2019-07-12_DTZ戴德梁行_Industrial_Q3_2018_Pittsburgh,PA_2页_351kb
报告摘要
Pittsburgh Industrial Market Summary - Q3 2018
Core Content
This report provides an overview of the Pittsburgh industrial real estate market during the third quarter of 2018, highlighting economic indicators, market activity, and future outlook.
Economic Indicators
- Pittsburgh Employment: Remained stable at 1.2 million in Q3 2018, compared to Q3 2017.
- Pittsburgh Unemployment Rate: Improved from 4.9% in Q3 2017 to 4.1% in Q3 2018.
- U.S. Unemployment Rate: Also decreased from 4.4% to 3.9% during the same period.
Market Overview
Overall Market Activity
- Leasing Activity: Declined by 30.6% in Q3 2018 compared to Q3 2017, totaling 1.4 million square feet (msf).
- Net Absorption: Fell by 74.2% year-to-date (YTD) in 2018, with just under 103,000 sf absorbed.
- New Construction Deliveries: YTD deliveries in Q3 2018 were around 300,000 sf, significantly less than the 1.2 msf in Q3 2017.
- New Construction Starts: Increased nearly 100%, with 554,000 sf under construction at the end of Q3 2018.
Submarket Analysis
| Submarket | Total Buildings | Inventory (SF) | YTD User Sales Activity (SF) | Vacancy Rate | YTD Net Absorption (SF) | Under Construction (SF) | Avg. Net Rent (HT) | Avg. Net Rent (MF) | Avg. Net Rent (OS) | Avg. Net Rent (W/D) |
|---|---|---|---|---|---|---|---|---|---|---|
| Armstrong County | 31 | 1,690,651 | 0 | 3.9% | 71,560 | 0 | $0.00 | $0.00 | $10.00 | $2.50 |
| Beaver County | 142 | 9,522,479 | 56,476 | 9.4% | -189,559 | 0 | $5.34 | $4.10 | $7.77 | $5.88 |
| Butler County | 226 | 14,607,294 | 37,283 | 7.8% | 28,703 | 0 | $14.25 | $3.22 | $15.55 | $4.99 |
| Fayette County | 72 | 3,715,590 | 47,852 | 15.5% | -68,134 | 0 | $21.00 | $2.00 | $14.93 | $6.00 |
| Greater Downtown | 295 | 12,684,301 | 0 | 2.4% | -26,241 | 0 | $0.00 | $0.00 | $12.00 | $7.11 |
| Monroeville | 68 | 2,280,958 | 0 | 7.1% | -81,214 | 0 | N/A | $8.05 | $11.07 | $8.95 |
| North Pittsburgh | 339 | 15,845,602 | 84,320 | 1.9% | 149,419 | 60,000 | $11.00 | $4.50 | $16.50 | $6.81 |
| Northeast Pittsburgh | 259 | 17,155,826 | 0 | 4.0% | -212,459 | 0 | $18.00 | $4.67 | $14.13 | $6.27 |
| Oakland | 12 | 342,192 | 0 | 0.0% | 0 | 0 | $0.00 | $0.00 | $0.00 | $0.00 |
| Parkway East | 246 | 11,905,268 | 0 | 7.1% | -79,655 | 116,000 | $0.00 | $7.25 | $10.25 | $8.56 |
| Parkway West | 456 | 22,896,390 | 44,924 | 7.0% | 435,747 | 367,400 | $0.00 | $5.91 | $10.58 | $5.87 |
| South Pittsburgh | 325 | 16,208,796 | 13,125 | 3.3% | -94,023 | 0 | $14.00 | $6.42 | $12.37 | $4.32 |
| Washington County | 217 | 11,701,291 | 163,719 | 15.1% | -165,856 | 11,000 | $6.06 | $6.75 | $9.00 | $4.70 |
| Westmoreland County | 404 | 28,095,096 | 40,332 | 7.3% | 334,611 | 0 | $0.00 | $4.60 | $5.36 | $5.78 |
| Pittsburgh Totals | 3,092 | 168,651,734 | 488,031 | 6.5% | 102,899 | 554,400 | $12.81 | $5.22 | $11.50 | $5.98 |
Key Lease Transactions
- 2300 Sweeney Drive Ext., Building II: 265,568 sf leased to Shell Chemical (New Lease) in Parkway West.
- 200 Center Street, Manor I: 98,000 sf leased to American Textiles Company (New Lease) in Parkway East.
Key Sales Transactions
- 2300 Sweeney Drive Ext., Building II: Sold by AI. Neyer to STAG Industrial Inc. for $19,000,000 ($72 psf) in Parkway West.
- 115 Hunt Valley Road: Sold by C-III Capital Partners to STAG Industrial Inc. for $11,000,000 ($54 psf) in Westmoreland County.
- 2200 N. Main Street: Sold by Mueller Industries, LLC to MNOP, Inc. for $3,800,000 ($35 psf) in Washington County.
Outlook
- Leasing Activity: Expected to increase in Q4 2018 due to the completion of ongoing construction projects.
- Net Absorption: Projected to improve in the first half of 2019.
- Rental Rates: Continued growth is anticipated in the warehouse/distribution and manufacturing sectors due to increased demand for higher clearance and energy-efficient spaces.
About Cushman & Wakefield
Cushman & Wakefield is a global real estate services firm with a strong presence in Pittsburgh. It offers a wide range of services including property management, leasing, and capital markets. The firm has a significant market share and operates in approximately 70 countries with 48,000 employees.
Contact Information
For more details, contact:
- Edie Hartman, Director
- Tel: +1 412 391 2602
- Email: ehartman@gsa-cw.com
Summary
Pittsburgh's industrial market in Q3 2018 showed a mix of challenges and opportunities. While leasing activity and net absorption declined compared to the previous year, new construction starts increased significantly. The market is expected to see improved leasing activity and rental rates in the coming quarters as construction projects are completed. Key submarkets such as Parkway West and North Pittsburgh demonstrated positive trends in net absorption and leasing, while others like Fayette County and Beaver County faced higher vacancy rates and negative net absorption. The report highlights the dynamic nature of the Pittsburgh industrial real estate landscape and the potential for growth in the near future.
试读结束，高清完整版pdf/doc/ppt,请点下载
