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
Copyright © 2023 BBG, Inc. All rights reserved .
Made with FlippingBook - professional solution for displaying marketing and sales documents online