space accounting for 110,000 square feet and Class B and Class C accounting for 330,000 square feet. This brings the year-to-date absorption total to 1,100,000 square feet, with Class A at 465,000 square feet and Class B and Class C at 635,000 square feet. This continues the trend of Class B and Class C space absorbing at a higher rate than Class A for two potential reasons: The first is the delay in construction of several speculative projects; the second is industrial users potentially settling for lower-quality
buildings due to either lower pricing or absolute need for immediate occupancy.
Redevelopment Authority and the RIDC of Southwestern Pennsylvania announced they secured Ferguson Enterprises for a 150,000-square-foot build-to-suit at the newly named RIDC Fairywood. This site is situated in a historically active urban infill warehouse distribution market and involves the redevelopment of a former public housing project. While several private developers attempted to bring the site to market over the past 10 years, it took a public/private partnership to resolve site
Market Activity
While no major blockbusters were announced in the second quarter of 2022, there was activity throughout the ten-county region and the primary-five county region Newmark tracks.
Within the City of Pittsburgh, the joint venture between the Urban
The real estate development life cycle
Photo courtesy of Ed Massery Photography
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DEVELOPING PITTSBURGH | Fall 2022
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