Locally known as ‘The City of Bridges’ and ‘The Steel City’, Pittsburgh gets the name from having so many bridges, 446 to be exact and the reference to its former steel manufacturing days. Being the second largest city in the state of Pennsylvania, it has a population of 334,563 residents and has a growth rate of 7.3 . Crime index is at a high level of 558.3 considering the national average is only 320. Since the shutting down of the steel factories, industry concentration has moved into new up to date areas such as the biomedical technology, robotics, health care, nuclear engineering and of course tourism. The arts and cultural industry also contributes towards economic growth as well with jobs for the people and tax profits for the city which should help the slow recovery in the office space market in Pittsburgh (for serviced and temporary unit also). Other local areas we service include Bellevue, Dormont, Forest Hills, Liberty Avenue, North Side, South Side and Squirrel Hill.
Office Space in Pittsburgh Rental/Vacancy Rates:
Cushman & Wakefield reported that office vacancy rate in Pittsburgh central business area was at 13.1 percent in the first quarter of 2009. As with other cities in the United States, Pittsburgh’s office market was also affected with vacancies and lower tenancies, with supply outweighing demand. But despite this figure, it is good to note that Pittsburgh’s vacancy rates are still one of the lowest in the country. Office space rentals in Pittsburgh are at an average of $21.52 per square foot. If you need to figure out how many square feet you will need and how to measure your office floorplan we can help. As bleak as it looks right now, it should be noted that many companies have setup their headquarters here and are contributing towards job opportunities for the people here. Some of these companies are Bayer USA, Alcoa, Deloitte Touche, FedEx, BNY Mellon and GlaxoSmithKline. Philadelphia is another major city nearby that is trying to survive this sad economic time.
Pittsburgh Commercial Market and Economy:
Many multi national companies have also set their headquarters here in the city. Some of the prominent names include H.J. Heinz Company, PNC Financial Services, WESCO International and US Steel. Financial institutions (all need to rent some sort of office space in Pittsburgh PA) which are located in the downtown district include GNC, Dollar Bank, Federated Investors, National City Bank, Citizens Bank and Bank Ariba. Healthcare giant UPMC has its corporate office in the US Steel Tower. Together, these corporations ensure the steady growth of the city and ample job opportunities for the residents of Pittsburgh.
Downtown Pittsburgh Commercial Office Sector:
Downtown Pittsburgh has a host of attractions with its cultural and entertainment avenues and not to mention its historical sites as well. Famously named the Golden Triangle, the areas surrounding it are the Pittsburgh Central Downtown Historic District, Point State Park, the Cultural District, the Fifth and Forbes Corridor, the Grant Street and the First Side Neighborhood. Incidentally, The Pittsburgh Pennsylvania Central Downtown Historic District was designated in the National Register of Historic Places. It is set in the heart of the business area cornered by Wood Street, Forbes Avenue, Grant Street and Liberty Avenue. The Fifth & Forbes Corridor is the main shopping area and includes the well known Market Square. On these streets, you will find the Saks Fifth Avenue, Burlington Coat Factory and Macy’s. The Grant Street area is a well sought after corporate address and has a skyline of some the tallest skyscrapers. Walking through the city, you will realize the blend of history and modern times right before your eyes and the fun to be had for locals. This is probably why many people still flock to the city looking for opportunities to live their American dream and start or grow a small business.
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