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PITTSBURGH INSIGHTS |
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Every day we strengthen our ideas with actionable research and insights that can position any client in any sector for what's next.
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Q2 2021 MARKETBEAT REPORTSECONOMY CONTINUES TO IMPROVE POST-COVIDPittsburgh’s unemployment rate ticked down 890 basis points (bps) on a year-over-year basis, to 7.0%. Although we have not yet seen the spread between the U.S unemployment rate and Pittsburgh unemployment rate compress, it should happen by the close of 2021.
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Q1 2021 MARKETBEAT REPORTSVACCINE DISTRIBUTION IMPROVING OUTLOOKOn the local front, Pittsburgh’s unemployment rate ticked up 30 basis points (bps) in the first quarter of 2021 to 7.4%,140 bps higher than the national average and unfortunately trending in the opposite direction. With widespread vaccine distribution well underway, sentiment has improved dramatically from a year ago.
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Q4 2020 MARKETBEAT REPORTSUNEMPLOYMENT DECREASES MARKEDLYOn the local front, Pittsburgh’s unemployment rate ticked down 710 basis points (bps) in the fourth quarter of 2020, outperforming the national average change. With widespread vaccine distribution imminent in the coming quarters, optimism is justifiable, however, COVID 19 has dampened the outlook.
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Q3 2020 MARKETBEAT REPORTSUNEMPLOYMENT DECREASES AS INFLECTION POINT REACHEDUpon the arrival of COVID 19 in the U.S., the economy entered a recession in March 2020, recording the worst decline in post war history in Q2 2020. Mounting evidence indicates that the recovery began in May or June with Q3 2020 data likely reflecting that. But, until there is a public health resolution to the pandemic, the recovery is likely to remain uncertain and gradual.
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Q2 2020 MARKETBEAT REPORTSUNEMPLOYMENT INCREASES TREMENDOUSLYPittsburgh’s unemployment rate ticked up markedly to 15.9%, with the U.S up to 14.0%, an unprecedented upward trend that has recently plateaued. The COVID 19 pandemic struck the U.S. in March 2020, late in the quarter but with enough time to have a significant impact on first quarter market fundamentals. Read more...
CHECK OUT OUR Q2 2020 RECAP NEWSLETTER HERE: OFFICE INDUSTRIAL |
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Q1 2020 MARKETBEAT REPORTSUNEMPLOYMENT INCREASES, BUT ONLY THE BEGINNING OF DOWNTURNPittsburgh’s unemployment rate ticked up markedly to 4.7%, with the U.S up to 4.4%, but the upward trend is only beginning. Someare forecasting a peak of 15% U.S unemployment and cumulative GDP contraction of 10%, which would mark the deepest recession on record, and nearly five times worse than the post-war average. Pittsburgh is in for a bumpy ride as the country rides out COVID-19. Read more...
CHECK OUT OUR Q1 2020 RECAP NEWSLETTER HERE: OFFICE INDUSTRIAL |
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Q4 2019 MARKETBEAT REPORTSABSORPTION FINALLY TURNS POSITIVEIn a welcomed sign for the region, absorption in the fourth quarter of 2019 turned positive to 288,000 square feet (sf), finally challenging a five quarter trend. This was largely driven by the Greater Downtown/Strip District submarket. Absorption in the CBD was still negative, even as supply was static, due to tenant downsizing and the continued migration of younger companies to fringe markets. Read more...
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IN THE NEWS |
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The COVID Sublease Dilemma: An Interview From Both Sides of the TransactionThe uptick in sublease space in the Pittsburgh MSA has been a hot topic over the course of the pandemic, with new blocks seemingly being added every week. Pre-COVID, sublease availability was largely driven by business cycles and was a signal that firms have possibly stopped growing. Now, much of the current surplus of sublease space is the byproduct of a global pandemic that has forced occupiers to re-evaluate their real estate strategy.
Justin Brown poses an example sublease scenario to Tenant Representation specialist, Sam McGill, and Landlord Representative, Todd Cwynar. They both share their perspectives regarding sublease space and strategy, offering viewpoints from both sides of the transaction. Read the full white paper here. June 2021, Cushman & Wakefield | Grant Street Associates. |
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PITTSBURGH INDUSTRIAL MARKET DISPLAYS RESILIENCE, SEES MORE DEVELOPMENTWhile the last year has been extremely challenging, one bright spot within Pittsburgh’s commercial real estate markets has been the industrial sector, the resiliency of which cannot be overstated. The combination of strong tenant demand, government aid to encourage consumer spending and more national players entering the market have all contributed to Pittsburgh’s recent development boom. As such, we expect another strong year in 2021.
Read the full article here. March/April 2021, Northeast Real Estate Business |
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CRE VIEWS: EPISODE 11 WITH JACK O'DONOGHUETune into today's CRE Views NAIOP Pittsburgh Developing Leaders podcast to hear from one of our founding principals, Jack O'Donoghue. Jack shares his story of getting into commercial real estate and gives genuine insight about what he's learned after being in the industry for 35+ years.
Listen to the podcast here. 8/27/2020 |
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DEVELOPING PITTSBURGH: OFFICE MARKET UPDATEIn the Fall 2020 issue of DevelopingPittsburgh Magazine, our research expert Justin K Brown gives an Office Market Update for our region, discussing the economy, supply and demand, and how the pandemic is affecting rents in Pittsburgh.
Read more here. Fall 2020 |
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HITTING THE MARK: TARGET TO OPEN A STORE IN DOWNTOWN PITTSBURGHGood things come to those who wait! Our very own John Jackson worked on recruiting Target for three years and is excited to see Kaufmann's Grand on Fifth come back to life and offer a much-needed amenity to downtown residents and workers.
Read more here. 7/23/2020 |
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CRE VIEWS: EPISODE 5 WITH ASHLEY KOLTONSKIEp. 5 of MIC DROP is live! In this episode, guest Ashley Koltonski of Cushman & Wakefield | Grant Street Associates, Inc. shares her thoughts on CRE marketing.
Listen to the podcast here. 8/27/2020 |
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LEASING ASSIGNMENT FOR US STEEL TOWER CHANGES HANDSDowntown-based Cushman & Wakefield | Grant Street Associates is taking over the leasing of downtown's biggest building after hiring away the executive long charge with the assignment. We welcome Todd Cwynar as our Executive Director of Agency leasing, along with Anita Spano as a Client Services Marketing Manager.
Read more here. 4/2/2020 |
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FINAL TWO RETAIL SPACES NOW LEASED AT THE CORK FACTORYGet ready to eat some southern chicken at Coop De Ville, then burn off those calories at TruFusion. “We are always excited to partner with a landlord who has a thoughtful vision for their project. These tenants not only complement this development and offer wonderful tenant amenities to the residents of The Cork Factory, but they also add enormous value to the community and Pittsburgh region” says John Jackson, Senior Vice President of Retail Brokerage & Leasing.
Read more here. 2/18/2020 |
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WANT TO LEARN MORE?Get in touch with Justin Brown, Director of Research.
Click below to subscribe to the Office and Industrial newsletters that are published quarterly with Pittsburgh news, commercial real estate deals and economic insights. |
