NVI Technical College Information

M ARKET A NALYSIS 45

R ENTAL R ATES

Market Rent Growth (YOY)

-2% 0% 2% 4% 6% 8% 10% 12%

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

United States

Pittsburgh Flex

Pittsburgh Logistics

Pittsburgh Specialized

The rental rates shown below are per square foot per year on a NNN basis.

The average quoted asking rental rate for available Industrial space, all classes, was $8.21 psf at the end of the second quarter 2023 in the Pittsburgh market area. This represented a 1.0% decrease in quoted rental rates from the end of the first quarter 2023, when rents were reported at $8.29. The average quoted rate within the Flex sector was $11.43 at the end of the second quarter 2023, while Logistics rates stood at $7.88, and Specialized rates at $7.57. At the end of the first quarter 2023, Flex rates were $11.49, Logistics rates were $7.91, and Specialized rates were $7.75.

I NVENTORY & C ONSTRUCTION During the second quarter 2023, a total of 302,976 square feet was completed in the Pittsburgh market area. This compares to a total of 392,452 square feet that was completed in the first quarter 2023, a total of 688,821 square feet completed in the fourth quarter 2022, and 643,925 square feet completed in the third quarter 2022.

There were 3,443,504 square feet of Industrial space under construction at the end of the second quarter 2023.

E XISTING I NVENTORY

N ET D ELIVERIES (12 M ONTHS )

U NDER C ONSTRUCTION

S UBTYPE

(SF)

(SF)

Flex

26,708,196 122,971,470 71,262,615 220,957,871

4,102

200,000

Logistics

1,706,007

3,088,504

Specialized

318,065

155,000

Total

2,028,174

3,443,504

F OUR B UILDING I NDUSTRIAL C OMPLEX A PPRAISAL

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