Office space market (Pittsburgh, Oxford, Dallas: apartments, how much, arena)

[FreightTrainRunning]

Well it is a negative if your company is expanding and there's nowhere to expand to. But it's definitely a positive for the city that business is so active right now.

The last company that I worked for tried to move to new offices a few years ago and couldn't because there just weren't any available. They ended up reconfiguring their existing space and cramming us tighter together.

[Gee Whiz]

Originally Posted by Blackbeauty212

Thought those negative nancys would've shown up by now, must still figuring out how to spin it to the negative. Also leads me to ask why hasn't Oxford made a decision yet on 441 Smithfield.

I believe that they initially were hoping for either US Steel or an energy company to be the major tenant when this project was first proposed nearly two years ago. US Steel has mentioned that they are not interested and Chevron is said to be looking at property in the western suburbs. Some felt that this surely meant that Oxford would go forward with the renovation rather than with the office tower. However, with so much time going by, it seems more likely that Oxford is holding out for high rise. They could have been renovating by now to make a more attractive building in an increasingly attractive corridor in the heart of an improving Downtown. In their heart of hearts, they seem to really want the skyscraper. I may be wrong and they may announce soon that the tower concept is dead in the water and will soon begin to renovate. Expect to hear something by summer.

[FreightTrainRunning]

From the article:

PNC's new 33-story skyscraper under construction on Wood Street won't provide much help when completed next year because the space will be used exclusively for employees of the bank.

That doesn't make any sense to me. The tower will hold something like 5000 employees who are presumably working somewhere else at the moment. Unless PNC plans on holding onto all the freed up space created when they move everyone into the new building, there's going to be quite a few hundred thousand square feet of space opening up.

[PghYinzer]

Originally Posted by GeneW

From the article:

That doesn't make any sense to me. The tower will hold something like 5000 employees who are presumably working somewhere else at the moment. Unless PNC plans on holding onto all the freed up space created when they move everyone into the new building, there's going to be quite a few hundred thousand square feet of space opening up.

Liberty Commons will be vacated once the Tower is complete. PNC 1 will move to the Tower, there will be some renovations to PNC 1 and PNC 2, and they will reshuffle everything.

So yes it will free up some space, but that space isn't downtown.....

[zman63]

Originally Posted by Blackbeauty212

Thought those negative nancys would've shown up by now, must still figuring out how to spin it to the negative. Also leads me to ask why hasn't Oxford made a decision yet on 441 Smithfield.

Good question, especially since we have the tightest office market according to statistics and feel good articles. Why aren't people running to build new high-rise buildings in downtown?

One thing all of you have to learn is take these articles and statistics with a grain of salt. When the big real estate companies and businesses realize money can be made they will spend to build office towers. Regardless of positive or negative articles written. This is how it is in any city not just Pittsburgh. Until that happens, the articles are just writing on a web page or piece of paper.

[wpipkins2]

Originally Posted by GeneW

From the article:

That doesn't make any sense to me. The tower will hold something like 5000 employees who are presumably working somewhere else at the moment. Unless PNC plans on holding onto all the freed up space created when they move everyone into the new building, there's going to be quite a few hundred thousand square feet of space opening up.

PNC will hold on to One PNC and the vacated space will be absorbed over time. PNC wants a centralized campus.

[FreightTrainRunning]

Originally Posted by wpipkins2

PNC will hold on to One PNC and the vacated space will be absorbed over time. PNC wants a centralized campus.

That's kind of a bummer if they sit on all that space when the vacancy rate is so low.

[Evergrey]

Who's to say they're "sitting"? PNC has been in growth mode, and today's announcement of Canadian expansion will add even more jobs Downtown.

[_Buster]

Originally Posted by zman63

Good question, especially since we have the tightest office market according to statistics and feel good articles. Why aren't people running to build new high-rise buildings in downtown?

One thing all of you have to learn is take these articles and statistics with a grain of salt. When the big real estate companies and businesses realize money can be made they will spend to build office towers. Regardless of positive or negative articles written. This is how it is in any city not just Pittsburgh. Until that happens, the articles are just writing on a web page or piece of paper.

thanks for telling everyone what they all have to learn, o wise one. Specifically I will remember when you link to all of the feel-good articles about your beloved cities in Ohio, that they are just " writing on a web page"

[zman63]

Originally Posted by _Buster

thanks for telling everyone what they all have to learn, o wise one. Specifically I will remember when you link to all of the feel-good articles about your beloved cities in Ohio, that they are just " writing on a web page"

In columbus you can actually see growth all around. Pittsburgh is a different story. You only have a few pockets growing and changing.