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Old 03-07-2013, 06:54 AM
 
2,290 posts, read 3,393,812 times
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Class A office vacancy rate now below five percent in the Golden Triangle - Pittsburgh Business Times

Quote:


Downtown Pittsburgh’s Class A office market now has less than five percent vacancy, making it the tightest in the country.

That’s according to the new Pittsburgh Skyline Review for Spring 2013, an annual research report by Jones Lang LaSalle.
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Old 03-07-2013, 07:03 AM
 
5,805 posts, read 8,906,972 times
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Great now build some Sh*t!
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Old 03-07-2013, 07:12 AM
 
Location: Marshall-Shadeland, Pittsburgh, PA
31,350 posts, read 69,962,856 times
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Quote:
Originally Posted by Blackbeauty212 View Post
Great now build some Sh*t!
Well, when PNC's new tower is completed in a couple of years they will likely free up quite a bit of Class-A office space in their existing buildings as they consolidate operations.

With that being said I agree that it would be a shame to lose great companies and employers to places like Southpointe, Cranberry Township, Moon Township, etc. (cough, U.S. Steel, cough) just because they:

a.) Couldn't locate enough Class-A space in the city's Downtown
b.) Couldn't afford the sky-high asking prices for the very little Class-A space that's left

I don't care if my disdain for the exurbs garners me so much hatred on this sub-forum anymore, where people promote the "lower taxes over the county line" until they're blue in the face. Until we live in a state that prioritizes transit over people driving solo to work I can't view any net benefit in a company relocating from Downtown Pittsburgh to Butler County or Washington County and forcing the 50% of their workers who currently take transit to drive alone and further gridlock our highways. Then guess what will happen? We'll spend billions more to widen the highways!
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Old 03-07-2013, 07:28 AM
 
Location: Pennsylvania
1,718 posts, read 1,990,326 times
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Quote:
Originally Posted by SteelCityRising View Post
Then guess what will happen? We'll spend billions more to widen the highways!
The personal automobile is so inefficient yet so desired that certain world cities eventually couldn't widen the roads enough to accommodate all of the vehicles without paving every square mile of land. Sure cars are handy, and I'm getting ready to drive mine on a 4 hour trip, but as a means to commute to work and getting around urban areas they are woefully inefficient. People in places like Indonesia, Sao Paulo etc. love personal vehicles as much or more than us, but the consequences are nightmarish.

Considering that the rate which humans seem to prefer to multiply is inverse to their consideration for adequately resolving such problems the whole world will probably look like those places in 100 years (barring future societal collapses).
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Old 03-07-2013, 08:18 AM
 
Location: East End of Pittsburgh
747 posts, read 1,099,920 times
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Quote:
Originally Posted by SteelCityRising View Post
Well, when PNC's new tower is completed in a couple of years they will likely free up quite a bit of Class-A office space in their existing buildings as they consolidate operations.

With that being said I agree that it would be a shame to lose great companies and employers to places like Southpointe, Cranberry Township, Moon Township, etc. (cough, U.S. Steel, cough) just because they:

a.) Couldn't locate enough Class-A space in the city's Downtown
b.) Couldn't afford the sky-high asking prices for the very little Class-A space that's left

I don't care if my disdain for the exurbs garners me so much hatred on this sub-forum anymore, where people promote the "lower taxes over the county line" until they're blue in the face. Until we live in a state that prioritizes transit over people driving solo to work I can't view any net benefit in a company relocating from Downtown Pittsburgh to Butler County or Washington County and forcing the 50% of their workers who currently take transit to drive alone and further gridlock our highways. Then guess what will happen? We'll spend billions more to widen the highways!
The Tower @ PNC Plaza will not free up additional Class A office space in downtown. PNC plans to absord the vacated space once the new tower opens.
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Old 03-07-2013, 08:21 AM
 
Location: Marshall-Shadeland, Pittsburgh, PA
31,350 posts, read 69,962,856 times
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Quote:
Originally Posted by wpipkins View Post
The Tower @ PNC Plaza will not free up additional Class A office space in downtown. PNC plans to absord the vacated space once the new tower opens.
Wow. Good to know! I was under the impression that PNC was building the new tower to consolidate the operations it has spread out all over the Golden Triangle. Thanks for correcting me, and I apologize for the mistake!

In that case we need another skyscraper ASAP!
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Old 03-07-2013, 08:33 AM
 
Location: Philly
10,055 posts, read 14,778,873 times
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Quote:
Originally Posted by SteelCityRising View Post
Wow. Good to know! I was under the impression that PNC was building the new tower to consolidate the operations it has spread out all over the Golden Triangle. Thanks for correcting me, and I apologize for the mistake!

In that case we need another skyscraper ASAP!
I know some people wished they had built bigger to do just that.

evergrey-so rents are $27/ sq ft, any idea what the breakeven rent is for a new building? in other words, how much rents have to be for it to be profitable to build a new building? I see it's $187/ sq ft to build but I'm not sure how to convert that to leasing rates
RSMeans’ dollar-per-square-foot construction costs: four types of office buildings
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Old 03-07-2013, 08:45 AM
 
Location: Marshall-Shadeland, Pittsburgh, PA
31,350 posts, read 69,962,856 times
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Quote:
Originally Posted by pman View Post
I know some people wished they had built bigger to do just that.
I wish they had built bigger just for aesthetics to better fill a "gap" in the skyline.

With that being said we need to carefully balance rising high-class office demand in our urban core with historic preservation. One thing many visitors note about Pittsburgh's Downtown is its wonderful contrast between modern towers and restored late-1800s to early-1900s architecture. I don't want to see our history destroyed just to make us Downtown Houston---a small sea of super-tall glass towers ringed by a freeway and parking lots.

For this reason I want to see Oxford RESTORE rather than DEMOLISH the Frank & Seder Building for a skyscraper. The Saks Building is hideous, and I'm glad THAT will soon be redeveloped. I hate to say it, as I believe a few forumers (greg42? WhoIsStanwix?) say they work there, but from my personal aesthetic stadpoint the ugliest area of Downtown architecture is Gateway Center. I'd love to see one of those 1960s-era Soviet-esque structures replaced by a taller modern skyscraper.
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Old 03-07-2013, 09:20 AM
 
Location: Philly
10,055 posts, read 14,778,873 times
Reputation: 2798
since they're knocking down buildings for PNC, all the more reason to add more space! I agree about oxford, while there isn't a lot of empty land, there is some and it would be better to see it developed before tearing down the older buildings that do add a lot of character. I also wouldn't mind seeing construction along downtown's periphery, or greater downtown. the pens, buncher, and the stadium folks all have plans, why not build there as well?
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Old 03-07-2013, 09:26 AM
 
Location: Philadelphia, PA
8,701 posts, read 12,687,713 times
Reputation: 3608
Quote:
Originally Posted by pman View Post
I know some people wished they had built bigger to do just that.

evergrey-so rents are $27/ sq ft, any idea what the breakeven rent is for a new building? in other words, how much rents have to be for it to be profitable to build a new building? I see it's $187/ sq ft to build but I'm not sure how to convert that to leasing rates
RSMeans’ dollar-per-square-foot construction costs: four types of office buildings
$35/ sq ft is what the rent rate has to reach in order for new office construction to be profitable.
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