Industrial Leasing Continues Strong Pace
AJ Pantoni, Director of Industrial Brokerage
Jim Winter, Senior Director of Corporate Services and Commercial Brokerage
Pittsburgh, PA -- Hanna Langholz Wilson Ellis recently released our November 2018 Western PA Industrial Market Report. The report outlines the typical market statistics, but more importantly evaluates the users of industrial space in our area, which is necessary to understand for developers and Brokers alike.
The region has the eye of a few specific types of users. The area is seeing interest from companies looking to onshore their critical inventory in order to avoid tariffs.
There is significant uptake from oil and gas related companies as well as logistics companies looking for warehouse space. Solar farm operators are looking for underutilized, topographically challenged land. In fact, the state of Pennsylvania has mandated that by 2020, 0.5% of all electric generation must come from renewables such as solar power. Vertical Farming operations are interested in coming to the market as well. We expect interest in the area to continue for the next 8-12 quarters. In order to fulfill this appetite and alleviate the low vacancy rate, additional land will be needed for build-to-suit requirements.
In September, Pantoni and Winter announced the availability of a 1,200-acre site in Washington County. The site is called Zediker Station and is expected to attract national attention from logistics, light manufacturing, and high tech users. This rare site would be ideal for such users referenced above.
Read more about the report here.