There’s a whole lot of building going on in the suburbs of Pittsburgh.
In its first-quarter office report, the CBRE real estate firm found that 1.4 million square feet of office space is under construction in the Pittsburgh suburban markets — the most in nearly a decade.
At Southpointe, more than 601,141 square feet is under construction. While more than half of it — 383,141 square feet — has been pre-committed to tenants like Ansys and Noble Energy, another 218,000 square feet will be available to firms looking for space.
In the Parkway West corridor, DiCicco Development is adding a 130,000-square-feet class A office building and Building 210 at Pittsburgh International Industrial Park will bring another 53,584 square feet, which has been leased to ANH Refractories.
Construction also has started on a 200,000-square-foot global headquarters for Industrial Scientific.
In the city, work has begun on the Gardens at Market Square project, which will add 128,000 square feet of class A office space Downtown. At Bakery Square 2.0 in the East End, another 400,000 square feet eventually will be available.
In addition, the Elmhurst Group has broken ground on the 105,000-square-foot Schenley Place development in Oakland, where there has been no new construction deliveries since 2009, according to CBRE.
The demand for space continues to be high. The overall class A vacancy rate for the Pittsburgh market was 5.4 percent for the first quarter. Downtown it was 5.6 percent.
Mark Belko: firstname.lastname@example.org or 412-263-1262.