The Federal Reserve is committed to raising interest rates until inflation is tamed with the hope of avoiding an economic recession in the process. GDP has slowed in 2022 but has not yet been defined as a recession. With that as a backdrop, it appears the industrial market has not been materially impacted, although there are signs that there may be a pause in decision- making (if not demand) to allow macroeconomic factors to work through the system.
cost challenges to make the project a reality. There is one other adjoining site available to accommodate another 150,000-square-foot building. While not within the City of Pittsburgh limits, the RIDC of Southwestern Pennsylvania announced another project in the East submarket on the former Carrie Furnace site. The plans call for multiple flex buildings throughout the 104-acre site in the Rankin Borough. The RIDC of Southwestern Pennsylvania announced a joint venture with Armstrong County to rebrand Northpointe into the RIDC Armstrong Innovation Park located on Route 28 in Freeport. The RIDC committed to develop two 30,000-square-foot spec-flex buildings to provide inventory to serve the Alle-Kiski market. In the West submarket, several developers continued their recent business model of providing new Class A inventory to serve the Airport Corridor. Chapman Properties
announced the start of the first of two 99,000 square-foot buildings in Chapman
191,000 square feet and is on schedule for December 2022 completion. Building II, at 224,000 square feet, is scheduled for late January 2023 delivery. In the Clinton Commerce Park, Al. Neyer Inc. started construction on a 70,000-square-foot building on the last remaining site in the Clinton Commerce Park. At the nearby Skyview Business
Westport, adjacent to their existing 73,000-square-foot flex buildings.
At Westport Ridge, significant progress was made on the site improvements by NorthPoint Development for Buildings II and III of Westport Ridge in the Findlay Industrial Park. Building III contains
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