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TEQ One Mic Stand: Colliers Talks Pittsburgh Real Estate Market

Interview by Jonathan Kersting

One Mic Stand

Check out this episode of the One Mic Stand as we welcome Ed Lawrence, Paul Horan and Bryan McCann of Colliers International to discuss how tech is driving growth across all real estate markets in Pittsburgh. On the block for discussion:

Office Market Trends:

  • Flight to quality – majority of leasing year-to-date has been in Class A buildings;  Importance of amenities/creative environments to attract employees back to the office;
  • Continued impact of hybrid work-models – resulting in “right sizing/contraction” of tenant’s footprints;
  • Impact of increased subleasing/concern about “shadow space” with large tenant leases rolling in upcoming years

Industrial Market Trends:

  • New construction projects from key developers fueling the market;
  • Overall leasing activity/Pittsburgh market remains strong;
  • E-commerce/logistics continues to drive the market

Multi Family:

  • Conversions of Class B office buildings in CBD brining new product online in future months;
  • Attraction of institution capital to Pittsburgh based upon strength of our region in areas such as Technology; AI, Robotics and Life Sciences; - strong ecosystem

Impacts to all Three Sectors:

  • Importance of key economic drivers – Technology, AI, Robotics, and Life Sciences – it all ties together  - Office/Industrial and Multi-Family;
  • Impact of higher interest rates and continued inflation;
  • Attraction of outside investment money and continued support from government entities