NVI Technical College Information

M ARKET A NALYSIS 42

K EY INDICATORS AT A GLANCE

P RIOR Q UARTER

C URRENT Q UARTER

C OMPARISON

Vacancy (%)

5.01%

4.96%

decreased 5 Basis Points decreased 347,710 SF decreased $0.08 PSF increased 302,976 SF decreased 89,476 SF decreased 220,476 SF

Absorption (SF)

742,685

394,975

Quoted Rental Rates ($/SF/Year)

$8.29

$8.21

Inventory (SF)

220,654,895

220,957,871

Net Deliveries (SF)

392,452

302,976

Under Construction (SF)

3,663,980

3,443,504

P ITTSBURGH I NDUSTRIAL M ARKET S TATISTICS E XISTING I NVENTORY N ET A BSORPTION

N ET C OMPLETIONS

U NDER C ONST .

Q UOTED R ATES

P ERIOD 2023 Q2 2023 Q1 2022 Q4 2022 Q3

(SF)

V ACANCY %

(SF)

(SF)

(SF)

($/SF/YEAR)

220,957,871 220,654,895 220,262,443 219,573,622 220,262,443 218,811,419 217,415,240 215,772,121 214,832,183 214,574,892 213,829,628 212,207,914 210,621,627

4.96% 5.01% 5.18% 5.14% 5.18% 5.52% 6.11% 5.11% 4.91% 5.43% 5.08% 5.85% 6.09%

394,975 742,685 572,760 892,513

302,976 392,452 688,821 643,925

3,443,504 3,663,980 3,728,639 3,661,333 3,728,639 1,842,221 1,386,661 1,868,586 1,185,117

$8.21 $8.29 $8.44 $8.43 $8.44 $8.06 $7.46 $7.19 $6.98 $6.77 $6.46 $6.22 $6.12

2022 2021 2020 2019 2018 2017 2016 2015 2014

2,122,535 2,604,232 -662,508 1,423,145 -256,052 3,184,860 1,982,204 2,466,178 462,173

1,451,024 1,392,179 1,619,471

939,938 257,291 525,264

769,928 771,739

1,621,714 1,586,287 -316,003

1,303,224 1,163,540

The Pittsburgh Industrial market ended the second quarter with a vacancy rate of 4.96%. The vacancy rate was decreased over the previous quarter, with net absorption totaling 394,975 square feet in the second quarter. Rental rates decreased compared to the previous quarter, ending second quarter at $8.21. A total of 302,976 square feet was delivered to the market, with 3,443,504 square feet still under construction at the end of the quarter.

F OUR B UILDING I NDUSTRIAL C OMPLEX A PPRAISAL

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