to workers, she said.
"We are seeing an influx of families coming from Texas, Oklahoma, Wyoming, Virginia and Kentucky," she said. "These individuals, who usually have families and homes in their hometown, aren't interested in buying here unless they are able to sell their current home and relocate their family."
"We have seen several workers pool their resources and purchase a small house when rentals could not be found," she said.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Friday, September 3, 2010
Luke Hingson is taking a One Year Sabbatical
NAI PITTSBURGH COMMERCIAL IS PLEASED TO ANNOUNCE
Luke Hingson is taking a one year sabbatical to pursue a Masters of Real Estate Finance at Georgetown University.
Luke Hingson is taking a one year sabbatical to pursue a Masters of Real Estate Finance at Georgetown University.
PITTSBURGH, PA (September 2, 2010)
NAI Pittsburgh Commercial is pleased to announce that Investment Sales Associate, Luke Hingson will be taking a one year sabbatical to pursue his Masters Degree in Real Estate Finance at Georgetown University in Washington, DC. Following his completion of the program, he will be returning to NAI Pittsburgh Commercial.
Luke has been with NAI Pittsburgh for two years and has specialized in investment sales and retail leasing. Earning a Masters in Real Estate Finance from one of the top universities in the country will allow Mr. Hingson to better serve his clients in the investment real estate arena, both locally and nationally.
Gregg Broujos, a Founding Principal and Head of the Investment Services Group at NAI Pittsburgh said “NAI Pittsburgh Commercial places a high priority on quality education and training for its Associates. Luke will return from Georgetown better equipped to assist our valued clients.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Wednesday, July 28, 2010
Downtown vacancy rate drops
By Sam Spatter, FOR THE PITTSBURGH TRIBUNE-REVIEW
Wednesday, July 28, 2010
Retail activity Downtown improved this year, with a number of new restaurants moving in, resulting in a lower vacancy rate, a report shows.
Downtown's retail vacancy rate for its 1.8 million square feet of space declined to 9.7 percent at the end of June from 10.3 percent rate at the end of 2009, according to Grubb & Ellis' Retail Trends Report -- Mid-Year 2010.
However, the overall retail vacancy rate for the Pittsburgh region increased to 8.4 percent from 7.9 percent at the end of 2009, the report said.
"Retail activity Downtown has picked up over the past 18 months, with a number of new restaurants moving into vacant space," said David Glickman, vice president of Grubb & Ellis' Retail Group.
Glickman cited a newcomer named Elements, which will occupy the former Palomino space in Four Gateway Center, along with Walnut Grove, a Sharp Edge on Penn Avenue, a new Subway, and soon to enter the Downtown market, Massburgher.
Total available retail space in the region increased in the mid-year report to 56.9 million square feet from 56.4 million square feet at the end of 2009.
Additions included Settlers' Ridge in Robinson and Bakery Square in Larimer, while subtractions included a former Builders Square building in the Braddock Hills Shopping Center (now a charter school) and demolition of the West Hills Shopping Center for a new Wal-Mart in Moon.
New retailers in the market, include Crate and Barrel and California Pizza Kitchen at Ross Park Mall, Ross; and Cadillac Ranch at Settlers Ridge.
A Lowe's Home Improvement is under construction along with LA Fitness and Fidelity Bank at McCandless Crossing in McCandless; Target will open in East Liberty; Red Robin Gourmet Burgers opened in South Hills Village and Saks Fifth Avenue opened Off 5th at Tanger Outlet Center in South Strabane.
On the industrial front, the report showed that for the first time since the end of 2004, vacancy levels increased during the April-June period.
The industrial vacancy rate rose to 10.8 percent at the end of June from 8.6 percent at the end of 2009. The new biggest vacancy is the 2.3 million-square-foot former Sony television assembly plant in Westmoreland County, which closed.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Wednesday, July 28, 2010
Retail activity Downtown improved this year, with a number of new restaurants moving in, resulting in a lower vacancy rate, a report shows.
Downtown's retail vacancy rate for its 1.8 million square feet of space declined to 9.7 percent at the end of June from 10.3 percent rate at the end of 2009, according to Grubb & Ellis' Retail Trends Report -- Mid-Year 2010.
However, the overall retail vacancy rate for the Pittsburgh region increased to 8.4 percent from 7.9 percent at the end of 2009, the report said.
"Retail activity Downtown has picked up over the past 18 months, with a number of new restaurants moving into vacant space," said David Glickman, vice president of Grubb & Ellis' Retail Group.
Glickman cited a newcomer named Elements, which will occupy the former Palomino space in Four Gateway Center, along with Walnut Grove, a Sharp Edge on Penn Avenue, a new Subway, and soon to enter the Downtown market, Massburgher.
Total available retail space in the region increased in the mid-year report to 56.9 million square feet from 56.4 million square feet at the end of 2009.
Additions included Settlers' Ridge in Robinson and Bakery Square in Larimer, while subtractions included a former Builders Square building in the Braddock Hills Shopping Center (now a charter school) and demolition of the West Hills Shopping Center for a new Wal-Mart in Moon.
New retailers in the market, include Crate and Barrel and California Pizza Kitchen at Ross Park Mall, Ross; and Cadillac Ranch at Settlers Ridge.
A Lowe's Home Improvement is under construction along with LA Fitness and Fidelity Bank at McCandless Crossing in McCandless; Target will open in East Liberty; Red Robin Gourmet Burgers opened in South Hills Village and Saks Fifth Avenue opened Off 5th at Tanger Outlet Center in South Strabane.
On the industrial front, the report showed that for the first time since the end of 2004, vacancy levels increased during the April-June period.
The industrial vacancy rate rose to 10.8 percent at the end of June from 8.6 percent at the end of 2009. The new biggest vacancy is the 2.3 million-square-foot former Sony television assembly plant in Westmoreland County, which closed.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Monday, July 26, 2010
Several Downtown Pittsburgh landmarks up for sale
Friday, July 23, 2010
By Mark Belko, Pittsburgh Post-Gazette
The way things are going, the Golden Triangle just might become one gigantic "for sale" sign.
All over Downtown, buildings are going up for sale almost as fast as LeBron James jerseys in Cleveland.
And not just any old building. Some of Pittsburgh's signature real estate is on the block -- from Macy's (formerly Kaufmann's) department store to Gateway Center, the linchpin of the city's first renaissance.
Others up for sale include the Henry W. Oliver Building; the Regional Enterprise Tower, formerly the Alcoa building; EQT Tower, once known as Dominion Tower; and the American Red Cross of Southwestern Pennsylvania building.
And that doesn't even count some of the smaller properties that have hit the market recently.
What's next? The County Courthouse? PPG Place? U.S. Steel Tower?
The surge in sales has made newspaper headlines and even attracted the attention of City Hall. Aides to Mayor Luke Ravenstahl have consulted with local real estate brokers seeking to determine what is driving the phenomenon.
Yarone Zober, Mr. Ravenstahl's chief of staff, said officials have been assured that, overall, the jump in listings is more a sign of the market's vibrancy than anything else.
"By and large, when I talk to people in the industry, the answer is that people are selling in Pittsburgh because they want to sell high," he said.
Experts appear to be divided on just what is fueling the sales binge. Some, like Mr. Zober, believe it is a sign of a robust real estate market. One contrarian sees owners cashing in before the bottom falls out because of fears of a prolonged recession.
Others see it as almost coincidence, with a variety of factors at work rather than a single motivating force.
"There's nothing in the water, if you will. There's logic behind each of these," said Aaron Stauber, the president of New York-based Rugby Realty, which has extensive property holdings in Pittsburgh.
Mr. Stauber believes that in the case of Gateway Center and the EQT Tower, the owners are looking to cash in after upgrading their properties.
Both the Gateway Center complex, with four buildings, and EQT Tower, now the headquarters of utility EQT, have high occupancy rates and are well positioned for a sale, he said.
"The properties are at a position where the highest value can be gained [in a sale]," he said.
Mr. Stauber said some sellers may have held off in listing their real estate over the last few years because of the recession and the credit crunch. With the financial markets stabilizing, he said, now might be a good time to sell.
"For those properties, it's like a pent-up demand situation. They may have come to the market three years ago under normal circumstances," he said.
The fact that the buildings are for sale may be an indication that "we're finally starting to see the market open up," he said.
In a recent interview, Gary Horwitz, president of Los Angeles-based Hertz Investment Group, the owner of Gateway Center, said the firm believes it is an "opportune time" to go to the market and turn a profit because of the demand for quality assets and the strength of the local real estate market.
He called Pittsburgh one of the top five real estate markets in the country right now. Hertz purchased the buildings in Gateway Center for $55 million in 2004. The occupancy rate is now about 85 percent. Mr. Horwitz would not disclose an asking price.
"I think nationally there's a shortage of quality buildings on the market. There's a tremendous amount of cash sitting on the sidelines waiting for quality. This building is going to be well received. It's in a quality city and a quality asset," he said.
Macy's is another which has said it is seeking to capitalize on the strong market Downtown while at the same time looking for someone to better use some of the empty space in the landmark building at Fifth Avenue and Smithfield Street. Even with a sale, the department store is expected to remain in the building.
On the other hand, Mr. Stauber believes the Oliver Building and the Regional Enterprise Tower, with lower occupancy rates, face different issues. One factor that may be driving the sale of the Oliver Building, he said, is the loss of the K&L Gates law firm, which moved to One Oliver Plaza, now K&L Gates Center, in March.
"Those are properties where something needs to happen. They need to be repositioned. Either the current owners will reposition them or the new owners will reposition them," he said.
Mr. Stauber, who has made a living turning around underachieving properties, said he will "take a look" at both buildings. Whether he has any further interest, he said, is "subject to further review."
At the same time, Rugby Realty may put the Manor Building on Forbes Avenue on the market again, he noted. The firm offered the 11-story structure for sale in 2008, but ended up pulling it off the market because of the recession.
Herky Pollock, an executive vice president for real estate brokerage CB Richard Ellis/Pittsburgh, said the central business district has seen an increase in rental rates and net absorption over the last few years.
That, he added, "bodes well for future potential investors and it allows owners to reap the benefits of these increases."
"You'd be hard pressed to find a city outside of Chicago, New York or Boston that has experienced the stability and growth that Pittsburgh has experienced in the last five years," he said.
According to CB Richard Ellis, the office vacancy rate Downtown in the first quarter was 12.2 percent, one of the lowest in the Pittsburgh market. The average lease rate for Class A office space was $23.70, the highest in the market.
While some see the wave of buildings for sale as a good indicator, Tom Sullivan, a commercial broker for Pennsylvania Commercial Real Estate, isn't one of them.
He maintained that some owners may be selling because they are worried about a prolonged recession and see rental rates plunging and occupancy dipping over the next few years.
"I don't believe it is because it's such a robust market. I think these people see it as it's not going to get much better than it is today," he said.
Mr. Sullivan believes a proposal to sell off city parking authority garages and city meters to help stabilize the city pension fund would only make matters worse, since parking rates would increase dramatically over the next five years. That could deter people from wanting to work Downtown and cause businesses to look for locations in the suburbs.
He said that, in his experience, one of the biggest issues in trying to land tenants for buildings Downtown is the cost of parking.
"If they do anything close to what they're talking about, there's going to be a greater exodus Downtown," he said.
But Mr. Zober said the parking authority owns only 25 percent of the spaces Downtown. The rest are in private hands and generally charge higher daily rates than the city.
"This is a way for us to get even with the private market," he said. "Hopefully, it will have a negligible effect rather than a great effect. If we controlled 100 percent of the parking Downtown, I would understand the concern."
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
By Mark Belko, Pittsburgh Post-Gazette
The way things are going, the Golden Triangle just might become one gigantic "for sale" sign.
All over Downtown, buildings are going up for sale almost as fast as LeBron James jerseys in Cleveland.
And not just any old building. Some of Pittsburgh's signature real estate is on the block -- from Macy's (formerly Kaufmann's) department store to Gateway Center, the linchpin of the city's first renaissance.
Others up for sale include the Henry W. Oliver Building; the Regional Enterprise Tower, formerly the Alcoa building; EQT Tower, once known as Dominion Tower; and the American Red Cross of Southwestern Pennsylvania building.
And that doesn't even count some of the smaller properties that have hit the market recently.
What's next? The County Courthouse? PPG Place? U.S. Steel Tower?
The surge in sales has made newspaper headlines and even attracted the attention of City Hall. Aides to Mayor Luke Ravenstahl have consulted with local real estate brokers seeking to determine what is driving the phenomenon.
Yarone Zober, Mr. Ravenstahl's chief of staff, said officials have been assured that, overall, the jump in listings is more a sign of the market's vibrancy than anything else.
"By and large, when I talk to people in the industry, the answer is that people are selling in Pittsburgh because they want to sell high," he said.
Experts appear to be divided on just what is fueling the sales binge. Some, like Mr. Zober, believe it is a sign of a robust real estate market. One contrarian sees owners cashing in before the bottom falls out because of fears of a prolonged recession.
Others see it as almost coincidence, with a variety of factors at work rather than a single motivating force.
"There's nothing in the water, if you will. There's logic behind each of these," said Aaron Stauber, the president of New York-based Rugby Realty, which has extensive property holdings in Pittsburgh.
Mr. Stauber believes that in the case of Gateway Center and the EQT Tower, the owners are looking to cash in after upgrading their properties.
Both the Gateway Center complex, with four buildings, and EQT Tower, now the headquarters of utility EQT, have high occupancy rates and are well positioned for a sale, he said.
"The properties are at a position where the highest value can be gained [in a sale]," he said.
Mr. Stauber said some sellers may have held off in listing their real estate over the last few years because of the recession and the credit crunch. With the financial markets stabilizing, he said, now might be a good time to sell.
"For those properties, it's like a pent-up demand situation. They may have come to the market three years ago under normal circumstances," he said.
The fact that the buildings are for sale may be an indication that "we're finally starting to see the market open up," he said.
In a recent interview, Gary Horwitz, president of Los Angeles-based Hertz Investment Group, the owner of Gateway Center, said the firm believes it is an "opportune time" to go to the market and turn a profit because of the demand for quality assets and the strength of the local real estate market.
He called Pittsburgh one of the top five real estate markets in the country right now. Hertz purchased the buildings in Gateway Center for $55 million in 2004. The occupancy rate is now about 85 percent. Mr. Horwitz would not disclose an asking price.
"I think nationally there's a shortage of quality buildings on the market. There's a tremendous amount of cash sitting on the sidelines waiting for quality. This building is going to be well received. It's in a quality city and a quality asset," he said.
Macy's is another which has said it is seeking to capitalize on the strong market Downtown while at the same time looking for someone to better use some of the empty space in the landmark building at Fifth Avenue and Smithfield Street. Even with a sale, the department store is expected to remain in the building.
On the other hand, Mr. Stauber believes the Oliver Building and the Regional Enterprise Tower, with lower occupancy rates, face different issues. One factor that may be driving the sale of the Oliver Building, he said, is the loss of the K&L Gates law firm, which moved to One Oliver Plaza, now K&L Gates Center, in March.
"Those are properties where something needs to happen. They need to be repositioned. Either the current owners will reposition them or the new owners will reposition them," he said.
Mr. Stauber, who has made a living turning around underachieving properties, said he will "take a look" at both buildings. Whether he has any further interest, he said, is "subject to further review."
At the same time, Rugby Realty may put the Manor Building on Forbes Avenue on the market again, he noted. The firm offered the 11-story structure for sale in 2008, but ended up pulling it off the market because of the recession.
Herky Pollock, an executive vice president for real estate brokerage CB Richard Ellis/Pittsburgh, said the central business district has seen an increase in rental rates and net absorption over the last few years.
That, he added, "bodes well for future potential investors and it allows owners to reap the benefits of these increases."
"You'd be hard pressed to find a city outside of Chicago, New York or Boston that has experienced the stability and growth that Pittsburgh has experienced in the last five years," he said.
According to CB Richard Ellis, the office vacancy rate Downtown in the first quarter was 12.2 percent, one of the lowest in the Pittsburgh market. The average lease rate for Class A office space was $23.70, the highest in the market.
While some see the wave of buildings for sale as a good indicator, Tom Sullivan, a commercial broker for Pennsylvania Commercial Real Estate, isn't one of them.
He maintained that some owners may be selling because they are worried about a prolonged recession and see rental rates plunging and occupancy dipping over the next few years.
"I don't believe it is because it's such a robust market. I think these people see it as it's not going to get much better than it is today," he said.
Mr. Sullivan believes a proposal to sell off city parking authority garages and city meters to help stabilize the city pension fund would only make matters worse, since parking rates would increase dramatically over the next five years. That could deter people from wanting to work Downtown and cause businesses to look for locations in the suburbs.
He said that, in his experience, one of the biggest issues in trying to land tenants for buildings Downtown is the cost of parking.
"If they do anything close to what they're talking about, there's going to be a greater exodus Downtown," he said.
But Mr. Zober said the parking authority owns only 25 percent of the spaces Downtown. The rest are in private hands and generally charge higher daily rates than the city.
"This is a way for us to get even with the private market," he said. "Hopefully, it will have a negligible effect rather than a great effect. If we controlled 100 percent of the parking Downtown, I would understand the concern."
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Thursday, July 22, 2010
Commercial real estate activity in Pittsburgh region beats U.S.
By Pittsburgh Tribune-Review
Thursday, July 22, 2010
The volume of sales of commercial real estate in the five-county Pittsburgh area is fairing better than such property sales around the United States, according to a report Wednesday from RealStats, a real estate research firm on the South Side.
The $396 million worth of transactions through June 2010 represented 59.3 percent of the annual average over the previous five years. The comparable figure for the nation, however, was 26 percent.
Allegheny County accounted for almost $278 million of the region's first-half 2010 sales, and Westmoreland accounted for $45 million. First-half sales of offices and other commercial properties in the Pittsburgh area peaked at $907 million in 2006 and fell to $257 million in first-half 2009.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Thursday, July 22, 2010
The volume of sales of commercial real estate in the five-county Pittsburgh area is fairing better than such property sales around the United States, according to a report Wednesday from RealStats, a real estate research firm on the South Side.
The $396 million worth of transactions through June 2010 represented 59.3 percent of the annual average over the previous five years. The comparable figure for the nation, however, was 26 percent.
Allegheny County accounted for almost $278 million of the region's first-half 2010 sales, and Westmoreland accounted for $45 million. First-half sales of offices and other commercial properties in the Pittsburgh area peaked at $907 million in 2006 and fell to $257 million in first-half 2009.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Wednesday, July 21, 2010
NAI Pittsburgh Commercial Announces the Sale of Sharon Hill Apartments
PITTSBURGH, PA – (July 20, 2010)
NAI Pittsburgh Commercial is proud to announce the sale of Sharon Hill Apartments for $1,850,000. Sharon Hill Apartments is a 39 unit apartment complex in Moon Township.
Luke Hingson of NAI Pittsburgh Commercial represented the buyer and Gregg Broujos, also of NAI Pittsburgh Commercial, represented the seller. The buyer is Sharon Hills LLC., a local investment group.
“The sale of Sharon Hill Apartments is a prime example of how strong Pittsburgh’s multi-family market sector is performing in a time of economic turmoil” according to Luke Hingson, investment sales associate at NAI Pittsburgh Commercial.
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
For additional information on multi-family opportunities, please contact Gregg Broujos (ext. 206) or Luke Hingson (ext. 208) at (412) 321-4200.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
NAI Pittsburgh Commercial is proud to announce the sale of Sharon Hill Apartments for $1,850,000. Sharon Hill Apartments is a 39 unit apartment complex in Moon Township.
Luke Hingson of NAI Pittsburgh Commercial represented the buyer and Gregg Broujos, also of NAI Pittsburgh Commercial, represented the seller. The buyer is Sharon Hills LLC., a local investment group.
“The sale of Sharon Hill Apartments is a prime example of how strong Pittsburgh’s multi-family market sector is performing in a time of economic turmoil” according to Luke Hingson, investment sales associate at NAI Pittsburgh Commercial.
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
For additional information on multi-family opportunities, please contact Gregg Broujos (ext. 206) or Luke Hingson (ext. 208) at (412) 321-4200.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
NAI Pittsburgh Commercial Announces the Sale of Heritage Meadows Apartments
PITTSBURGH, PA – (July 20, 2010)
NAI Pittsburgh Commercial and Coldwell Banker Commercial are proud to announce the sale of Heritage Meadows Apartments for $2,250,000. Heritage Meadows is a 36 unit apartment complex in Peters Township.
John Adair of Coldwell Banker and Gregg Broujos and Luke Hingson of NAI Pittsburgh Commercial represented the sellers. The buyer is Heritage Meadows Partners L.P, a local investor syndication.
“The sale of Heritage Meadows is another example of the extremely strong multi-family market in Western Pennsylvania” according to Gregg Broujos, founding principal at NAI Pittsburgh Commercial
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage,
consulting, marketing and research services to businesses and investors throughout the world.
For additional information on multi-family opportunities, please contact Luke Hingson (ext. 208) or Gregg Broujos (ext. 206) at (412) 321-4200.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
NAI Pittsburgh Commercial and Coldwell Banker Commercial are proud to announce the sale of Heritage Meadows Apartments for $2,250,000. Heritage Meadows is a 36 unit apartment complex in Peters Township.
John Adair of Coldwell Banker and Gregg Broujos and Luke Hingson of NAI Pittsburgh Commercial represented the sellers. The buyer is Heritage Meadows Partners L.P, a local investor syndication.
“The sale of Heritage Meadows is another example of the extremely strong multi-family market in Western Pennsylvania” according to Gregg Broujos, founding principal at NAI Pittsburgh Commercial
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage,
consulting, marketing and research services to businesses and investors throughout the world.
For additional information on multi-family opportunities, please contact Luke Hingson (ext. 208) or Gregg Broujos (ext. 206) at (412) 321-4200.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Tuesday, July 20, 2010
Commercial Market Falls to 10th
By Sam Spatter, FOR THE PITTSBURGH TRIBUNE-REVIEW
Tuesday, July 20, 2010
Pittsburgh improved its score on Moody's latest ranking of commercial real estate markets in 60 metropolitan areas during the second quarter. But the region fell from fifth place to 10th.
The region ″still is a good market. It's just that other metro areas improved their markets greater than Pittsburgh,″ said Keith Banhazl, a vice president with Moody's Investors Service, which compiles the report known as the Red-Green-Yellow survey each quarter.
Honolulu made the top of the latest list, followed by New York, Los Angeles, Boston, San Francisco, Fort Lauderdale, Albuquerque, Salt Lake City and San Jose.
Randy McCombs, a principal with Grant Street Associates, Downtown, noted the region still is in the top 10 -- ″a good indication that Pittsburgh continues on its nice and steady commercial real estate way,″ he said.
Only a year ago, Moody's ranked Pittsburgh first in the nation. The survey gauged Pittsburgh on occupancy rates for apartment and office buildings and hotels.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Tuesday, July 20, 2010
Pittsburgh improved its score on Moody's latest ranking of commercial real estate markets in 60 metropolitan areas during the second quarter. But the region fell from fifth place to 10th.
The region ″still is a good market. It's just that other metro areas improved their markets greater than Pittsburgh,″ said Keith Banhazl, a vice president with Moody's Investors Service, which compiles the report known as the Red-Green-Yellow survey each quarter.
Honolulu made the top of the latest list, followed by New York, Los Angeles, Boston, San Francisco, Fort Lauderdale, Albuquerque, Salt Lake City and San Jose.
Randy McCombs, a principal with Grant Street Associates, Downtown, noted the region still is in the top 10 -- ″a good indication that Pittsburgh continues on its nice and steady commercial real estate way,″ he said.
Only a year ago, Moody's ranked Pittsburgh first in the nation. The survey gauged Pittsburgh on occupancy rates for apartment and office buildings and hotels.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
NAI Pittsburgh Commercial is Pleased to Announce:
Raymond C. Orowetz, P.E. obtains LEED Green Associate credential
PITTSBURGH, PA July 19 2010
NAI Pittsburgh Commercial is pleased to announce that Raymond C. Orowetz, P.E., recently passed the LEED Green Associate exam as administered by the Green Building Certi
fication Institute. This credential denotes knowledge of green building principles, technologies, best practices and the rapidly evolving LEED Rating System. LEED (Leadership in Energy and Environmental Design) is an internationally recognized third-party green building certification system and the nationally accepted benchmark for the design, construction and operation of high performance buildings.
Mr. Orowetz, also a register professional civil engineer, has been affiliated with NAI since June of 2005 following a fifteen year stint as president of his own commercial real estate firm and has a total of 25 years experience in the commercial real estate industry.
NAI Pittsburgh Commercial, a locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
PITTSBURGH, PA July 19 2010
NAI Pittsburgh Commercial is pleased to announce that Raymond C. Orowetz, P.E., recently passed the LEED Green Associate exam as administered by the Green Building Certi
fication Institute. This credential denotes knowledge of green building principles, technologies, best practices and the rapidly evolving LEED Rating System. LEED (Leadership in Energy and Environmental Design) is an internationally recognized third-party green building certification system and the nationally accepted benchmark for the design, construction and operation of high performance buildings.Mr. Orowetz, also a register professional civil engineer, has been affiliated with NAI since June of 2005 following a fifteen year stint as president of his own commercial real estate firm and has a total of 25 years experience in the commercial real estate industry.
NAI Pittsburgh Commercial, a locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Monday, July 19, 2010
NAI Pittsburgh Commercial Appointed as Exclusive Listing Agent for +/- 26 Acres
PITTSBURGH, PA – (July 16, 2010) - NAI Pittsburgh Commercial is proud to announce that they have been selected to be the Exclusive Listing Agent for +/- 26 Acres of Land located on Route 18/Big Beaver Boulevard in Homewood Borough, Beaver Falls, PA.
The Land is located less than a mile from the Pennsylvania Turnpike/Interstate 76 at Exit 13 and next to Giuseppe’s Restaurant & across from a Super 8 Motel.
All utilities are available to the Site and the Land is zoned Commercial & Light Industrial.
The sales team consists of John C. Bilyak, Principal & Director of Industrial Brokerage and Jessica L. Jarosz, Associate of NAI Pittsburgh Commercial. John Bilyak stated “We are excited for the opportunity to work on marketing this exceptionally located land which can offer a development opportunity to a variety of corporate, retail or industrial users in Beaver County.”
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
For additional information on this office opportunity, please contact John Bilyak (ext. 209) or Jessica Jarosz (ext. 202) at (412) 321-4200.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
The Land is located less than a mile from the Pennsylvania Turnpike/Interstate 76 at Exit 13 and next to Giuseppe’s Restaurant & across from a Super 8 Motel.
All utilities are available to the Site and the Land is zoned Commercial & Light Industrial.
The sales team consists of John C. Bilyak, Principal & Director of Industrial Brokerage and Jessica L. Jarosz, Associate of NAI Pittsburgh Commercial. John Bilyak stated “We are excited for the opportunity to work on marketing this exceptionally located land which can offer a development opportunity to a variety of corporate, retail or industrial users in Beaver County.”
NAI Pittsburgh Commercial, locally owned company and established leader of Western Pennsylvania’s Commercial Real Estate Industry, provides results-oriented brokerage, consulting, marketing and research services to businesses and investors throughout the world.
For additional information on this office opportunity, please contact John Bilyak (ext. 209) or Jessica Jarosz (ext. 202) at (412) 321-4200.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Thursday, July 15, 2010
Patrick Sentner, SIOR, interviewed on KDKA Channel 2 News
Several Buildings In Downtown Pittsburgh Go Up For Sale:
Click here to hear our own Patrick Sentner, SIOR, provide his insight on the local Pittsburgh market in a recent interview with KDKA’s Jon Delano.
Click here to hear our own Patrick Sentner, SIOR, provide his insight on the local Pittsburgh market in a recent interview with KDKA’s Jon Delano.
Monday, July 12, 2010
Apartment rents in Pittsburgh region edge upward by 3 percent
Average apartment rents in the Pittsburgh region, over the past six months, have increased by 3 percent, according to a national survey.
Average rent -- within a 10 mile radius of Pittsburgh -- is $792, said rentjungle.com, an apartment search and market research website. It reported it was $789 at the end of the first quarter.
Locally, one bedroom apartments rent for $659 a month on an average and two bedroom apartments average $808 a month, it said.
The most expensive Pittsburgh neighborhoods to rent apartments are in the South Side, rentjingle said. That includes the South Shore, Southside Slopes and Southside Flats.
Average rents for all size apartments there range from about $1,100 to $1,000, the report said.
Cheapest rents are in the neighborhoods of Stanton Heights. about $700, Lower Lawrenceville about $720 and East Liberty, about $750.
Debbie Roberts, general manager of the 298-unit Cork Factory in the Strip District, said Pittsburgh's apartment market is extremely strong, noting her complex is at 99 percent occupied
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Average rent -- within a 10 mile radius of Pittsburgh -- is $792, said rentjungle.com, an apartment search and market research website. It reported it was $789 at the end of the first quarter.
Locally, one bedroom apartments rent for $659 a month on an average and two bedroom apartments average $808 a month, it said.
The most expensive Pittsburgh neighborhoods to rent apartments are in the South Side, rentjingle said. That includes the South Shore, Southside Slopes and Southside Flats.
Average rents for all size apartments there range from about $1,100 to $1,000, the report said.
Cheapest rents are in the neighborhoods of Stanton Heights. about $700, Lower Lawrenceville about $720 and East Liberty, about $750.
Debbie Roberts, general manager of the 298-unit Cork Factory in the Strip District, said Pittsburgh's apartment market is extremely strong, noting her complex is at 99 percent occupied
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Global Economic Outlook with Dr. Peter Linneman
Web Conference
Date: Wednesday, July 21, 2010
Time: 1 PM to 2 PM EDT
Is the Economic Recovery on Solid Ground?
Join NAI Global Chief Economist Dr. Peter Linneman for a discussion on how the European debt crisis will impact economic recovery in the U.S. and the rest of the world. Is our confidence shaken, or just stirred? Dr. Linneman will also be available to answer your questions during the event.
Dr. Lineman, widely recognized as one of the leading strategic thinkers in the real estate industry, was recently cited as one of the 25 most influential people in real estate by Realtor Magazine. He serves as the Albert Sussman Professor of Real Estate, Finance and Public Policy at the Wharton School of Business, the University of Pennsylvania, and the Principal, Linneman Associates.
The Global Economic Outlook Web Conference will be held July 21, 2010 at 1:00 PM EDT. Participation is limited, so be sure to register early by clicking here.
Date: Wednesday, July 21, 2010
Time: 1 PM to 2 PM EDT
Is the Economic Recovery on Solid Ground?
Join NAI Global Chief Economist Dr. Peter Linneman for a discussion on how the European debt crisis will impact economic recovery in the U.S. and the rest of the world. Is our confidence shaken, or just stirred? Dr. Linneman will also be available to answer your questions during the event.
Dr. Lineman, widely recognized as one of the leading strategic thinkers in the real estate industry, was recently cited as one of the 25 most influential people in real estate by Realtor Magazine. He serves as the Albert Sussman Professor of Real Estate, Finance and Public Policy at the Wharton School of Business, the University of Pennsylvania, and the Principal, Linneman Associates.
The Global Economic Outlook Web Conference will be held July 21, 2010 at 1:00 PM EDT. Participation is limited, so be sure to register early by clicking here.
Tuesday, June 29, 2010
Downtown Pittsburgh property owners test commercial real estate market
Pittsburgh Business Times - by Tim Schooley
If there’s one thing Gary Horwitz, president of Los Angeles-based Hertz Investment Group, wants to make clear about his company’s plans to sell the 1.5 million-square-foot Gateway Center Downtown, it’s this: They’re not selling because they have to.
“It’s not a distressed sale. We’re selling this because we think it is the right time,” he said, adding the company is considering purchasing other property in town. “I think it will be a good investment, and I think it will encourage us to invest in other properties in Pittsburgh.”
For reasons all their own, Downtown has seen a number of significant properties go up for sale recently.
Unlike five or six years ago, when local brokerage professionals were describing the market as the worst in 30 years, Pittsburgh’s commercial real estate sector today is outperforming a national market that continues to struggle.
Property owners such as Hertz are seeking to capitalize on that position.
In addition to Gateway Center’s potential, Hertz’s commercial brokers — the Los Angeles office of Grubb & Ellis — are marketing the strength of Pittsburgh and its Downtown, which includes a low 7.6 percent vacancy rate for Class A office property, a top-five ranking for overall real estate market performance, a mix of Fortune 500 companies and an emerging energy sector.
Not far from Gateway Center, the Southwestern Pennsylvania chapter of the American Red Cross acknowledged this week it is working to hire a commercial real estate firm to put its Downtown office building up for sale and to help it find new property in which to operate. The Red Cross expects to choose a brokerage firm in the next few weeks and put its four-story, 38,000-square-foot headquarters building on the market soon after, said Brian Knavish, the organization’s director of media relations.
Both properties join the Oliver Building; EQT Plaza, formerly known as Dominion Tower; and the Regional Enterprise Tower among major Downtown buildings recently marketed for sale.
“Everything is up for sale Downtown now,” said Ned Doran, an executive vice president with GVA Oxford.
EYES ON HERTZ
The local real estate community will watch closely to see if Hertz, which bought the property in 2004 from TrizecHahn Corp., can turn a profit on the sale of Gateway. The company paid $55 million for the property and invested another $8 million in upgrades.
Stephen Blank, a senior fellow at the Urban Land Institute who follows real estate capital markets and investment, said commercial real estate values remain down, by some estimates nearly 40 percent.
“Values are clearly down peak to trough from 2007 to the end of 2009,” he said.
That trend, coupled with more stringent financing terms, poses challenges for sellers, Blank said. At the same time, he sees improvements in the overall market and a lot of capital on the sidelines.
Dan Puntil, a senior vice president who manages the office of Grandbridge Real Estate Capital, said the national investment community is beginning to consider Pittsburgh in ways it hasn’t before.
“There’s a lot of people out there looking for real estate deals right now,” Puntil said. “Pittsburgh has always been somewhat overlooked by the investment community. Lately, there are some people coming into the market.”
Horwitz sees that as the case. He said the company decided to put the property on the market after it generated a strong number of inquiries.
“The motivating factor is we’re a national real estate company. We operate in 12 markets throughout the United States, and Pittsburgh has consistently been the strongest of those markets,” he said. “We’re really reacting to consistent requests of inquiry for Gateway Center.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
If there’s one thing Gary Horwitz, president of Los Angeles-based Hertz Investment Group, wants to make clear about his company’s plans to sell the 1.5 million-square-foot Gateway Center Downtown, it’s this: They’re not selling because they have to.
“It’s not a distressed sale. We’re selling this because we think it is the right time,” he said, adding the company is considering purchasing other property in town. “I think it will be a good investment, and I think it will encourage us to invest in other properties in Pittsburgh.”
For reasons all their own, Downtown has seen a number of significant properties go up for sale recently.
Unlike five or six years ago, when local brokerage professionals were describing the market as the worst in 30 years, Pittsburgh’s commercial real estate sector today is outperforming a national market that continues to struggle.
Property owners such as Hertz are seeking to capitalize on that position.
In addition to Gateway Center’s potential, Hertz’s commercial brokers — the Los Angeles office of Grubb & Ellis — are marketing the strength of Pittsburgh and its Downtown, which includes a low 7.6 percent vacancy rate for Class A office property, a top-five ranking for overall real estate market performance, a mix of Fortune 500 companies and an emerging energy sector.
Not far from Gateway Center, the Southwestern Pennsylvania chapter of the American Red Cross acknowledged this week it is working to hire a commercial real estate firm to put its Downtown office building up for sale and to help it find new property in which to operate. The Red Cross expects to choose a brokerage firm in the next few weeks and put its four-story, 38,000-square-foot headquarters building on the market soon after, said Brian Knavish, the organization’s director of media relations.
Both properties join the Oliver Building; EQT Plaza, formerly known as Dominion Tower; and the Regional Enterprise Tower among major Downtown buildings recently marketed for sale.
“Everything is up for sale Downtown now,” said Ned Doran, an executive vice president with GVA Oxford.
EYES ON HERTZ
The local real estate community will watch closely to see if Hertz, which bought the property in 2004 from TrizecHahn Corp., can turn a profit on the sale of Gateway. The company paid $55 million for the property and invested another $8 million in upgrades.
Stephen Blank, a senior fellow at the Urban Land Institute who follows real estate capital markets and investment, said commercial real estate values remain down, by some estimates nearly 40 percent.
“Values are clearly down peak to trough from 2007 to the end of 2009,” he said.
That trend, coupled with more stringent financing terms, poses challenges for sellers, Blank said. At the same time, he sees improvements in the overall market and a lot of capital on the sidelines.
Dan Puntil, a senior vice president who manages the office of Grandbridge Real Estate Capital, said the national investment community is beginning to consider Pittsburgh in ways it hasn’t before.
“There’s a lot of people out there looking for real estate deals right now,” Puntil said. “Pittsburgh has always been somewhat overlooked by the investment community. Lately, there are some people coming into the market.”
Horwitz sees that as the case. He said the company decided to put the property on the market after it generated a strong number of inquiries.
“The motivating factor is we’re a national real estate company. We operate in 12 markets throughout the United States, and Pittsburgh has consistently been the strongest of those markets,” he said. “We’re really reacting to consistent requests of inquiry for Gateway Center.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Thursday, May 20, 2010
NAI Pittsburgh Commercial is Proud to Announce the Sale of 256 Kappa Drive
NAI PITTSBURGH COMMERCIAL IS PROUD TO ANNOUNCE
The Sale of 256 Kappa Drive in RIDC/O’Hara
PITTSBURGH, PA (May 19, 2010)
NAI Pittsburgh Commercial was the listing & selling agent for an 11,500 sq. ft. flex building at 256 Kappa Drive in the RIDC/O’Hara business park. The seller was Superior Specialty Company and the buyer was 258 Kappa Drive LP.
John Bilyak, Principal and Director of Industrial Brokerage and Gregory H.M. Broujos, Founding Principal, were involved in the sale.
According to Mr. Bilyak, “256 Kappa was not on the market very long and had much
activity during the marketing campaign. This is a testament to the continued tight flex,warehouse, and office market along the Route 28 corridor.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
The Sale of 256 Kappa Drive in RIDC/O’Hara
PITTSBURGH, PA (May 19, 2010)
NAI Pittsburgh Commercial was the listing & selling agent for an 11,500 sq. ft. flex building at 256 Kappa Drive in the RIDC/O’Hara business park. The seller was Superior Specialty Company and the buyer was 258 Kappa Drive LP.
John Bilyak, Principal and Director of Industrial Brokerage and Gregory H.M. Broujos, Founding Principal, were involved in the sale.
According to Mr. Bilyak, “256 Kappa was not on the market very long and had much
activity during the marketing campaign. This is a testament to the continued tight flex,warehouse, and office market along the Route 28 corridor.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Friday, May 14, 2010
Pittsburgh Economy Ranks as Top 100 Strongest
Pittsburgh Business Times
Pittsburgh, PA (May 15, 2010)
Metro Pittsburgh has the 73rd strongest economy in the United States, according to a study released Wednesday by Policom Corp.
The top 10 are Seattle; Washington, D.C.-Arlington-Alexandria; Denver; Houston; Sacramento, Calif.; Salt Lake City, Utah; Des Moines, Iowa; San Diego; Madison, Wis.; and Dallas-Fort Worth-Arlington.
So what constitutes a top area in terms of economics?
"The top rated areas have had rapid, consistent growth in both size and quality for an extended period of time," said William Fruth, president of Palm City, Fla.-based Policom. “The rankings do not reflect the latest ‘hotspot’ or boom town, but the areas which have the best economic foundation. While most communities have slowed or declined during this recession, the strongest areas have been able to weather the storm.”
The study focused on 366 metropolitan areas, including Pittsburgh. The firm considers a metropolitan area to be at least one urbanized geographic location that has a population of 50,000 or more persons.
To determine how these areas are performing, Policom measures 23 different economic factors.
The data company followed 20 years of data covering 23 economic factors to create the rankings. The most recent study focused on a 19-year period stretching from 1989 to 2008.
Policom is an independent research firm that focuses on economics and specializes in analyzing local and state economies.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Pittsburgh, PA (May 15, 2010)
Metro Pittsburgh has the 73rd strongest economy in the United States, according to a study released Wednesday by Policom Corp.
The top 10 are Seattle; Washington, D.C.-Arlington-Alexandria; Denver; Houston; Sacramento, Calif.; Salt Lake City, Utah; Des Moines, Iowa; San Diego; Madison, Wis.; and Dallas-Fort Worth-Arlington.
So what constitutes a top area in terms of economics?
"The top rated areas have had rapid, consistent growth in both size and quality for an extended period of time," said William Fruth, president of Palm City, Fla.-based Policom. “The rankings do not reflect the latest ‘hotspot’ or boom town, but the areas which have the best economic foundation. While most communities have slowed or declined during this recession, the strongest areas have been able to weather the storm.”
The study focused on 366 metropolitan areas, including Pittsburgh. The firm considers a metropolitan area to be at least one urbanized geographic location that has a population of 50,000 or more persons.
To determine how these areas are performing, Policom measures 23 different economic factors.
The data company followed 20 years of data covering 23 economic factors to create the rankings. The most recent study focused on a 19-year period stretching from 1989 to 2008.
Policom is an independent research firm that focuses on economics and specializes in analyzing local and state economies.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Monday, May 10, 2010
Armstrong County’s Northpointe Office Park set for Expansion
Pittsburgh Business Times
by Tim Schooley
Pittsburgh, PA (May 7,2010)
The private sector may be struggling to come up with financing for industrial real estate development, but that isn’t stopping the Armstrong County Industrial Development Authority from pushing forward on a 30,000 SF addition at Northpinte, a 995 acre mixed-use development.
With $4million in state and federal dollars in hand, the county authority expects to break ground soon, adding to the development, located in South Buffalo Township near the Route 28 Allegheny Expressway.
“If we can fill that niche, I’m happy to do so,” said Michael Coonley, executive director of the public authority, which works jointly with Armstrong County Industrial Development Council. “It was the perfect storm. There was a need indentified in that 28 corridor. We had very little to spare in our existing buildings.”
Home to a mix of tenants that includes Boeing, BNY Mellon and a branch of Indiana University of Pennsylvania, Northpointe now consists of nine privately owned buildings.
With occupancy at the development running near 100 percent since its first year, Northpointe was able to secure local and federal funding for the project, which should be available in the fall. While still intended for flex use, the new building’s configuration will be designed more for office users and accommodate either larger tenants or small companies in need of about 6,000 SF.
“It will probably have a higher percentage of office users than our previous buildings,” Coonley said. “There are components of the building that will have areas for light manufacturing and research and development.”
John Bilyak, the director of Industrial Brokerage with NAI Pittsburgh Commercial helping to market the property, was unsure if the business park would be able to draw the same kinds of defense-related companies it has in the past, given the passing last year of U.S. Rep. Jack Murtha, the powerful Johnstown Democrat who brought considerable federal funding to his district, which includes Northpointe.
But Bilyak expects the new building will have no problem finding tenants, with vacancy levels low and little other available land in the area. “The northeast corridor of the Allegheny Valley has never been tighter since I’ve been in the business,” he said. “That includes any product type with the exception of retail.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
by Tim Schooley
Pittsburgh, PA (May 7,2010)
The private sector may be struggling to come up with financing for industrial real estate development, but that isn’t stopping the Armstrong County Industrial Development Authority from pushing forward on a 30,000 SF addition at Northpinte, a 995 acre mixed-use development.
With $4million in state and federal dollars in hand, the county authority expects to break ground soon, adding to the development, located in South Buffalo Township near the Route 28 Allegheny Expressway.
“If we can fill that niche, I’m happy to do so,” said Michael Coonley, executive director of the public authority, which works jointly with Armstrong County Industrial Development Council. “It was the perfect storm. There was a need indentified in that 28 corridor. We had very little to spare in our existing buildings.”
Home to a mix of tenants that includes Boeing, BNY Mellon and a branch of Indiana University of Pennsylvania, Northpointe now consists of nine privately owned buildings.
With occupancy at the development running near 100 percent since its first year, Northpointe was able to secure local and federal funding for the project, which should be available in the fall. While still intended for flex use, the new building’s configuration will be designed more for office users and accommodate either larger tenants or small companies in need of about 6,000 SF.
“It will probably have a higher percentage of office users than our previous buildings,” Coonley said. “There are components of the building that will have areas for light manufacturing and research and development.”
John Bilyak, the director of Industrial Brokerage with NAI Pittsburgh Commercial helping to market the property, was unsure if the business park would be able to draw the same kinds of defense-related companies it has in the past, given the passing last year of U.S. Rep. Jack Murtha, the powerful Johnstown Democrat who brought considerable federal funding to his district, which includes Northpointe.
But Bilyak expects the new building will have no problem finding tenants, with vacancy levels low and little other available land in the area. “The northeast corridor of the Allegheny Valley has never been tighter since I’ve been in the business,” he said. “That includes any product type with the exception of retail.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
Pittsburgh Named Most Livable City Again
Tuesday, May 04, 2010
By Sally Kalson, Pittsburgh Post-Gazette
Once again, Pittsburgh has been named the country's Most Livable City, this time by Forbes.com.
The business publication ranked the metropolitan area as No. 1, based on its arts and leisure scene, job prospects, safety and affordability -- but not, obviously, on its baseball team.
This is the second-year running that the city has picked up a Most Livable distinction. Last year, British magazine The Economist named Pittsburgh No. 1 in the United States, and 29th worldwide. But it's a big jump from where Forbes ranked Pittsburgh in 2009, when it came in at No. 10.
Reiterating the description that has won high marks from other ratings mavens as well, Forbes reporter Francesca Levy wrote of the city's rebound from its manufacturing past, with "disused steel mills" transformed into multimedia art centers.
In addition to the Rust Belt renaissance, the article cited the city's strong university presence with more than a dozen campuses, noting that college towns in general have a younger, more educated and consumer-oriented population.
Mayor Luke Ravenstahl pounced on the news, sending out a statement that "Our city has come a long way and I'm thrilled that Forbes.com has once again recognized Pittsburgh's unique position as a city that truly has it all -- entertainment and affordability, but most importantly, safety and jobs."
If people are guffawing at the honor the way they did in 1985, when the city won its first Most Livable distinction, from the Places Rated Almanac, they're woefully out of date, said Joe McGrath, president of Visit Pittsburgh, the official tourist promotion agency of Allegheny County.
"This is more validation that our product is as good as we say it is," he said.
So why is the region still losing population?
"It takes a while to steer a new course and change directions," Mr. McGrath said. "But it is happening."
The methodology looked at five measures in the 200 largest Standard Metropolitan Statistical Areas.
Economically, cities were ranked both by their five-year income growth and current unemployment rate, using data from the Bureau of Labor Statistics. The stronger the income growth and the lower the unemployment, the higher each city ranked.
"Jobs don't mean everything, though," the article said. "A city is more livable if a family's income goes further. Using cost of living data from Moody's Economy.com, we ranked cities higher that had lower costs for everyday goods."
Inexpensive is not always desirable, however, so the ranking included crimes per 100,000 residents, using data from the FBI and Sperling's Best Places. Also considered was a thriving local culture crucial to livability, based on an index from Sperling's Best Places.
Each city's final score was an average of all the factors. Looking at Pittsburgh's numbers, it appears that low crime rate, active arts scene and high income growth put the city over the top. The city's score card:
Low unemployment: 73
Low crime: 15
Income growth: 20
Low cost of living: 52
Arts and leisure: 26
After Pittsburgh in the top slot, Forbes.com ranked these cities: 2) Ogden-Clearfield, Utah; 3) Provo-Orem, Utah; 4) Ann Arbor, Mich.; 5) Harrisburg-Carlisle, Pa.; 6) Omaha-Council Bluffs, Neb.-Iowa; 7) Manchester-Nashua, N.H.; 8) Trenton-Ewing N.J.; 9) a tie, with Lincoln, Neb., and Bridgeport-Stamford-Norwalk, Conn.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
By Sally Kalson, Pittsburgh Post-Gazette
Once again, Pittsburgh has been named the country's Most Livable City, this time by Forbes.com.
The business publication ranked the metropolitan area as No. 1, based on its arts and leisure scene, job prospects, safety and affordability -- but not, obviously, on its baseball team.
This is the second-year running that the city has picked up a Most Livable distinction. Last year, British magazine The Economist named Pittsburgh No. 1 in the United States, and 29th worldwide. But it's a big jump from where Forbes ranked Pittsburgh in 2009, when it came in at No. 10.
Reiterating the description that has won high marks from other ratings mavens as well, Forbes reporter Francesca Levy wrote of the city's rebound from its manufacturing past, with "disused steel mills" transformed into multimedia art centers.
In addition to the Rust Belt renaissance, the article cited the city's strong university presence with more than a dozen campuses, noting that college towns in general have a younger, more educated and consumer-oriented population.
Mayor Luke Ravenstahl pounced on the news, sending out a statement that "Our city has come a long way and I'm thrilled that Forbes.com has once again recognized Pittsburgh's unique position as a city that truly has it all -- entertainment and affordability, but most importantly, safety and jobs."
If people are guffawing at the honor the way they did in 1985, when the city won its first Most Livable distinction, from the Places Rated Almanac, they're woefully out of date, said Joe McGrath, president of Visit Pittsburgh, the official tourist promotion agency of Allegheny County.
"This is more validation that our product is as good as we say it is," he said.
So why is the region still losing population?
"It takes a while to steer a new course and change directions," Mr. McGrath said. "But it is happening."
The methodology looked at five measures in the 200 largest Standard Metropolitan Statistical Areas.
Economically, cities were ranked both by their five-year income growth and current unemployment rate, using data from the Bureau of Labor Statistics. The stronger the income growth and the lower the unemployment, the higher each city ranked.
"Jobs don't mean everything, though," the article said. "A city is more livable if a family's income goes further. Using cost of living data from Moody's Economy.com, we ranked cities higher that had lower costs for everyday goods."
Inexpensive is not always desirable, however, so the ranking included crimes per 100,000 residents, using data from the FBI and Sperling's Best Places. Also considered was a thriving local culture crucial to livability, based on an index from Sperling's Best Places.
Each city's final score was an average of all the factors. Looking at Pittsburgh's numbers, it appears that low crime rate, active arts scene and high income growth put the city over the top. The city's score card:
Low unemployment: 73
Low crime: 15
Income growth: 20
Low cost of living: 52
Arts and leisure: 26
After Pittsburgh in the top slot, Forbes.com ranked these cities: 2) Ogden-Clearfield, Utah; 3) Provo-Orem, Utah; 4) Ann Arbor, Mich.; 5) Harrisburg-Carlisle, Pa.; 6) Omaha-Council Bluffs, Neb.-Iowa; 7) Manchester-Nashua, N.H.; 8) Trenton-Ewing N.J.; 9) a tie, with Lincoln, Neb., and Bridgeport-Stamford-Norwalk, Conn.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region click here.
NAI Pittsburgh Commercial: Exclusive Leasing Agent for 95 West Beau Street, Washington, PA
PITTSBURGH, PA – (May 5, 2010)
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
NAI Pittsburgh Commercial is proud to announce they have been selected to be the Exclusive Leasing Agent for 95 West Beau Street in Washington, PA.
95 West Beau Street is a Six (6) Story, LEED Certified, 144,000 SF mixed-use building that was constructed in 2006 and is located in his
toric downtown Washington. The building is adjacent to and attached to an 800 car public parking garage, is minutes from Interstates 79 and 70, and is in walking distance to various amenities. Currently, there is 3,500 to 106,000 contiguous SF of Class A office space immediately available and “plug & play” ready.
Paul Horan, a Founding Principal of NAI Pittsburgh Commercial said “We are excited for the opportunity to work with Millcraft Industries and specifically 95 West Beau Street. This is a premier property, strategically located to accommodate the ever growing demand for quality office space in Washington County.”
For additional information on this office opportunity, please contact Paul Horan (ext. 205) or Jeff Adams (ext. 210) at (412) 321-4200.
95 West Beau Street is a Six (6) Story, LEED Certified, 144,000 SF mixed-use building that was constructed in 2006 and is located in his
toric downtown Washington. The building is adjacent to and attached to an 800 car public parking garage, is minutes from Interstates 79 and 70, and is in walking distance to various amenities. Currently, there is 3,500 to 106,000 contiguous SF of Class A office space immediately available and “plug & play” ready.Paul Horan, a Founding Principal of NAI Pittsburgh Commercial said “We are excited for the opportunity to work with Millcraft Industries and specifically 95 West Beau Street. This is a premier property, strategically located to accommodate the ever growing demand for quality office space in Washington County.”
For additional information on this office opportunity, please contact Paul Horan (ext. 205) or Jeff Adams (ext. 210) at (412) 321-4200.
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
Patrick Sentner elected as SIOR Regional Director
PITTSBURGH, PA May 6, 2010
NAI PITTSBURGH COMMERCIAL IS PLEASED TO ANNOUNCE:
Patrick Sentner, SIOR has been elected as SIOR Regional Director for the Mid-Atlantic Region.
NAI Pittsburgh Commercial is pleased to announce that Patrick Sentner, SIOR has been elected as SIOR Regional Director for the Mid-Atlantic Region and will be installed during the SIOR Leadership Conference on October 20, 2010.
Mr. Sentner has been affiliated with and active in the SIOR since 2003 and has over 20
years of experience in the commercial real estate community.
Patrick Sentner, a Founding Principal of NAI Pittsburgh Commercial said “As a true advocate of the SIOR principals, I am honored to represent this outstanding organization in a greater capacity.”
NAI PITTSBURGH COMMERCIAL IS PLEASED TO ANNOUNCE:
Patrick Sentner, SIOR has been elected as SIOR Regional Director for the Mid-Atlantic Region.
NAI Pittsburgh Commercial is pleased to announce that Patrick Sentner, SIOR has been elected as SIOR Regional Director for the Mid-Atlantic Region and will be installed during the SIOR Leadership Conference on October 20, 2010.
Mr. Sentner has been affiliated with and active in the SIOR since 2003 and has over 20
years of experience in the commercial real estate community.
Patrick Sentner, a Founding Principal of NAI Pittsburgh Commercial said “As a true advocate of the SIOR principals, I am honored to represent this outstanding organization in a greater capacity.”
Monday, April 26, 2010
Promotion of Jessica Jarosz to Associate
NAI PITTSBURGH COMMERCIAL IS PLEASED TO ANNOUNCE THE PROMOTION OF JESSICA L. JAROSZ TO ASSOCIATE
Pittsburgh, PA - (April 20, 2010) -
NAI Pittsburgh Commercial is pleased to announce that Jessica L. Jarosz has been promoted to Associate and will now be concentrating her efforts solely on real estate brokerage business. Ms. Jarosz has been with the company since its inception in 2005 and was responsible for office management in addition to her brokerage role. Prior to joining NAI Pittsburgh Commercial, she was part of the brokerage team at Oxford Development Company.
Ms. Jarosz specializes in tenant representation, office, industrial and corporate services. She is responsible for assisting clients with site selection, proposals, financial analyses and lease negotiations, as well as securing tenants and/or buyers. She has over ten (10) years of related experience and is dedicated to providing clients with exceptional service, commitment and professionalism.
Her partial client list includes: Allied Barton Security Services, AMC Settlement Services,
BMC/Parente Beard, Papermart, Inc., and Waynesburg University.
Bill Leone, Managing Principal of NAI Pittsburgh Commercial said “Jessica has made an enormous contribution to both NAI Pittsburgh Commercial and our valued clients. She displays the highest level of integrity and selflessness, while providing incomparable results-oriented real estate services to the business community.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
Pittsburgh, PA - (April 20, 2010) -
NAI Pittsburgh Commercial is pleased to announce that Jessica L. Jarosz has been promoted to Associate and will now be concentrating her efforts solely on real estate brokerage business. Ms. Jarosz has been with the company since its inception in 2005 and was responsible for office management in addition to her brokerage role. Prior to joining NAI Pittsburgh Commercial, she was part of the brokerage team at Oxford Development Company.
Ms. Jarosz specializes in tenant representation, office, industrial and corporate services. She is responsible for assisting clients with site selection, proposals, financial analyses and lease negotiations, as well as securing tenants and/or buyers. She has over ten (10) years of related experience and is dedicated to providing clients with exceptional service, commitment and professionalism.
Her partial client list includes: Allied Barton Security Services, AMC Settlement Services,
BMC/Parente Beard, Papermart, Inc., and Waynesburg University.
Bill Leone, Managing Principal of NAI Pittsburgh Commercial said “Jessica has made an enormous contribution to both NAI Pittsburgh Commercial and our valued clients. She displays the highest level of integrity and selflessness, while providing incomparable results-oriented real estate services to the business community.”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
Monday, April 12, 2010
Promotion of Jeffrey Adams to Vice President of Office & Industrial Brokerage
NAI PITTSBURGH COMMERCIAL IS PLEASED TO ANNOUNCE THE PROMOTION OF JEFFREY ADAMS TO VICE PRESIDENT-OFFICE & INDUSTRIAL BROKERAGE
NAI Pittsburgh Commercial is pleased to announce that Jeffrey Adams has been promoted to Vice President-Office and Industrial Brokerage.
Mr. Adams a 1998 graduate of the Pennsylvania State University has been active in the Western Pennsylvania real estate market since January of 1999. He has been responsible for procuring tenant and buyer representation assignments, leasing and subleasing agency assignments as well as assisting with sale dispositions of office, industrial and investment properties.
His client list includes Fortune 500, technology, medical, law and law-related, financial and banking companies and many service related companies. He has been engaged by UPMC, HRPT Properties Trust, IMPAQT, DeLallo’s, RMS Lifeline, Inmedius, Jackson Holdings, Raphael Ramsden & Behers, KForce, Inc., Pepsi North America and Circuits, LLC for their various real estate requirements.
Bill Leone, Managing Principal of NAI Pittsburgh Commercial said Mr. Adams personifies the firm’s commitment to its clients and to its business philosophy. “Over the past 10 years, Jeff has made an outstanding contribution to his clients, his colleagues, and the firm, while also demonstrating the values embodied in our founding principles,”
NAI Pittsburgh Commercial is a Pittsburgh proud locally owned and operated company. To see some of the investment and development opportunities available in the Pittsburgh region CLICK HERE.
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