By: Andrew Batson, Senior Research Analyst, Great Lakes Region, Jones Lang LaSalle
Several times each month, I will spotlight a newsworthy graphic featuring recent research in the local commercial real estate market. This is the first of many in our new visual series – CRE Close-Up.
Greater Pittsburgh champions a diverse economy, but there’s no doubt that natural gas is the primary driver. Washington County came in third for increase in job gains in 2011 as a result of gas production, according to Bloomberg Businessweek.
With immense natural resources, the region is playing an active role in the energy market upturn, which, according to the JLL’s U.S. Energy Outlook, “will not only be felt by those directly in the energy industry but the numerous sectors that support it.”
Pittsburgh has already begun to see the impact, not just in natural gas production, but also in job growth, economic reindustrialization and income growth.
“The Pittsburgh market is outpacing national growth in rents and occupancy, thanks in large part to the energy sector,” states the U.S. Energy Outlook.
It’s clear that the local energy sector is proving highly profitable for Pittsburgh’s present and future success – resulting in citywide low vacancy rates and 650,000 square feet of under construction office space. Pittsburgh’s Southpointe submarket is also currently home to 65 energy companies.
For more information on Pittsburgh’s thriving energy industry, download JLL’s newly released U.S. Energy Outlook.
About the Author
Andrew Batson is Research Analyst for the Michigan and Ohio region of Jones Lang LaSalle and is responsible for the publication of quarterly and annual research. Mr. Batson ensures that our clients receive the most thorough, timely, and strategic market information in a way that guides decision making and identifies risks and opportunities. View Andrew Batson’s bio or connect with Andrew on LinkedIn.