2019-07-12_DTZ戴德梁行_Industrial_Q_22019_Pittsburgh,PA_2页_305kb
报告摘要
Pittsburgh Industrial Market Summary Q2 2019
Core Content
This report provides an overview of the Pittsburgh industrial real estate market for the second quarter of 2019, highlighting key economic indicators, market performance, and future outlook.
Economic Indicators
- Pittsburgh Employment:
- Q2 2018: 1.18M
- Q2 2019: 1.19M
- 12-Month Forecast: ▲ (Increase)
- Pittsburgh Unemployment:
- Q2 2018: 4.3%
- Q2 2019: 3.8%
- 12-Month Forecast: ▼ (Decrease)
- U.S. Unemployment:
- Q2 2018: 3.9%
- Q2 2019: 3.6%
- 12-Month Forecast: ▼ (Decrease)
Note: The numbers above are quarterly averages.
Market Indicators (Overall, All Property Types)
- Vacancy Rate:
- Q2 2018: 6.1%
- Q2 2019: 6.1%
- 12-Month Forecast: ▲ (Increase)
- YTD Net Absorption (sf):
- Q2 2018: 103k
- Q2 2019: -726k**
- 12-Month Forecast: ▼ (Decrease)
- Under Construction (sf):
- Q2 2018: 163k
- Q2 2019: 530k
- 12-Month Forecast: ▲ (Increase)
- Average Asking Rent:
- Q2 2018: $7.59
- Q2 2019: $7.57
- 12-Month Forecast: ■ (Stable)
Note: Rental rates reflect net asking $psf/year. The statistic for YTD Net Absorption is not reflective of the U.S. MarketBeat table.
Market Overview
- The overall vacancy rate remained flat year-over-year but was misleading due to a lack of new supply.
- Net absorption declined significantly due to multiple move-outs and demolitions, despite a few major move-ins.
- Square feet under construction increased, driven by Butler County and Parkway East, which includes a large distribution space for Aptiv.
- Asking rents were flat year-over-year but showed slight quarter-over-quarter increases, indicating renewed interest from out-of-state developers.
Outlook
- High Tech/R&D: Expected to drive growth in the industrial market, with a shift in user numbers and potential for transformation due to a successful startup.
- Plastics Industry: Set to grow due to Pittsburgh's central location within the Marcellus shale formation.
- Royal Dutch Shell: Construction of a $6 billion cracker facility in Beaver County is anticipated to attract ancillary industries.
- New Construction: Al Neyer, a Cincinnati-based operator, is developing four buildings at McClaren Business Park in Parkway West and five buildings in Clinton Commerce Park, increasing construction activity.
- Vacancy Rates: Expected to decrease due to a robust pipeline of new inventory, with high-tech rents rising and other sectors remaining relatively flat.
Submarket Analysis
| Submarket | Total Buildings | Inventory (SF) | YTD User Sales Activity (SF) | Vacancy Rate | YTD Net Absorption (SF) | Under Construction (SF) | Avg. Net Rent (HT) | Avg. Net Rent (MF) | Avg. Net Rent (OS) | Avg. Net Rent (W/D) |
|---|---|---|---|---|---|---|---|---|---|---|
| Armstrong County | 36 | 1,980,193 | 0 | 4.7% | -9,153 | 0 | $7.00 | $0.00 | $7.00 | $2.50 |
| Beaver County | 159 | 11,037,806 | 30,000 | 9.9% | -466,815 | 0 | $0.00 | $4.50 | $7.00 | $3.75 |
| Butler County | 249 | 16,132,731 | 70,616 | 7.0% | -10,292 | 267,813 | $14.25 | $2.98 | $16.75 | $4.33 |
| Fayette County | 86 | 4,226,648 | 0 | 6.1% | 308,000 | 0 | $21.00 | $2.00 | $0.00 | $4.94 |
| Greater Downtown | 270 | 12,333,600 | 13,000 | 4.3% | -118,559 | 0 | $12.00 | $0.00 | $12.00 | $8.94 |
| Monroeville | 70 | 2,452,581 | 54,331 | 5.4% | 39,980 | 0 | $0.00 | $6.00 | $10.84 | $8.95 |
| North Pittsburgh | 347 | 15,571,123 | 0 | 4.0% | -322,239 | 60,000 | $8.25 | $0.00 | $11.63 | $5.83 |
| Northeast Pittsburgh | 258 | 18,028,857 | 49,368 | 3.3% | 22,966 | 0 | $9.00 | $0.00 | $9.00 | $6.33 |
| Oakland | 12 | 352,192 | 0 | 0.0% | 0 | 0 | $0.00 | $0.00 | $0.00 | $0.00 |
| Parkway East | 261 | 13,086,773 | 0 | 5.6% | -46,437 | 165,000 | $0.00 | $4.00 | $10.25 | $4.88 |
| Parkway West | 224 | 11,567,740 | 159,000 | 8.0% | -10,139 | 25,900 | $0.00 | $5.65 | $12.51 | $5.92 |
| South Pittsburgh | 329 | 17,289,816 | 0 | 3.4% | -73,725 | 0 | $0.00 | $5.00 | $12.48 | $4.41 |
| Washington County | 239 | 13,038,014 | 26,471 | 8.0% | 78,356 | 11,000 | $0.00 | $6.35 | $9.00 | $6.54 |
| Westmoreland County | 424 | 31,973,817 | 0 | 8.3% | -117,945 | 0 | $0.00 | $0.00 | $0.00 | $4.90 |
| Pittsburgh Totals | 2,964 | 169,071,891 | 402,786 | 6.1% | -726,002 | 529,713 | $10.35 | $3.34 | $11.28 | $5.31 |
Key Lease Transactions Q2 2019
| Property | SF | Tenant | Transaction Type | Submarket |
|---|---|---|---|---|
| 400 Crown Ct | 40,000 | 700 Valve Supply | New Lease | Parkway West |
| 2301 Duss Ave | 30,400 | N/A | New Lease | Beaver County |
Key Sales Transactions Q2 2019
| Property | SF | Seller/BUYER | Price / $PSF | Submarket |
|---|---|---|---|---|
| 410 Keystone Drive, Cranberry | 180,000 | Opus / STAG Industrial | $16,500,000 / $92 | Butler County |
Contact Information
Grant Street Associates, Inc.
310 Grant Street, Suite 1825
Pittsburgh, PA 15219
cushmanwakefield.com
For more information, contact:
Justin Brown, Director of Research
Tel: +1 412 697 6557
Email: jbrown@gsa-cw.com
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm, delivering exceptional value for real estate occupiers and owners. With approximately 51,000 employees in 400 offices across 70 countries, the firm has a revenue of $8.2 billion in 2018, covering core services such as property, facilities, and project management, leasing, capital markets, and valuation.
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