Office space market (Pittsburgh, Oxford, Oakland: apartment, leases, lenders)

[bradjl2009]

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.

It would be nice if they could start some progress on this. They announced this in 2012, it shouldn't take this long to make a decision.

[bradjl2009]

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.

It's all a conspiracy to lie and fluff up the numbers to make Pittsburgh look so much better than it is.

[zman63]

Originally Posted by bradjl2009

It's all a conspiracy to lie and fluff up the numbers to make Pittsburgh look so much better than it is.

Your the one that says that. I never said it was a conspiracy only a feel good article.

They have been talking about how great the Pittsburgh office market has been for 2 to 3 years now. If there is so much demand then there is so much money to be made. Why hasn't oxford or anybody else built a building if people are crawling over themselves to get into downtown?

There are new high-rises being built in San Francisco and apparently our office space is tighter than theirs according to graphs and charts.

Again if there is real money to be made these articles positive/negative will be irrelevant. People will build the buildings. Private money will be flowing in like water.

Its just like the excuses made for the airport. Oh it is so wonderful because it was setup to be a hub. Well it is the same concept. If an airline can make real money in Pittsburgh they will come here. Irregardless of how wonderful it is rated by the public when they use it. 137 flights a day and nobody is rushing in to add flights here.

Apparently the businesses don't see Pittsburgh as a "moneymaking" machine. At least right now anyways. Keep enjoying your feel good articles and when you see this occurring with your eyes then you know its real.

[airwave09]

Originally Posted by zman63

YAAWNNN.....

The reason for the current dearth of skyscraper building has already been explained in this thread, please try to keep up. If you want to grow up to be a successful troll someday, you need to put in just a little bit more effort...

Unfortunately, for the most part, lease rates still aren't high enough to justify new highrise construction. You need to be able to get $35-$40/SF for a new office tower. The highest rates in the city right now are $33 and there is still space in the mid $20s.

[I_Like_Spam]

Originally Posted by zman63

Your the one that says that. I never said it was a conspiracy only a feel good article.

They have been talking about how great the Pittsburgh office market has been for 2 to 3 years now. If there is so much demand then there is so much money to be made. Why hasn't oxford or anybody else built a building if people are crawling over themselves to get into downtown?

.

Since when is bigger necessarily better.

I'm sure that the rapidly growing cities like Columbus, OKC, Dallas and Atlanta all have a lot going for them.

But rapid growth has its own problems, and people can have a great time in areas that aren't going through that and enjoy their own personal growth.

[_Buster]

I would think that some of the potential businesses looking to expand or relocate around downtown are playing a waiting game right now to see what happens with the redevelopment plan on the civic arena site, because that plan is big enough to be a game changer.

Anyone know about Oakland specifically? Seems that a vacancy rate that low should be prompting new office construction, but maybe it is just that they aren't willing to pay higher rents for new space.

[I_Like_Spam]

Originally Posted by _Buster

Anyone know about Oakland specifically? Seems that a vacancy rate that low should be prompting new office construction, but maybe it is just that they aren't willing to pay higher rents for new space.

Parking is worse in Oakland than it is in town, some of the workers right now are shuttled from lots on the southside and on 2nd Avenue.

Problems have to be addressed before much more office space in Oakland can be considered

[speagles84]

Originally Posted by _Buster

I would think that some of the potential businesses looking to expand or relocate around downtown are playing a waiting game right now to see what happens with the redevelopment plan on the civic arena site.

Anyone know about Oakland specifically? Seems that a vacancy rate that low should be prompting new office construction, but maybe it is just that they aren't willing to pay higher rents for new space.

Just a guess, but there isn't much land left to build except Oakland portal. I'm not sure how much of it is going to be office space but should help the scarcity a bit.

[Evergrey]

Report: Pittsburgh ranks third lowest nationally for office vacancy - Pittsburgh Business Times

[airwave09]

Originally Posted by _Buster

Anyone know about Oakland specifically? Seems that a vacancy rate that low should be prompting new office construction, but maybe it is just that they aren't willing to pay higher rents for new space.

In addition to the approved Oakland Portal projects, there's also this: Apartments, offices part of $30M Oakland redevelopment - Pittsburgh Business Times