One of the best real estate forums done each year is the Viewpoint presentation that Integra Realty Resources does each January. At last Thursday’s Viewpoint event, the analysis pointed out just how strong the markets in the far north and south are right now.
The most amazing stat was that Southpointe had a net positive absorption of space of 600,000 sq. ft. in 2013. The presenter noted that was a volume that exceeded the entire Pittsburgh market most years. What makes the number more amazing is that there were new buildings delivered last year. Right now, Horizon and Burns & Scalo have another 600,000 or so under construction, at least one-third of which is already leased.
In the north, the construction of the Highmark Wellness Pavilion has sparked three new buildings within a three-wood of the site on Route 19. UPMC is planning a 24,000 sq. ft. spine center between two 40,000 sq. ft. offices.
And in Cranberry – which has been softened a bit by the downsizing at Westinghouse – the market is shifting into higher gear. With construction of the Penguins/UPMC facility about to begin, four projects over 100,000 sq. ft. are going through the planning process. Sampson Morris is planning a 125,645 sq. ft. mixed use project called Ehrman Square. Developer Sippel Enterprises is getting approval on the 190,000 sq. ft. Pens/UPMC project. Diversified Productivity Group is planning a 189,000 sq. ft. recreational facility that will include the Ellwand Shooting Sports Academy.
Chaska Property Advisors is proposing construction of buildings 280 & 290, adding roughly 100,000 sq. ft. to the Cranberry Business Park. Chaska’s Dick Donley explains that his plans are to get the projects entitled for future construction, rather than to build upon approval.