REBusinessOnline

All of a Sudden, Pittsburgh Multifamily Trades Increase in Velocity

After a brief increase in the overall vacancy rate in the Pittsburgh region in 2017, the market has rebounded nicely and is back in the 4 to 5 percent range. But what has been more eye-opening is the increased velocity in the acquisition market that has investors from outside of Pittsburgh more focused on the Western Pennsylvania market than ever before. Multifamily Sales Market Multifamily sales in the Pittsburgh region over the last 10 years have been rather anemic.  Sales velocity was …

Attention Industrial Investors: Here’s Why You Should Consider Pittsburgh

Industrial properties have experienced unprecedented growth in demand over the past several years as both new and old companies seek to find space. This shift has benefited industrial assets in many metros across the country, although investors may unintentionally limit their focus to the markets with the most outsized gains. Smaller cities can provide equally compelling investment opportunities due to some unique advantages. Multiple factors combine to create such a scenario in …

Rent Growth in Pittsburgh Office Market Leads to Development Wave

The Pittsburgh office market has experienced significant new development over the last five years, particularly in the urban and downtown fringe submarkets. This is expected to continue in the coming years, with several new developments that are currently in planning or under construction. Historically, urban office supply in Pittsburgh has been constrained due to the economic hurdles of new development. With limited sites for new projects, land costs at a premium and significant site work …

Philadelphia Warehouse Inventory Fails to Keep Up with Demand

The combined greater Philadelphia industrial markets closed 2018 with 718,266 square feet of positive absorption, according to research from NKF. Year-over-year, overall vacancy declined 20 basis points to 5.5 percent, while warehouse vacancy increased 140 basis points to 6.3 percent. 3.4 million square feet delivered over the past twelve months with 2.3 million square feet designated as warehouse space. The Southeastern Pennsylvania industrial market closed the year with a total of 264,511 …

Millennials Catalyst for Retail Transformation of Center City Philadelphia

As consumer shopping habits continue to evolve and shoppers get younger, retailers are trying to strike the right balance between their online and physical presence. Those that find this omnichannel harmony are thriving in cities across the United States. Philadelphia’s Center City, in particular, is capitalizing on its booming millennial population and attracting retail concepts that cater to this group. Mike Gorman, Executive Vice President of Brokerage Services and Principal at Metro …

Redefining Retail Real Estate in Philadelphia

When the Philadelphia Eagles were headed to the Super Bowl in 2018, they were the underdogs. The odds — and subsequently media headlines — were against them. But the team proved those predictions wrong, and went on to clinch its first championship. The retail market in Philadelphia, and nationwide, tackled similar challenges last year. As mature department stores shuttered and retailers filed for bankruptcy, the industry faced ongoing uncertainty. However, the rapidly changing dynamics …

Philadelphia Multifamily: A Safe Haven for Global Capital

Fueled by low interest rates, an abundance of available debt capital, and superb fundamentals, the demand for multifamily assets in the U.S. has exploded over the past few years. This increased demand has led to fierce competition between capital in the multifamily sector, and consequently, a dramatic compression of going-in cash yields.  With rents in “top-tier” cities at peak levels, these markets look prohibitively expensive. As a result, foreign capital is beginning to explore …

Lehigh Valley Office Market Continues to Grow

From large publicly traded companies to mid-size tech companies and small professional services firms, companies are taking notice of the office development and vibrant live-work communities being built in the Lehigh Valley. [caption id="attachment_214426" align="alignright" width="100"] Don Cunningham, President & CEO, LVDEC[/caption] Located one hour north of Philadelphia and 90 minutes west of New York City, the Lehigh Valley is a two-county region in eastern Pennsylvania …

Investors Key in on Southwest Philadelphia Multifamily Sector

Apartments in Philadelphia’s urban core command premium rent, prompting more renters to consider living in the surrounding suburbs. Rising demand for apartments in submarkets both near and far from Center City have helped lower vacancy and improve rent growth. Southwest Philadelphia, in particular, has exhibited these trends despite elevated construction activity. The combination of favorable property fundamentals amid supply additions draws strong investor interest, leading to increased …

Eastern Pennsylvania Industrial Market: 2018 May be the Year to Beat

During the first half of 2018, the Eastern Pennsylvania industrial market has been anything but quiet. Fueled by occupier demand and the institutional capital community’s perpetual appetite for industrial product, there has been unprecedented activity on the transactional front, which is up significantly year-over-year. From a pure volume perspective, the market is on a trajectory to make this the most active year on record. Unlike prior years where product starved capital markets would …

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