Tag Archives: Pittsburgh Commercial Real Estate

Pittsburgh Market Commercial Real Estate News Brief: August 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Pittsburgh market to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Pittsburgh Clusters into Defined Industry Neighborhoods

Photo Credit: Matthew Paulson

As Pittsburgh continues to attract large investments, new companies are locating where they see the most success for their specific industry. Companies are branching into clusters, creating a web of more clearly defined industry neighborhoods.

For example, technology companies are locating in the Fringe, Oakland and East End areas where they are in close proximity to the CBD and universities, such as Carnegie Mellon and the University of Pittsburgh. Similarly, energy companies tend to locate in the West and Southpointe areas, while law firms, financial companies and business services are most commonly found in the CBD.

Related: Download the Q2 Pittsburgh Office Report or Q2 Industrial Report 

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A Floor-by-Floor Perspective of Midwest Real Estate: What Skyline Will We See in the Next Five Years?

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By: Andrew Batson, Director of Research, JLL

Increasing leasing activity, speculative development and shifting market leverage in commercial real estate are constantly reshaping city Skylines across the U.S.

JLL’s Skyline Review registrants can take a deep dive into the trends impacting 57 major skylines across the United States and Canada, and learn about which national trends are transforming markets close to home.

Read on for a closer look at how the Skylines in the Midwest are performing and what to expect in the coming months.

Mixed-Use Development is on the Rise in Cincinnati

Cincinnati’s Skyline is comprised of large office buildings that are occupied by large tenants, many of them recognized as Fortune 500 companies. Rental rates have dropped 0.7% from 2016 to Q1 of 2017. At the same time, vacancy rates remain well above the national average at 20.9%, which has boosted demand for affordable Class A space within the Skyline.… Read More

Employee POV: What Makes JLL Center One of Pittsburgh’s Coolest Offices

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Courtesy of JLL

What makes an office cool? Flexible workspaces, breaking down silos and innovative tech solutions are a good place to start. All this paired with sweet skyline views and a prime go-to happy hour spot nearby doesn’t hurt either.

JLL Center at Tower Two-Sixty is a current example of all that a “cool” office space should include. Just last spring, Tower Two-Sixty became the new home of our Pittsburgh headquarters—JLL Center. One year later, it’s being recognized by the Pittsburgh Business Times as one of the coolest offices in the area. Located in the heart of the city, JLL Center fosters a modern, open and inviting environment featuring shuffleboard, cutting-edge technology and a patio overlooking Market Square.

JLLers across all departments are benefiting from the innovative workspace. But, don’t just take our word for it. Here’s what some had to say about the new office space:

Q: JLL relied on its own employees to shape workplace design and strategy. How do you see that employee-driven design implemented throughout the office space?Read More

Pittsburgh Market Commercial Real Estate News Brief: May 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting the Pittsburgh market to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Tech Companies Keep an Eye on Pittsburgh Market

Pittsburgh is already home to a number of tech giants like Google, Facebook and Uber. Now, Apple, which currently employs 1,275 people in the state, is considering expansion in its Pittsburgh locations.

It remains unclear whether the expansion would include the retail or corporate side; however, the company made big increases in its corporate office over the last few years. Upon arrival in 2001, the company employed just 10 people in its Three Crossings office. Today, it employs nearly 50, which includes mostly software engineers.

All the movement in the tech industry has had a significant, but positive impact on the city of Pittsburgh. According to a 2014 study, Pittsburgh ranked second in intergenerational upward mobility among large metro areas. This is largely due to the high number of tech, energy and robotics companies moving into the metro area.… Read More

Pittsburgh Office Renovations Sweep Through Urban and Suburban Markets

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PittsburghThe workforce continues to develop and gravitate toward urban cores, which makes it necessary for companies to focus recruitment efforts there and in surrounding secondary markets. Pittsburgh is a prime example of a hot market for job seekers due to advancements in technology, energy and more. However, that doesn’t necessarily create cause for new construction.

In the Pittsburgh office market, rents have not achieved the rate necessary for new construction to be viable, even as tenant demand gravitates toward a higher quality space. Accordingly, investors are realizing the returns that value-add properties provide, and they are responding with 15 office renovation projects.

These renovations include historic downtown locations like The Grand at Fifth Avenue, as well as surrounding suburban office parks like Penn Center East. In total, the 15 projects will impact more than 4 million square feet of office space in the Pittsburgh market.… Read More

Commercial Real Estate News Brief: February 2017

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In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles to keep you in-the-know. In this month’s edition, JLL spotlights executives’ optimism within the industry, varying supply rates and the changing retail landscape.

Keep up with Spaces’ monthly recaps—subscribe today.

New Survey Highlights CRE Executives’ Optimism on Industry Outlook

JLL CRE News Brief

Newspaper image via NS Newsflash.

New research released by KPMG LLP finds just over half—52%—of commercial real estate (CRE) executives believe improving real estate fundamentals will be the largest driver of their firm’s revenue growth this year.

A number of factors contribute to the overall positive outlook for executives, including an expanding economy and consistent interest in Class A properties in the U.S. Following the 2016 presidential election, financial markets are also expected to loosen, which will likely improve capital flow.

With improving financial markets, many companies are also expecting their real estate investment to increase. Approximately 22% of companies anticipate an increase between 5 and 10%. Due to an overall positive outlook in foreign investment, new investment in real estate will come from both existing investors and new market players.… Read More

3 Impactful Trends Affecting Pittsburgh’s Energy Hub

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By: Andrew Batson, Director of Research, JLL and Tobiah Bilski, Research Analyst, JLLPittsburgh

While the global energy market faces uncertainty, there are a number of rising trends hitting North America’s major energy markets. JLL’s newly released 2016 North American Energy Outlook takes a deep dive into the trends impacting the industry, and how they’re ultimately changing commercial real estate.

Each of the top seven markets featured in the report—including key U.S. cities like Denver, Dallas, Fort Worth, Houston and Pittsburgh, and Canadian territories like Calgary and Edmonton—face unique opportunities and challenges as a result of a volatile market. We’ve narrowed down the top three most impactful trends affecting a market closer to home: Pittsburgh.Read More

Pittsburgh Regional Alliance Investment Scorecard: Why JLL Trusts the City’s Economic Growth

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By: JC Pelusi, Market Leader, Managing Director, JLL

Pelusi PRA Event Last month I had the opportunity to present at the Pittsburgh Regional Alliance (PRA) Business Investment Scorecard annual event, during which JLL was featured as one of four smart companies “betting their futures on Pittsburgh.”

At the event, the PRA presented its ninth annual investment scorecard highlights, including a transparent look at the region’s economic health. The investment scorecard revealed strong economic growth overall. A few additional highlights for 2015 included:

  • 275 total business deals were tracked by the PRA.
  • 206 investment deals and 69 development deals comprise overall deals.
  • Capital investment reached $2.9 billion, marking the ninth year to exceed $1 billion.
  • Anticipated job impact is the highest since 2011, with 5,417 new jobs and 9,534 retained jobs.

JLL trusts Pittsburgh will prove true business and economic success in the coming years. In fact, JLL has expanded its local employee-base from 40 to 450 over the last eight years.

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Commercial Real Estate News Brief: January 2016

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CRE Industry UpdateIn the latest edition of our monthly news brief, JLL’s regional team curates the top industry articles from December to keep you in-the-know. In this month’s edition, JLL spotlights tech innovation in commercial real estate (CRE), the energy industry’s impact on CRE, and Columbus’ economic success in 2015—plus your latest headlines across the region. 

Keep up with Spaces’ monthly recaps, and subscribe to JLL Spaces today.

CRE Tech Evolution: From Pen & Paper to Real-Time, Cloud-Hosted Data

Startups are revolutionizing CRE operations—from the slow-to-adapt, to the tech savvy.

And it’s about time, considering CRE is a major, $12 trillion information business according to a recent article via TechCrunch. With automation supporting the transactional side, brokers can sharpen focus to building lasting relationships.

Plus, real-time information and cloud-hosted databases allow for greater collaboration across teams and more streamlined workflows.

“Ultimately, these tools save agents time and their parent firms money, leading to leaner and more profitable businesses.” – TechCrunch

Across the industry, brokers with access to fast and accurate data will ultimately manage expensive commercial assets with greater ease and success. Read More

JLL’s Great Lakes Team Celebrates The Holiday Season By Giving Back

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By: Dan Wendorf, Executive Vice President, JLL

Across the Great Lakes, JLL gives philanthropy a starring role in holiday festivities. Every year, our teams in Cincinnati, Clevleand, Columbus, Detroit and Pittsburgh find new ways to connect with the community and give back to non-profits that we’re passionate about.

This holiday, employees in Cleveland and Columbus dedicated their time, energy, and resources to donate to those in need.

The Columbus office partnered with DawsonCareers to contribute to the Toys for Tots toy drive—all in the hopes of an even merrier Christmas for Central Ohio children.

Toys for Tots

(Above) JLL’s Columbus team donates gifts to Toys for Tots.

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