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.

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