By Thomas Olson, PITTSBURGH TRIBUNE-REVIEW
The economy will not encounter a double-dip recession but will continue along a "half-speed" recovery in 2010, PNC Financial Services Group's chief economist said Thursday.
The same should be true for Western Pennsylvania, where unemployment will probably peak at nearly 9 percent before edging back to about 8 percent by the end of the year, said Stuart Hoffman.
"I see no reason why Pittsburgh should not recover, along with the U.S.," he told about 250 people at the Economic Club of Pittsburgh's annual forecast luncheon at the Omni William Penn Hotel, Downtown.
Unemployment in the seven-county Pittsburgh region was 7.9 percent in November, according to the most recent figures from the state Department of Labor & Industry.
Hoffman noted unemployment traditionally lags other economic indicators by a year or so. For instance, gross domestic product -- the total value of goods and services sold -- rose 2.2 percent in the third quarter, signaling a recovery.
He expects the United States will create about 2 million jobs this year, which would begin to recoup the 7.75 million lost since the recession began in December 2007.
Hoffman did not project how many jobs the Pittsburgh region might gain this year, but he expects new jobs will come in the education and medical fields, and possibly among "green" and energy-related jobs and maybe retail.
"Consumers are beginning to spend a little more freely because they have a little more confidence," he said. He also expects modest growth in this region for home sales, starts and remodeling.
Richard Hoey, chief economist for BNY Mellon Corp., provided a global forecast. He projects the world economy will grow at a rate of about 4 percent this year, including a 3 percent to 4 percent rate in the United States.
"We're going to have a world and U.S. economic recovery that's sustainable," said Hoey. "We're not going to have a double-dip recession."
Hoey said the recovery in the stock market that began in spring is "fully justified," based on the direction of and outlook for corporate profits.
He is pessimistic, however, about the federal government reversing growth in budget deficits. He envisions a "fiscal train wreck" in five to seven years, in which public borrowing to service that debt will crowd out the private sector's demand for capital.
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, January 25, 2010
Friday, January 22, 2010
NAI Pittsburgh Commercial Represents Eye Candy Optical in new Lease, Peters Township, PA
Pittsburgh, PA - (January 20, 2010) -
NAI Pittsburgh Commercial is pleased to announce the 2,211 square foot lease signing of Eye Candy Optical Center at Donaldson’s Crossroads in Peters Township. Formerly Giant Eagle Optical, Eye Candy Optical Center has moved to a new suite at Donaldson’s Crossroads and will be celebrating a grand opening on January 30, 2010.
Eye Candy Optical Center is a full-service vision center offering eye exams, selection of over 2000 frame styles and contacts, as well as eyeglass accessories.
Patrick J Sentner, SIOR, Principal and Edward R. Lawrence, MBA, Associate, of NAI Pittsburgh Commercial represented Eye Candy Optical Center in the transaction.
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 the 2,211 square foot lease signing of Eye Candy Optical Center at Donaldson’s Crossroads in Peters Township. Formerly Giant Eagle Optical, Eye Candy Optical Center has moved to a new suite at Donaldson’s Crossroads and will be celebrating a grand opening on January 30, 2010.
Eye Candy Optical Center is a full-service vision center offering eye exams, selection of over 2000 frame styles and contacts, as well as eyeglass accessories.
Patrick J Sentner, SIOR, Principal and Edward R. Lawrence, MBA, Associate, of NAI Pittsburgh Commercial represented Eye Candy Optical Center in the transaction.
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 represents Service Express at BURSCA Industrial Park
Pittsburgh, PA - (January 20, 2010) -
NAI Pittsburgh Commercial is pleased to announce the 3,000 square foot lease signing of Service Express, Inc at 500 BURSCA Drive at the BURSCA Industrial Park in South Fayette Township. Headquartered in Grand Rapids, Michigan, Service Express, Inc provides on-site computer hardware maintenance services for mid to high end servers. Service Express, Inc has averaged 20% annual growth over the past ten years and was named to the Inc. 5,000 List of America’s Fastest Growing Privately Held Companies in 2007, 2008, and 2009.
Edward R. Lawrence, MBA Associate, of NAI Pittsburgh Commercial represented Service Express, Inc in the transaction.
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 the 3,000 square foot lease signing of Service Express, Inc at 500 BURSCA Drive at the BURSCA Industrial Park in South Fayette Township. Headquartered in Grand Rapids, Michigan, Service Express, Inc provides on-site computer hardware maintenance services for mid to high end servers. Service Express, Inc has averaged 20% annual growth over the past ten years and was named to the Inc. 5,000 List of America’s Fastest Growing Privately Held Companies in 2007, 2008, and 2009.
Edward R. Lawrence, MBA Associate, of NAI Pittsburgh Commercial represented Service Express, Inc in the transaction.
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 REPRESENTS DICLAUDIO & KRAMER AT ABELE BUSINESS PARK
Pittsburgh, PA - (January 20, 2010) -
NAI Pittsburgh Commercial is pleased to announce the 2,078 square foot lease signing of DiClaudio & Kramer, LLC Inc at Abele Road, Suite 1001 in the Abele Business Park in South Fayette Township. DiClaudio & Kramer, LLC is a CPA firm that offers a full range of auditing, accounting, and tax services.
Edward R. Lawrence, MBA, Associate, of NAI Pittsburgh Commercial represented DiClaudio & Kramer in the transaction.
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 the 2,078 square foot lease signing of DiClaudio & Kramer, LLC Inc at Abele Road, Suite 1001 in the Abele Business Park in South Fayette Township. DiClaudio & Kramer, LLC is a CPA firm that offers a full range of auditing, accounting, and tax services.
Edward R. Lawrence, MBA, Associate, of NAI Pittsburgh Commercial represented DiClaudio & Kramer in the transaction.
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 LEASES 3,364 SF AT 859 MISSIONARY DRIVE LOCATED IN THE SOUTH HILLS
Pittsburgh, PA - (January 20, 2010) -
NAI Pittsburgh Commercial is pleased to announce the 3,364 SF lease signing of Life Cycle Engineering located at 859 Missionary Drive, Pittsburgh PA 15236.
Edward R. Lawrence of NAI Pittsburgh Commercial represented the building owner in the transaction. Tom Denk and Rich Beynon of Beynon & Company, represented Life Cycle Engineering.
The flex building is comprised of 29,256 SF and is listed for sale at $1,295,000 through 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
NAI Pittsburgh Commercial is pleased to announce the 3,364 SF lease signing of Life Cycle Engineering located at 859 Missionary Drive, Pittsburgh PA 15236.
Edward R. Lawrence of NAI Pittsburgh Commercial represented the building owner in the transaction. Tom Denk and Rich Beynon of Beynon & Company, represented Life Cycle Engineering.
The flex building is comprised of 29,256 SF and is listed for sale at $1,295,000 through 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
Tuesday, January 12, 2010
5 Markets Expected to Fare Best in 2010
After a dour year where housing prices fell more than 12% nationwide, will 2010 bring sunnier tidings?
The short answer: only a tad in a select few places but overall not really.
The five areas that Moody's foresees home prices performing best in 2010 are: Tacoma, Wash., (an increase of 2.44%); Memphis, Tenn., (up 0.99%); Pittsburgh (up 0.89%); Charleston, S.C. (up 0.18%); and Seattle (decline of 0.50%). (These five markets are culled from data on Moody's Economy.com and based on the largest 100 metro areas.)
Yes, there have been pieces of good news over the past few months that have indicated a quiet, slow bottoming of real estate prices. For instance, sales of existing homes rose 7.4% in November from the previous month, the highest rate since February 2007, according to data from the National Association of Realtors released last week. The tax incentives for home buyers passed earlier this year along with historically low interest rates have no doubt nudged many buyers into the market.
Yet a recovery depends on several factors. At the top of the list is a turnaround in the labor market. More people going back to work will have a beneficial effect on household income and consumer confidence and would stabilize the housing market, says Stuart Gabriel, director of UCLA's Ziman Center for Real Estate. As of November, one of out every 10 American workers is unemployed, according to the Bureau of Labor Statistics. And while that's down slightly from October, Moody's expects the jobless rate to peak in the third quarter next year at 10.6%.
Another factor is the backlog in foreclosures, which are dragging down values and adding to the housing supply. "By all accounts, that backlog is at a historic high," says Gabriel. "It suggests that many more homes will be sold on a distressed basis either via foreclosure or short sale."
RealtyTrac, an online marketplace of foreclosure listings, estimates 3.2 million households will have received a foreclosure notice in 2009, up from 2.3 million in 2008. The firm projects that number could approach four million in 2010. "We do think 2010 will probably represent the peak, and in 2011 [foreclosures] will start to go down at least marginally," says Rick Sharga, senior vice president at RealtyTrac. Why the acceleration next year? First, says Sharga, there have been enormous delays in processing this year. Many homes that would have gone into foreclosure in 2009 won't actually enter and complete the process until 2010.
Second, a big wave of option adjustable-rate mortgages (ARMs) will reset next year. (These are a somewhat obscure category of ARMs that were popular during the real estate boom, which allowed borrowers to make a range of monthly payments. The options include a partial-interest payment that adds the unpaid interest to the loan's balance. On many of the loans, balances have risen while values of the underlying properties have plummeted.) "The number of loans that will adjust starts to go up significantly in the middle of next year. A lot of those loans are underwater...and owners will be really hard-pressed to avoid going into foreclosure," Sharga says.
Home prices, of course, are variable and depend on many factors, each of which are difficult to predict. Still, average home prices will drop by 7.9% nationwide in 2010, according to Moody's Economy.com. In the few areas where there could be positive price growth, the projected increase is modest. "These areas will essentially be flat next year," says Steve Cochrane, managing director at Moody's Economy.com.
These pockets of the country share a few important characteristics. One is that they are starting with a limited supply of housing stock. Another is that throughout most of the decade, prices basically stayed in synch with household income, says Cochrane.
There are other factors, too. Pittsburgh, for example, along with western Pennsylvania, is late in the traditional business cycle, and "our variations tend to be smaller," says Robert Strauss, a professor of economics and public policy at Carnegie Mellon University in Pittsburgh. The economy has managed to stay fairly stable mostly because over the past several decades it transformed from a center of manufacturing to one of education and health care with a bit of financial services and technology.
Smaller areas across the Southeast are expected to fare well in 2010 primarily because they fared relatively decently during the housing crisis, says Jeannine Cataldi, a senior economist at IHS Global Insight. "They didn't have such a big run-up, and they have a diverse economic base that enabled them to stay stable," she says. Home prices in Charleston didn't get out of line with household incomes; also, Boeing (BA: 61.60, -0.60, -0.96%) is investing in a fairly large manufacturing plant there, which could create some potential for income and job growth, says Cochrane.
As for Memphis, the city's largest employer is FedEx (FDX: 84.99, +2.06, +2.48%). Transportation services is one of the early industries to turn around as the economy recovers, says Cochrane, and that should support the area's housing market.
The economies of Tacoma and Seattle - which are neighboring cities - were "much stronger for much longer than much of the rest of the country," says Cochrane. Software giant Microsoft, based in Redmond, Wash., a Seattle suburb, was one reason the area remained stable. Another was Boeing, which builds its commercial airplanes in Seattle.
Going forward, Seattle's position as a key hub of trans-Pacific trade should be a plus for the economy. Orders are increasing for commercial aircraft and it should see some rising demand for tech products, Cochrane says. The outlook for 2010 for the two Washington cities "is for fairly stable, moderate economic growth," he says.
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 short answer: only a tad in a select few places but overall not really.
The five areas that Moody's foresees home prices performing best in 2010 are: Tacoma, Wash., (an increase of 2.44%); Memphis, Tenn., (up 0.99%); Pittsburgh (up 0.89%); Charleston, S.C. (up 0.18%); and Seattle (decline of 0.50%). (These five markets are culled from data on Moody's Economy.com and based on the largest 100 metro areas.)
Yes, there have been pieces of good news over the past few months that have indicated a quiet, slow bottoming of real estate prices. For instance, sales of existing homes rose 7.4% in November from the previous month, the highest rate since February 2007, according to data from the National Association of Realtors released last week. The tax incentives for home buyers passed earlier this year along with historically low interest rates have no doubt nudged many buyers into the market.
Yet a recovery depends on several factors. At the top of the list is a turnaround in the labor market. More people going back to work will have a beneficial effect on household income and consumer confidence and would stabilize the housing market, says Stuart Gabriel, director of UCLA's Ziman Center for Real Estate. As of November, one of out every 10 American workers is unemployed, according to the Bureau of Labor Statistics. And while that's down slightly from October, Moody's expects the jobless rate to peak in the third quarter next year at 10.6%.
Another factor is the backlog in foreclosures, which are dragging down values and adding to the housing supply. "By all accounts, that backlog is at a historic high," says Gabriel. "It suggests that many more homes will be sold on a distressed basis either via foreclosure or short sale."
RealtyTrac, an online marketplace of foreclosure listings, estimates 3.2 million households will have received a foreclosure notice in 2009, up from 2.3 million in 2008. The firm projects that number could approach four million in 2010. "We do think 2010 will probably represent the peak, and in 2011 [foreclosures] will start to go down at least marginally," says Rick Sharga, senior vice president at RealtyTrac. Why the acceleration next year? First, says Sharga, there have been enormous delays in processing this year. Many homes that would have gone into foreclosure in 2009 won't actually enter and complete the process until 2010.
Second, a big wave of option adjustable-rate mortgages (ARMs) will reset next year. (These are a somewhat obscure category of ARMs that were popular during the real estate boom, which allowed borrowers to make a range of monthly payments. The options include a partial-interest payment that adds the unpaid interest to the loan's balance. On many of the loans, balances have risen while values of the underlying properties have plummeted.) "The number of loans that will adjust starts to go up significantly in the middle of next year. A lot of those loans are underwater...and owners will be really hard-pressed to avoid going into foreclosure," Sharga says.
Home prices, of course, are variable and depend on many factors, each of which are difficult to predict. Still, average home prices will drop by 7.9% nationwide in 2010, according to Moody's Economy.com. In the few areas where there could be positive price growth, the projected increase is modest. "These areas will essentially be flat next year," says Steve Cochrane, managing director at Moody's Economy.com.
These pockets of the country share a few important characteristics. One is that they are starting with a limited supply of housing stock. Another is that throughout most of the decade, prices basically stayed in synch with household income, says Cochrane.
There are other factors, too. Pittsburgh, for example, along with western Pennsylvania, is late in the traditional business cycle, and "our variations tend to be smaller," says Robert Strauss, a professor of economics and public policy at Carnegie Mellon University in Pittsburgh. The economy has managed to stay fairly stable mostly because over the past several decades it transformed from a center of manufacturing to one of education and health care with a bit of financial services and technology.
Smaller areas across the Southeast are expected to fare well in 2010 primarily because they fared relatively decently during the housing crisis, says Jeannine Cataldi, a senior economist at IHS Global Insight. "They didn't have such a big run-up, and they have a diverse economic base that enabled them to stay stable," she says. Home prices in Charleston didn't get out of line with household incomes; also, Boeing (BA: 61.60, -0.60, -0.96%) is investing in a fairly large manufacturing plant there, which could create some potential for income and job growth, says Cochrane.
As for Memphis, the city's largest employer is FedEx (FDX: 84.99, +2.06, +2.48%). Transportation services is one of the early industries to turn around as the economy recovers, says Cochrane, and that should support the area's housing market.
The economies of Tacoma and Seattle - which are neighboring cities - were "much stronger for much longer than much of the rest of the country," says Cochrane. Software giant Microsoft, based in Redmond, Wash., a Seattle suburb, was one reason the area remained stable. Another was Boeing, which builds its commercial airplanes in Seattle.
Going forward, Seattle's position as a key hub of trans-Pacific trade should be a plus for the economy. Orders are increasing for commercial aircraft and it should see some rising demand for tech products, Cochrane says. The outlook for 2010 for the two Washington cities "is for fairly stable, moderate economic growth," he says.
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
2010 Global Market Report
Commercial real estate markets around the world experienced the full impact of the global economic recession in 2009, according to the 24th annual Global Market Report released today by NAI Global. Rising vacancy rates and declining rental rates were evident in virtually every market sector and geography, with weak demand and a growing supply of sublease space further eroding market fundamentals.
After a turbulent 18-24 months since the market peaked, 2009 marked a year where transaction volume nearly came to a standstill as corporate tenants waited for clear signs of recovery and investors remained on the sidelines waiting for signs the bottom has been reached. As the year progressed, government intervention in the form of stimulus packages in the U.S., Europe and parts of Asia took hold and by year’s end many markets had begun to stabilize. However, with U.S. unemployment topping 10%, consumer demand and spending power at their lowest levels in decades and international manufacturing and trade proceeding at a crawl, the global recovery will take some time to truly stimulate economic growth.
“The past year was extremely challenging for commercial real estate, and we don’t anticipate much new demand in 2010,” said Jeffrey M. Finn, President & CEO of NAI Global. “We’re working with our corporate clients to help them take advantage of the current tenants’ market to reduce their long-term occupancy costs. Many tenants are able to negotiate more favorable lease terms today in exchange for a longer commitment. This ‘extend and blend’ practice is a trend we see continuing well into the next 18-24 months.”
Investors who have been sidelined by economic uncertainty will see tremendous acquisition opportunities in the coming year as banks and financial institutions clean up their balance sheets and move more aggressively to dispose of commercial real estate loans and financially distressed real estate assets, said Finn.
“The recession has been over for six months and job growth is just months away, but the fact remains it will be impossible to predict what will happen next,” added Dr. Peter Linneman, NAI Global Chief Economist and Principal at Linneman Associates. “With significant tax, healthcare and regulatory proposals still in the offing, there is little clarity as to the ultimate outcomes or costs. We’re concerned with commercial mortgage delinquency rates as they have been on the rise and could keep the commercial real estate industry in neutral for several more months.”
While the United States, parts of Europe, the Middle East, Asia and Latin America experienced a deep recession, some economies survived 2009 nearly intact. Brazil, India and China all experienced a slowdown in economic growth, international trade and manufacturing demand, yet continued to post positive GDP growth for the year, far outpacing their neighbors and global trends. Brazil is looking for increased activity in the commercial real estate sector, specifically in big cities like Rio de Janeiro, which will soon host the World Cup and Olympic Games. At the end of 2009, China began to see a sharp rise in foreign direct investment in its manufacturing sector, and is expected to post 9% GDP growth in the coming year. India is positioning itself as a leader in logistics and manufacturing, and though commercial property markets will remain soft in the short term, significant growth is expected over the longer term.
The 2010 Global Market Report includes market data for more than 200 markets worldwide. For more information, contact us 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
After a turbulent 18-24 months since the market peaked, 2009 marked a year where transaction volume nearly came to a standstill as corporate tenants waited for clear signs of recovery and investors remained on the sidelines waiting for signs the bottom has been reached. As the year progressed, government intervention in the form of stimulus packages in the U.S., Europe and parts of Asia took hold and by year’s end many markets had begun to stabilize. However, with U.S. unemployment topping 10%, consumer demand and spending power at their lowest levels in decades and international manufacturing and trade proceeding at a crawl, the global recovery will take some time to truly stimulate economic growth.
“The past year was extremely challenging for commercial real estate, and we don’t anticipate much new demand in 2010,” said Jeffrey M. Finn, President & CEO of NAI Global. “We’re working with our corporate clients to help them take advantage of the current tenants’ market to reduce their long-term occupancy costs. Many tenants are able to negotiate more favorable lease terms today in exchange for a longer commitment. This ‘extend and blend’ practice is a trend we see continuing well into the next 18-24 months.”
Investors who have been sidelined by economic uncertainty will see tremendous acquisition opportunities in the coming year as banks and financial institutions clean up their balance sheets and move more aggressively to dispose of commercial real estate loans and financially distressed real estate assets, said Finn.
“The recession has been over for six months and job growth is just months away, but the fact remains it will be impossible to predict what will happen next,” added Dr. Peter Linneman, NAI Global Chief Economist and Principal at Linneman Associates. “With significant tax, healthcare and regulatory proposals still in the offing, there is little clarity as to the ultimate outcomes or costs. We’re concerned with commercial mortgage delinquency rates as they have been on the rise and could keep the commercial real estate industry in neutral for several more months.”
While the United States, parts of Europe, the Middle East, Asia and Latin America experienced a deep recession, some economies survived 2009 nearly intact. Brazil, India and China all experienced a slowdown in economic growth, international trade and manufacturing demand, yet continued to post positive GDP growth for the year, far outpacing their neighbors and global trends. Brazil is looking for increased activity in the commercial real estate sector, specifically in big cities like Rio de Janeiro, which will soon host the World Cup and Olympic Games. At the end of 2009, China began to see a sharp rise in foreign direct investment in its manufacturing sector, and is expected to post 9% GDP growth in the coming year. India is positioning itself as a leader in logistics and manufacturing, and though commercial property markets will remain soft in the short term, significant growth is expected over the longer term.
The 2010 Global Market Report includes market data for more than 200 markets worldwide. For more information, contact us 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, December 22, 2009
America's Fastest-Recovering Cities
Diversified industry and relatively stable housing give residents in these metros a measure of economic security.
Francesca Levy, Forbes.com
Though Omaha, Neb., seems second-rate to some, Warren Buffett may have been on to something when he chose it for the headquarters of his massive holding company, Berkshire Hathaway. According to our research, the city has hit upon a formula to weather the economic downturn better than any other in the country.
While no region has escaped the recession, in Omaha, three Texas metros, a handful of Northeastern manufacturing bases and select southern cities, diversified industry and relatively stable housing fundamentals have provided local residents with comparatively secure standards of living.
Full List: America's Fastest-Recovering Cities
Omaha has had a healthy 1.3% gross metropolitan product (GMP) growth in the past year, and a low foreclosure rate (only one in every 3,246 housing units is in foreclosure), but it sails to the top spot on our list because of its unemployment rate: At 5%, the lowest of the metros we surveyed. Omaha's economy is less dependent on manufacturing than other Midwestern cities, and is boosted by a strong agriculture sector and growing biofuels industry. And while the city has a big stake in the financial industry--a factor that nearly spelled ruin for metros like New York--it doesn't specialize in the types of institutions that took big risks and chased exotic financial structures. Instead, it's home to roughly 30 insurance companies and regional banks like Mutual of Omaha.
Lone Star Luck
In No. 2 city San Antonio, home to four military bases, and Austin, our third-ranked city and the state seat of government, municipal jobs supplement Texas' robust energy sector. In Dallas (No. 6), it's a thriving tech industry that buffers it from energy highs and lows. Although Houston (No. 8) is invested mostly in oil, it has diversified its energy industry beyond oil rigs into refining and chemicals manufacturing.
What's more, the state's housing prices never ascended to the unsustainable levels the rest of the country hit at the peak of the housing bubble. Thus, it didn't crash as hard. These factors have toughened the local economy against a recession that is inextricably tied to real estate.
"Texas didn't have as big of a boom," says James P. Gaines, research economist at the Real Estate Center at Texas A&M University. "So we're not having anywhere near the kind of bust."
Behind the Numbers
To form our list, we ranked the 100 largest Metropolitan Statistical Areas--geographic entities that the U.S. Office of Management and Budget defines and uses in collecting statistics--in five categories: unemployment rate, GMP (a measure of the size of a city's economy), foreclosures, home prices and sales rates.
We ranked September unemployment rates (the most recent available by metro) using data from the Bureau of Labor Statistics; the percentage of a metro's homes in foreclosure with September data provided by RealtyTrac; and the change in GMP between the first and second quarter of 2009 from the Brookings Institution's MetroMonitor. We also included the second-quarter 2009 year-over-year change in Freddie Mac's Conventional Mortgage Home Price Index--a measure of housing price inflation--and the average days on the market for properties currently on sale (to measure sales rates), using data from Zillow.com. We then averaged the scores for each measure to arrive at an overall ranking.
While there is no foolproof method for resisting recession, a common thread in thriving cities is an economy fed by multiple industries. Former Northeastern industrial hubs like Pittsburgh, and Rochester, N.Y., while they may not seem the likeliest models of economic health, have been able to supplement industrial sector decline with a boost from public-sector jobs that have pumped up the economy even as the private sector declined. They land in the fourth and seventh spot on our list, respectively.
But Rolf Pendall, associate professor of city and regional planning at Cornell University, warns that for upstate New York, this promising news may be temporary.
"We've had government spending plugging the gap," he says. "But it's hard to say what's going to happen in the next two years if government spending has to get withdrawn a lot, as it might."
Pittsburgh's GMP grew .8% between the second quarter of 2008 and 2009, consistent with the .8% national average. Home prices there remained relatively stable while those in other cities plummeted because the area's prospects still seemed dim during the housing bubble and speculators looked elsewhere.
"These metros have been so troubled for so long," says Pendall, "that people didn't develop irrational exuberance about the prospects in their housing markets."
Cities where home prices that don't fluctuate wildly are particularly well-positioned to ride out this recession, because they were spared the domino effect of foreclosures, lost jobs and lost productivity. In San Antonio and Austin, quick sales rates (homes in these cities spend 54 and 73 days on the market respectively compared to a 100-day national median) and home prices that fall above the national average--Austin's median home price in September, for example, is a healthy $240,000, 7% higher than the average for the top 100 metros, according to data from Zillow.com--indicate that they escaped the perilous zeal for building, and lending, that swept the rest of the country between 2001 and 2007.
There's a lesson to be learned from these cities, some of which aren't economically thriving, but all of which are well-equipped to emerge from the recession in a similar position to where they started. Rather than chasing rising home prices or apparently plentiful jobs in one-industry towns, families looking for long-term economic stability should seek spots where industry is diverse and housing price shifts are benign.
Top 5 Fastest Recovering Cities
1. Omaha-Council Bluffs, NE-IA Metro Area
2. San Antonio, TX Metro Area
3. Austin-Round Rock, TX Metro Area
4. Pittsburgh, PA Metro Area
5. Harrisburg-Carlisle, PA Metro Area
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
Francesca Levy, Forbes.com
Though Omaha, Neb., seems second-rate to some, Warren Buffett may have been on to something when he chose it for the headquarters of his massive holding company, Berkshire Hathaway. According to our research, the city has hit upon a formula to weather the economic downturn better than any other in the country.
While no region has escaped the recession, in Omaha, three Texas metros, a handful of Northeastern manufacturing bases and select southern cities, diversified industry and relatively stable housing fundamentals have provided local residents with comparatively secure standards of living.
Full List: America's Fastest-Recovering Cities
Omaha has had a healthy 1.3% gross metropolitan product (GMP) growth in the past year, and a low foreclosure rate (only one in every 3,246 housing units is in foreclosure), but it sails to the top spot on our list because of its unemployment rate: At 5%, the lowest of the metros we surveyed. Omaha's economy is less dependent on manufacturing than other Midwestern cities, and is boosted by a strong agriculture sector and growing biofuels industry. And while the city has a big stake in the financial industry--a factor that nearly spelled ruin for metros like New York--it doesn't specialize in the types of institutions that took big risks and chased exotic financial structures. Instead, it's home to roughly 30 insurance companies and regional banks like Mutual of Omaha.
Lone Star Luck
In No. 2 city San Antonio, home to four military bases, and Austin, our third-ranked city and the state seat of government, municipal jobs supplement Texas' robust energy sector. In Dallas (No. 6), it's a thriving tech industry that buffers it from energy highs and lows. Although Houston (No. 8) is invested mostly in oil, it has diversified its energy industry beyond oil rigs into refining and chemicals manufacturing.
What's more, the state's housing prices never ascended to the unsustainable levels the rest of the country hit at the peak of the housing bubble. Thus, it didn't crash as hard. These factors have toughened the local economy against a recession that is inextricably tied to real estate.
"Texas didn't have as big of a boom," says James P. Gaines, research economist at the Real Estate Center at Texas A&M University. "So we're not having anywhere near the kind of bust."
Behind the Numbers
To form our list, we ranked the 100 largest Metropolitan Statistical Areas--geographic entities that the U.S. Office of Management and Budget defines and uses in collecting statistics--in five categories: unemployment rate, GMP (a measure of the size of a city's economy), foreclosures, home prices and sales rates.
We ranked September unemployment rates (the most recent available by metro) using data from the Bureau of Labor Statistics; the percentage of a metro's homes in foreclosure with September data provided by RealtyTrac; and the change in GMP between the first and second quarter of 2009 from the Brookings Institution's MetroMonitor. We also included the second-quarter 2009 year-over-year change in Freddie Mac's Conventional Mortgage Home Price Index--a measure of housing price inflation--and the average days on the market for properties currently on sale (to measure sales rates), using data from Zillow.com. We then averaged the scores for each measure to arrive at an overall ranking.
While there is no foolproof method for resisting recession, a common thread in thriving cities is an economy fed by multiple industries. Former Northeastern industrial hubs like Pittsburgh, and Rochester, N.Y., while they may not seem the likeliest models of economic health, have been able to supplement industrial sector decline with a boost from public-sector jobs that have pumped up the economy even as the private sector declined. They land in the fourth and seventh spot on our list, respectively.
But Rolf Pendall, associate professor of city and regional planning at Cornell University, warns that for upstate New York, this promising news may be temporary.
"We've had government spending plugging the gap," he says. "But it's hard to say what's going to happen in the next two years if government spending has to get withdrawn a lot, as it might."
Pittsburgh's GMP grew .8% between the second quarter of 2008 and 2009, consistent with the .8% national average. Home prices there remained relatively stable while those in other cities plummeted because the area's prospects still seemed dim during the housing bubble and speculators looked elsewhere.
"These metros have been so troubled for so long," says Pendall, "that people didn't develop irrational exuberance about the prospects in their housing markets."
Cities where home prices that don't fluctuate wildly are particularly well-positioned to ride out this recession, because they were spared the domino effect of foreclosures, lost jobs and lost productivity. In San Antonio and Austin, quick sales rates (homes in these cities spend 54 and 73 days on the market respectively compared to a 100-day national median) and home prices that fall above the national average--Austin's median home price in September, for example, is a healthy $240,000, 7% higher than the average for the top 100 metros, according to data from Zillow.com--indicate that they escaped the perilous zeal for building, and lending, that swept the rest of the country between 2001 and 2007.
There's a lesson to be learned from these cities, some of which aren't economically thriving, but all of which are well-equipped to emerge from the recession in a similar position to where they started. Rather than chasing rising home prices or apparently plentiful jobs in one-industry towns, families looking for long-term economic stability should seek spots where industry is diverse and housing price shifts are benign.
Top 5 Fastest Recovering Cities
1. Omaha-Council Bluffs, NE-IA Metro Area
2. San Antonio, TX Metro Area
3. Austin-Round Rock, TX Metro Area
4. Pittsburgh, PA Metro Area
5. Harrisburg-Carlisle, PA Metro Area
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, December 15, 2009
NAI Pittsburgh Commercial Leases 6,150 SF at the Lone Oak Technology Park Located in Sewickley, PA
Sewickley, PA - (December 14, 2009)
NAI Pittsburgh Commercial is pleased to announce the 6,150 SF lease signing of Two Men and a Truck at the Lone Oak Technology Park located at 2 South Avenue in Sewickley, Pennsylvania.
Edward R. Lawrence, Associate and Victor J. Yates, Associate, of NAI Pittsburgh Commercial, represented Lone Oak Technology Park in the transaction. AJ Pantoni, Advisor and Kim Ford, Managing Principal of CresaPartners represented Two Men and a Truck.
The owners of the park are currently in discussions with an architect about the proposed construction of a new 55,000 SF flex building on the Site in 2010.
Thursday, December 10, 2009
Retail Property Being Converted to School
Developer Pays $2.3M for 110,000-SF Building
Genstein Limited Partnership has purchased the 110,000-square-foot retail building at 1500 Yost Blvd in Pittsburgh from Guardian Construction Management. The developer paid $2.3 million, or $21 per square foot.
Conversion of the building for education has already begun. Propel Charter Schools signed a 15-year lease for 42,000 square feet to establish an elementary school. This will be its sixth location. Propel Charter Schools intends to open for the fall semester and plans on opening a high school at the same location the following year.
The building, built in 1970, sits on 11.3 acres and had been home for Nordstrom and Wal-Mart as temporary tenants over the last two years.
Paul Horan of NAI Pittsburgh Commercial represented the buyer and the new tenant. Jeremy Kronman, Christina Bucciero and Courtney Lynn of CB Richard Ellis represented the seller.
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
Genstein Limited Partnership has purchased the 110,000-square-foot retail building at 1500 Yost Blvd in Pittsburgh from Guardian Construction Management. The developer paid $2.3 million, or $21 per square foot.
Conversion of the building for education has already begun. Propel Charter Schools signed a 15-year lease for 42,000 square feet to establish an elementary school. This will be its sixth location. Propel Charter Schools intends to open for the fall semester and plans on opening a high school at the same location the following year.
The building, built in 1970, sits on 11.3 acres and had been home for Nordstrom and Wal-Mart as temporary tenants over the last two years.
Paul Horan of NAI Pittsburgh Commercial represented the buyer and the new tenant. Jeremy Kronman, Christina Bucciero and Courtney Lynn of CB Richard Ellis represented the seller.
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
ULI: Commercial real estate market will hit bottom in 2010
Pittsburgh Business Times - by Tim Schooley
When a commercial real estate forecast begins with slides of the Roadrunner being chased by Wylie Coyote, it’s not hard to see through to the bottom of the cartoon canyon to understand what the fall represents.
That was Charles DiRocco’s approach to presenting the Urban Land Institute’s report on the Emerging Trends in Real Estate for 2010 in a breakfast hosted by the ULI’s Pittsburgh chapter at the Rivers Club Wednesday morning.
With the residential real estate market bottoming out in 2009, DiRocco said that in 2010 the “commercial real estate is going to hit to bottom as well.
It was a road show DiRocco, Pittsburgh native who is one of the ULI’s principal researchers, has presented in cities throughout the country, serving as the messenger of what’s largely been a bad news market for commercial real estate everywhere.
DiRocco’s gallows approach didn’t sugar coat ongoing trends that suggest a business environment for commercial real estate he expects will be worse than the recession of the early 1990s. The ULI’s larger report expects real estate value declines will average more than 40 percent below previous highs of mid-2007.
With values sinking so much, DiRocco expects real estate development has largely ground to a halt for the new year as well as perhaps a few years to follow.
Richard Moody, a local economist who also participated in the breakfast discussion, emphasized that financing for any new development will remain difficult.
“If you want to see if a banker has a good sense of humor, go and ask him for a construction loan,” Moody said.
The Pittsburgh area has proven to be relatively well-positioned to withstand any fall out in commercial real estate, both men said.
DiRocco said Pittsburgh’s standing has improved over other metros in the past year by not seeing the precipitous drops in value experienced elsewhere. A panel discussion suggested that many late-cycle buyers of 2005 through 2007 could find themselves struggling with foreclosures and workouts given the burden they’ve taken with high sales prices, weakening occupancy and commercial mortgage-backed securities (CMBS) coming due.
Nick Matt, a managing director in the Pittsburgh office of HFF Inc., said it will be difficult for the banks to negotiate a wave of property falling back into their possession.
“Right now, the servicers are inundated,” he said, seeing the process as far more complicated than in the past due to the way commercial mortgage debt has been packaged into CMBS. “We’ve never been through this on the CMBS side.”
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
When a commercial real estate forecast begins with slides of the Roadrunner being chased by Wylie Coyote, it’s not hard to see through to the bottom of the cartoon canyon to understand what the fall represents.
That was Charles DiRocco’s approach to presenting the Urban Land Institute’s report on the Emerging Trends in Real Estate for 2010 in a breakfast hosted by the ULI’s Pittsburgh chapter at the Rivers Club Wednesday morning.
With the residential real estate market bottoming out in 2009, DiRocco said that in 2010 the “commercial real estate is going to hit to bottom as well.
It was a road show DiRocco, Pittsburgh native who is one of the ULI’s principal researchers, has presented in cities throughout the country, serving as the messenger of what’s largely been a bad news market for commercial real estate everywhere.
DiRocco’s gallows approach didn’t sugar coat ongoing trends that suggest a business environment for commercial real estate he expects will be worse than the recession of the early 1990s. The ULI’s larger report expects real estate value declines will average more than 40 percent below previous highs of mid-2007.
With values sinking so much, DiRocco expects real estate development has largely ground to a halt for the new year as well as perhaps a few years to follow.
Richard Moody, a local economist who also participated in the breakfast discussion, emphasized that financing for any new development will remain difficult.
“If you want to see if a banker has a good sense of humor, go and ask him for a construction loan,” Moody said.
The Pittsburgh area has proven to be relatively well-positioned to withstand any fall out in commercial real estate, both men said.
DiRocco said Pittsburgh’s standing has improved over other metros in the past year by not seeing the precipitous drops in value experienced elsewhere. A panel discussion suggested that many late-cycle buyers of 2005 through 2007 could find themselves struggling with foreclosures and workouts given the burden they’ve taken with high sales prices, weakening occupancy and commercial mortgage-backed securities (CMBS) coming due.
Nick Matt, a managing director in the Pittsburgh office of HFF Inc., said it will be difficult for the banks to negotiate a wave of property falling back into their possession.
“Right now, the servicers are inundated,” he said, seeing the process as far more complicated than in the past due to the way commercial mortgage debt has been packaged into CMBS. “We’ve never been through this on the CMBS side.”
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, December 3, 2009
Report: Pittsburgh's office rents off slightly year-over-year
Office rental rates in Pittsburgh were down slightly year-over-year, according to a report by CB Richard Ellis Group Inc.
The city saw a 1.1 percent year-over-year decline in average rental rates, the report found. As of Sept. 30, the average rent for Pittsburgh office space was $22.61 per square foot.
Boston's central business district led the Americas on the report, with a 33.9 percent drop in average rental rates.
Average office rents worldwide declined 7.7 percent in the fiscal year ended Sept. 30, according to the report, with rents down in 131 of the 179 major cities CB Richard Ellis tracks. Nearly 50 markets have seen double-digit declines. Tops among cities seeing declines was Kiev (down 64.6 percent) and Singapore (53.4 percent).
Other large drops include a 41 percent decline in Hong Kong, a 39 percent decline in Abu Dhabi and a 35 percent decline in Moscow.
New York retained its rank as the most expensive North American market, with Midtown rents of $68.93 per square foot. New York’s rents rank 24th globally.
London’s West End, where rents declined 17.8 percent during the period studied, is the world’s most expensive market, at an average of $184.85 per square foot.
Tokyo, Hong Kong, Moscow and Paris follow London among the world’s most expensive office rental markets.
The Washington Business Journal and the Boston Business Journal, both affiliated publications, contributed reporting.
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 city saw a 1.1 percent year-over-year decline in average rental rates, the report found. As of Sept. 30, the average rent for Pittsburgh office space was $22.61 per square foot.
Boston's central business district led the Americas on the report, with a 33.9 percent drop in average rental rates.
Average office rents worldwide declined 7.7 percent in the fiscal year ended Sept. 30, according to the report, with rents down in 131 of the 179 major cities CB Richard Ellis tracks. Nearly 50 markets have seen double-digit declines. Tops among cities seeing declines was Kiev (down 64.6 percent) and Singapore (53.4 percent).
Other large drops include a 41 percent decline in Hong Kong, a 39 percent decline in Abu Dhabi and a 35 percent decline in Moscow.
New York retained its rank as the most expensive North American market, with Midtown rents of $68.93 per square foot. New York’s rents rank 24th globally.
London’s West End, where rents declined 17.8 percent during the period studied, is the world’s most expensive market, at an average of $184.85 per square foot.
Tokyo, Hong Kong, Moscow and Paris follow London among the world’s most expensive office rental markets.
The Washington Business Journal and the Boston Business Journal, both affiliated publications, contributed reporting.
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, December 1, 2009
Conveyor Belt Manufacturer Fenner Dunlop Americas has Relocated Corporate Headquarters to Pittsburgh
Strategic location is cited as value-add by one of the newest companies to join the region’s energy economy supply chain
(PITTSBURGH – November 30, 2009)
Fenner Dunlop Americas, a wholly owned subsidiary of Fenner, PLC, a UK public company, has moved its corporate headquarters from the suburban Atlanta community of Scottdale, Ga. to Pittsburgh.
Leasing 15,000 square feet of office space in the Omega Corporate Center in Robinson Township (Allegheny County), Fenner Dunlop is now strategically located – a critical consideration during the site selection process, according to company officials.
“We wanted to be close to our North American belting product manufacturing facilities in both Ohio and Canada, as well as to key locations in our newly acquired service businesses – including Conveyor Service Corporation in Blairsville, Pa. (Indiana County), which we acquired last year – and major customer regions,” said Cassandra Pan, president of Fenner Dunlop Americas. “Operating from Pittsburgh puts Fenner Dunlop at the heart of its North American business, allowing for optimal business management. We’re close to where it’s all happening and closer to our customers.”
The headquarters relocation is expected to create approximately 40 jobs including several executives relocating from Atlanta and several new local hires. In addition to the efforts of the local commercial real estate firm NAI Pittsburgh, other development partners including the Pennsylvania Department of Community and Economic Development, Allegheny County Economic Development and the Pittsburgh Regional Alliance worked collaboratively in support of this business investment win.
Founded in 1861 in the UK, the company primarily manufactured leather belting. Today, Fenner Dunlop has operations across Europe, North and South America, Australia, China, India and South Africa and attributes much of its substantial growth to a number of major acquisitions over the last 30 years.
One such acquisition occurred in 2001and resulted in the formation of Fenner Dunlop Conveyor Belting Worldwide, which comprises the company’s core business of manufacturing conveyor belts and related products and services.
Fenner Dunlop provides total conveyor belt solutions to the coal and hard rock mining industry for surface and underground mines worldwide. As such a provider, the company is now integrated into the Pittsburgh region’s energy economy, which comprises innovation leadership and supply chain expertise across traditional and alternative energy sectors. One of these sectors is coal—a fossil fuel found in ample supply in the Pittsburgh region, where public and private R&D abounds to advance clean coal technology. CONSOL Energy Inc., world-headquartered in Washington County, is the largest producer of high-Btu bituminous coal in the United States and a major customer of Fenner Dunlop.
“Fenner Dunlop conveyor belts and the steel structures on which the belts ride are the principal ways that CONSOL moves coal from its mines. We have literally hundreds of miles of Fenner Dunlop belting in our mines, as well as overland belts. These allow CONSOL to meet its customers’ demands for coal - a fuel staple now and for the future,” said CONSOL Energy CEO Brett Harvey, who also chairs the Pittsburgh Regional Alliance Partnership. “CONSOL Energy is pleased that one of its major vendors has made the decision to join the almost 800 energy-related companies that call the Pittsburgh region home,” said Harvey.
“During the recent Pittsburgh [G-20] Summit, President Obama hailed Pittsburgh for its transformation to a model 21st-century economy. That economy includes leadership related to energy—both traditional and alternative. Our innovative edge, coupled with a historic expertise in manufacturing, is amassing a diverse and robust energy supply chain in the region. For that and other reasons, companies like Fenner Dunlop have strategically selected southwestern Pennsylvania – a place gaining recognition as the nation’s new energy capital. From Pittsburgh, these companies are operating to supply the resources, products and components that will ultimately influence the delivery of energy – not only domestically, but globally – in efficient and more sustainable ways,” said Allegheny Conference on Community Development CEO Dennis Yablonsky.
With the mining industry as a primary customer, Fenner Dunlop also recognizes that the Mine Safety and Health Administration’s Pittsburgh Safety and Health Technology Center in Bruceton, PA – just south of Pittsburgh – played a part in the company’s relocation decision. “Nationally and internationally, conveyor belt fire safety in underground mines is a critical concern. Fenner Denlop is at the forefront of belt fire safety and believes it’s strategic to be close to the organization that is uniquely influencing standards compliance around our core business,” said Fenner Dunlop President Cassandra Pan.
While Fenner Dunlop’s conveyor belting operations are largely reliant on the mining industry, the company has also developed a range of belting-related products including moving walkways, parcel handling, plasterboard forming belts, stable matting and agricultural equipment. More information is available at http://www.fennerdunlopamericas.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
Monday, November 9, 2009
Sale of the Bowne Building
NAI Pittsburgh Commercial is pleased to announce the sale of the 15,000 square foot office building known as The Bowne Building which is located in downtown Pittsburgh with an address of 120 Boulevard of the Allies, Pittsburgh, PA 15222.Paul D. Horan, Principal, Gregg Broujos, Principal & Edward Lawrence, Associate of NAI Pittsburgh Commercial represented the sellers in the transaction.
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 27, 2009
NAI Pittsburgh Commercial Represents Duquesne Light Company in 86,000 SF Rewenal at Chamber of Commerce Building, Pittsburgh, PA
Pittsburgh, PA - (October 23, 2009) - NAI Pittsburgh Commercial is pleased to announce it has represented Duquesne Light Company in an 86,265 SF lease renewal at the Chamber of Commerce Building in downtown Pittsburgh.
Patrick J. Sentner, SIOR of NAI Pittsburgh Commercial represented Duquesne Light Company in this transaction while Jeremy Z. Kronman & Andrew Miller of CB Richard Ellis represented the landlord.
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 J. Sentner, SIOR of NAI Pittsburgh Commercial represented Duquesne Light Company in this transaction while Jeremy Z. Kronman & Andrew Miller of CB Richard Ellis represented the landlord.
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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