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
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.
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