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 …

July 3, 2019Market Reports, Multifamily, Northeast, Northeast Market Reports, Pennsylvania

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 …

June 26, 2019Industrial, Market Reports, Northeast, Northeast Market Reports, Pennsylvania

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 …

November 7, 2018Market Reports, Northeast, Northeast Market Reports, Office, 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 …

October 31, 2018Market Reports, Multifamily, Northeast, Northeast Market Reports, Pennsylvania

New Restaurants, Breweries Make Pittsburgh Culinary Destination

Pittsburgh was recently ranked among the “Top 100 Best Places to Live in 2018” by Livability.com, citing the region’s strong university presence, burgeoning craft beer industry and successful professional sports franchises as important factors. Home to more than 15 breweries and a variety of new restaurants garnering national critical acclaim, Pittsburgh has also added foodie town to its list of accolades. A mix of local ownership groups and national franchisees has been actively …

July 4, 2018Market Reports, Northeast, Northeast Market Reports, Pennsylvania, Retail

Pent-Up Demand Spurs Growth in Pittsburgh’s Industrial Sector

The Pittsburgh industrial market has historically been a relatively small property sector due to several limiting factors, including difficult topography, infrastructure constraints and Pittsburgh’s location between two major industrial markets (Columbus to the west and Pennsylvania’s Central Valley to the east). However, with the emergence of e-commerce fulfillment centers, the growth of the Pittsburgh economy and major infrastructure improvements, we are starting to see strong demand for …

June 6, 2018Industrial, Market Reports, Northeast, Northeast Market Reports, Pennsylvania

Job Growth Bodes Well for Greater Philadelphia Market

Philadelphia’s office and industrial markets have been on a hot streak for the past year, with lower vacancy rates and greater rent growth than the national average. Office vacancies are enjoying far lower vacancy rates than regional and national averages for both Class A and Class B properties in the central business district and the suburbs. Flex and industrial vacancy rates are below 7 percent overall, well below regional and national averages, with average asking rents at about $5 per …

February 14, 2018Industrial, Market Reports, Northeast, Northeast Market Reports, Pennsylvania

Philadelphia Suburbs Attract Apartment Construction, City Draws Investors

Suburban Philadelphia Update The suburban Philadelphia apartment market had a very successful 2017, with no slow down anticipated for 2018. Fundamentals remain strong with low interest rates and increased demand from outside buyers, which is compressing cap rates even further than historical lows. Some highlighted sales include Willowyck Apartments in Montgomery County, which sold at a sub-5 percent cap rate on trailing 12-month numbers, and Declan House in Ardmore, which recently sold at a …

February 7, 2018Market Reports, Multifamily, Northeast Market Reports, Pennsylvania

Greater Philadelphia Office Fundamentals Reflect Continued Strength

The Greater Philadelphia office market is seeing a few exciting development projects and steady interest in investment opportunities. Southern New Jersey The office sector in Southern New Jersey has exhibited overall strong fundamentals, underpinned by increased new investments from outside of the Greater Philadelphia region and economic inflows to support local economic expansion. The U.S. economy continues to grow moderately and add jobs, with the national unemployment rate dropping to a …

October 4, 2017Market Reports, New Jersey, Northeast, Northeast Market Reports, Office, Pennsylvania

Industrial Real Estate and the Pennsylvania Pangaea

Eastern Pennsylvania’s industrial markets continue to thrive due to low vacancy rates, increased barriers to entry, demand by occupiers and the institutional capital community’s ever-increasing appetite for industrial product. While the specific submarkets have unique nuances associated with the local economic drivers, highway networks, taxation, and labor base, the overall demand by tenants and the capital community alike is driven by elementary economic rules of supply versus demand met …

September 13, 2017Industrial, Market Reports, Northeast, Northeast Market Reports, Pennsylvania