2019-07-12_DTZ戴德梁行_Industrial_Q4_2018_Pittsburgh,PA_2页_351kb
报告摘要
Pittsburgh Industrial Market Q4 2018 Summary
Core Content
The document provides an overview of the Pittsburgh industrial real estate market for the fourth quarter of 2018, highlighting economic indicators, market trends, and key transactions. It also includes data on vacancy rates, net absorption, new construction, and rental rates across various submarkets.
Main Economic Indicators
| Indicator | Q4 2017 | Q4 2018 | 12-Month Forecast |
|---|---|---|---|
| Pittsburgh Employment | 1.2M | 1.2M | ■ |
| Pittsburgh Unemployment | 4.9% | 4.1% | ▼ |
| U.S. Unemployment | 4.1% | 3.7% | ▼ |
- The data shows that Pittsburgh employment remained stable at 1.2 million in Q4 2017 and Q4 2018.
- Unemployment rates declined, indicating a healthier job market.
- The U.S. unemployment rate also dropped, reflecting a national trend.
Market Overview
- Vacancy Rates: Overall industrial vacancy rates were nearly flat year-over-year, at 5.5% in Q4 2018.
- Net Absorption: Net absorption increased by 373% year-over-year, with a total of 196,232 sf absorbed in Q4 2018.
- New Construction: New construction projects totaled nearly 868,030 sf in Q4 2018, a 180% increase from Q4 2017.
- Rental Rates: Average asking rents rose across all sectors, with warehouse/distribution space seeing a 5% increase to $5.81 psf in Q4 2018.
Submarket Analysis
| Submarket | Total Buildings | Inventory (SF) | YTD Net Absorption (SF) | Under Construction (SF) | Avg. Net Rent (psf) |
|---|---|---|---|---|---|
| Parkway West | 456 | 22,896,390 | 633,379 | 348,717 | $5.87 |
| North Pittsburgh | 339 | 15,845,602 | 129,319 | 60,000 | $6.81 |
| Washington County | 217 | 11,701,291 | 135,285 | 68,000 | $5.86 |
| Greater Downtown | 295 | 12,684,301 | -11,076 | 0 | $5.99 |
| Oakland | 12 | 342,192 | 0 | 0 | $0.00 |
- Parkway West showed the highest net absorption and under construction activity.
- Greater Downtown experienced negative net absorption, suggesting a decline in demand.
- Washington County and North Pittsburgh had notable increases in both net absorption and under construction.
Key Lease Transactions
| Property | SF | Tenant | Transaction Type | Submarket |
|---|---|---|---|---|
| 200 Solar Drive | 83,000 | Signode Industrial Group | New Lease | Parkway West |
| 1001 Oakdale Road | 52,464 | Chartwell Pennsylvania | New Lease | Parkway West |
- Two major new leases were recorded in Parkway West, with Signode Industrial Group and Chartwell Pennsylvania as tenants.
Key Sales Transactions
| Property | SF | Seller/Buyer | Price / $PSF | Submarket |
|---|---|---|---|---|
| 1001 E. Waterfront Drive | 402,477 | Marcegaglia USA, Inc. / STORE Capital | $10,000,000 / $25 | South Pittsburgh |
| 1501 Penn Avenue | 320,000 | 1501 Penn Owner, LLC / Sampson Morris Group | $8,100,000 / $25 | Greater Downtown |
| 200 Simko Boulevard / Alta Vista Park | 119,161 | Two Thousand Eleven Alta Vista II, LP / STAG Industrial Holdings | $15,250,000 / $128 | Washington County |
- The sales activity in Q4 2018 included significant transactions in South Pittsburgh, Greater Downtown, and Washington County.
- The 200 Simko Boulevard sale was the most expensive, at $15,250,000 or $128 psf.
Outlook
- 2019 is expected to see continued leasing activity as speculative construction projects near completion.
- Class A manufacturing space will be in high demand, especially from companies in the natural gas and polymer industries.
- The shift from traditional manufacturing to advanced and high-tech industries is evident, with R&D jobs surpassing those in the iron and steel mills.
About Cushman & Wakefield
- Cushman & Wakefield is a leading global real estate services firm with 48,000 employees in 400 offices across 70 countries.
- In 2017, the firm generated $6.9 billion in revenue from core services such as property management, leasing, and capital markets.
- The firm provides detailed market analysis and insights to support real estate decision-making.
Contact Information
- Edie Hartman, Director
- Tel: +1 412 391 2602
- Email: ehartman@gsa-cw.com
This summary captures the essential data and trends in the Pittsburgh industrial real estate market for Q4 2018, emphasizing the shift towards high-tech and advanced manufacturing, increased leasing and construction activity, and notable real estate transactions.
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