Maintaining a trend of positive net absorption that began in late summer 2011, the Pittsburgh industrial market closed the year strong, hitting over two million square feet in 2012 year-to-date net absorption, as reported in Newmark Grubb Knight Frank’s newly released Q4 2012 Pittsburgh industrial research report. Class A product rested at a dangerously low level. Only 1.2 million square feet of premium product was available at the close of the year, with the largest contiguous spaces being 129,000 square feet and 200,000 square feet.
Key statistics for the Pittsburgh Industrial market during the fourth quarter of 2012 are as follows:
• Overall Vacancy Rate - 7.4%
• Class A Vacancy Rate - 3.9%
• Overall Absorption - 297,905 square feet
• Overall Y-T-D Absorption - 2,050,837 square feet
• Under Construction - 173,800 square feet
“Looking ahead, if absorption of Class A space continues, rents will be on the rise and speculative new construction projects should be placed on the priority list by the spring. Overall, the coming year is shaping up to be another solid year for the Pittsburgh industrial market,” said Lou Oliva, executive managing director of the local Pittsburgh office.
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