2019-07-12_DTZ戴德梁行_Office_Q2_2019_Pittsburgh,PA_2页_437kb

报告摘要

Pittsburgh Office Market Q2 2019 Summary

Core Content

This report provides a detailed analysis of the Pittsburgh office market in Q2 2019, highlighting economic trends, market performance, and key developments across various submarkets.

Economic Indicators

Pittsburgh Employment: Increased slightly from 1.18M in Q2 2018 to 1.19M in Q2 2019.
Pittsburgh Unemployment Rate: Dropped to 3.8%, the lowest since 1976, but still slightly higher than the national average of 3.6%.
New Jobs Created: 8,900 new jobs were added in the quarter.
Livability Ranking: Pittsburgh ranked #8 on Livability.com's "Top 100 Best Places to Live in America" in May 2019, a significant improvement from #34 in 2018.
Population Trends: The population size remained static, but the socioeconomic composition is shifting toward higher-income individuals.

Market Overview

Key Submarket Highlights

Submarket	Inventory (SF)	Sublet Vacant (SF)	Direct Vacant (SF)	Overall Vacancy Rate	Net Absorption (SF)	YTD Net Absorption (SF)	YTD Leasing Activity (SF)	Under Construction (SF)	Avg Asking Rent (All Classes)	Avg Asking Rent (Class A)
Armstrong County	123,367	0	0	0%	0	0	0	0	$8.58	$8.58
Beaver County	1,201,455	0	203,302	16.9%	-52,842	-66,239	7,120	0	$13.12	N/A
Butler County	4,696,201	12,289	202,155	4.6%	9,646	-57,067	33,450	0	$22.45	$23.53
CBD	26,281,109	281,544	3,424,993	14.1%	-120,741	-210,047	241,109	0	$26.53	$29.40
Fayette County	630,275	0	0	0%	0	0	0	0	$12.19	N/A
Greater Downtown	12,291,492	225,269	1,030,551	10.2%	-11,138	16,654	58,230	581,708	$25.01	$32.00
North Pittsburgh	6,373,978	1,495	500,713	7.9%	-46,310	-81,097	49,217	135,000	$20.44	$24.33
Northeast Pittsburgh	2,536,135	0	108,315	4.3%	3,300	9,750	4,861	0	$19.71	$25.46
Oakland	3,153,502	0	35,771	1.1%	17,887	34,842	13,087	399,067	$20.41	N/A
Parkway East	10,400,548	4,950	1,180,209	11.4%	40,092	89,523	79,151	453,833	$18.96	$21.08
Parkway West	10,149,967	179,847	1,395,522	15.5%	-173,153	-135,303	107,610	170,380	$22.02	$23.68
South Pittsburgh	6,059,686	35,027	521,865	9.2%	-23,071	-52,320	27,640	0	$17.77	$21.53
Washington County	5,072,139	7,466	567,919	11.3%	25,449	-8,130	180,723	0	$22.54	$24.70
Westmoreland County	3,149,693	0	208,802	6.6%	52,042	38,382	40,172	0	$14.73	$25.53
Pittsburgh Totals	92,119,547	747,887	9,380,117	11.0%	-278,839	-421,052	842,370	1,739,988	$19.41	$23.62

Class A, B, and C Market Data

Class	Inventory (SF)	Sublet Vacant (SF)	Direct Vacant (SF)	Overall Vacancy Rate	Net Absorption (SF)	YTD Net Absorption (SF)	YTD Leasing Activity (SF)	Under Construction (SF)	Avg Asking Rent (All Classes)	Avg Asking Rent (Class A)
A	31,809,885	436,802	4,115,052	14.6%	-164,614	-276,289	352,710	1,437,574	$23.62	$23.62
B	48,170,157	164,080	4,417,605	9.6%	-199,600	-205,534	375,488	302,414	$20.20	$20.23
C	12,139,505	93,911	847,460	7.0%	85,375	60,771	114,172	0	$15.68	$15.68

Key Lease Transactions Q2 2019

Property	SF	Tenant	Transaction Type	Submarket
6000 Park Land Drive	106,000	ConnectivRX	New	Parkway West
30 Isabella Street	80,000	Wabtec	New	Greater Downtown
661 Andersen Drive	51,378	Tetra Tech	Renewal	Parkway West
301 Grant Street	35,000	SPACES by Regus	New	CBD

Key Sales Transactions Q2 2019

Property	SF	Seller / Buyer	Price / $PSF	Submarket
501 Technology Dr	98,314	Aztec Fund / Tusk Development	$22,315,668 / $227	Washington County
200 James Pl	34,000	James Place Medical / Isbir	$1,585,000 / $47	Monroeville
1022 N Main St	12,000	Russell Hearn / A & D Holding	$1,500,000 / $125	Butler
1010 Ohio River Blvd	12,000	Spring Way Center / 1010 ORB LLC	$1,102,500 / $92	North Pittsburgh

Outlook

Companies are showing increased confidence in expanding due to a stabilized economy.
The speculative construction pipeline is expected to continue to grow, leading to improved market conditions.
Strong leasing activity in major submarkets is anticipated to reduce vacancy rates and increase average asking rents.