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Developing the Riverfronts DEVE LPittsburghOPINGSpring 2016 Developing The Riverfronts Office and Industrial Market Reports Profiling 3 Crossings The Jobs Market: Pittsburgh vs. Its Peers HIGHEST AND ® BEST USE... opportunities and constraints strategically transformed CEC uses informed analysis to identify and harness the potential of each site’s unique conditions, creatively enhancing value while delivering a conscientious integrated design. CEC’s consulting services for the commercial, institutional, educational, retail, industrial and residential real estate markets are utilized by owners, facility managers, developers, architects and contractors at all points in a property’s life cycle. Services ► Site Selection / Due Diligence ► Land Survey ► Landscape Architecture ► Civil Engineering Services ► Geotechnical Engineering ► Construction Phase Services ► Building / Site Operation & Maintenance ► Construction Management Expertise ► Acquisition ► Development ► Management ► Redevelopment www.cecinc.com | 800.365.2324 Austin | Boston | Bridgeport | Charlotte | Chicago | Cincinnati | Columbus | Detroit | Export | Greenville Indianapolis | Knoxville | Nashville | Philadelphia | Phoenix | Pittsburgh | Sayre | Sevierville | St. Louis | Toledo TRUTH BE TOLD. MATT BAGALEY, P.E. Project Manager The truth. It’s the most effective tool in our belt. And solidly in our DNA. We take “estimates” seriously, and manage your project accordingly. We manage the unforeseen seamlessly. And work it to your advantage. A FULL-SERVICE CIVIL ENGINEERING FIRM 412.921.4030 GatewayEngineers.com | Spring 2016 05CON President's MessageTENTS 33 Developer Profile Continental Real Estate 06 Feature Developing the Riverfronts 39 Developing Trend Is the Multi-family ride coming to an end? 43 Eye On the Economy 49 Office Market Update CBRE 55 Industrial Market Update Newmark Grubb Knight Frank 61 Capital Markets Update 67 Legal / Legislative Outlook 21 2016 NAIOP Pittsburgh Awards Understanding Pittsburgh’s proposed riverfront overlay. 71 Benchmarks Job creation in Pittsburgh and its peer cities. 77 Voices Engineers discuss the slowdown in natural gas exploration. 79 News from the Counties People / Events 25 Development Project 88 3 Crossings www.developingpittsburgh.com 3 PNC REAL ESTATE | Successful commercial real estate owners, developers and investors can envision the properties of the future — even before the first sketch is made. PNC Real Estate shares that vision. As a top five originator,* we offer comprehensive banking insights, solutions and the expertise to put them to work. Whether you need construction, bridge or permanent financing; public equity or debt solutions; treasury management; risk mitigation; or loan syndications, know that we can help bring your vision to life. To learn more, visit pnc.com/realestate. REAL ESTATE BANKING | AGENCY FINANCE | TAX CREDIT CAPITAL | MIDLAND LOAN SERVICES *Top 5 in originations among banks, MBA 2014 ◊ PNC, PNC Bank and Midland Loan Services are registered marks of The PNC Financial Services Group, Inc. (“PNC”). Treasury management and lending products and services, and investment and wealth management and fiduciary services, are provided by PNC Bank, National Association (“PNC Bank”), a wholly owned subsidiary of PNC and Member FDIC. Investment banking and capital markets activities are conducted by PNC through its subsidiaries PNC Bank, PNC Capital Markets LLC, Harris Williams LLC, Harris Williams & Co. Ltd. and Solebury Capital LLC. Services such as public finance investment banking services, securities underwriting, and securities sales and trading are provided by PNC Capital Markets LLC. PNC Capital Markets LLC, Harris Williams LLC and Solebury Capital LLC are registered broker-dealers and members of FINRA and SIPC, and Harris Williams & Co. Ltd. is authorized and regulated by Financial Services Authority (FRN No. 540892). PNC Bank and certain of its affiliates, including PNC TC, LLC, do business as PNC Real Estate. PNC Real Estate provides commercial real estate financing and related services. Through its Tax Credit Capital segment, PNC Real Estate provides lending services, equity investments and equity investment services relating to low income housing tax credit (“LIHTC”) and preservation investments. PNC TC, LLC, an SEC registered investment advisor wholly-owned by PNC Bank, provides investment advisory services to funds sponsored by PNC Real Estate for LIHTC and preservation investments. Registration with the SEC does not imply a certain level of skill or training. This material does not constitute an offer to sell or a solicitation of an offer to buy any investment product. Lending products and services, as well as certain other banking products and services, require credit approval. ©2016 The PNC Financial Services Group, Inc. All rights reserved. CIB RE REB PDF 1115-0104-200041 President’s Message PUBLISHER Tall Timber Group www.talltimbergroup.com 2015 was another fantastic year for Harrisburg in mid-May to discuss our NAIOP Pittsburgh and I really loved state issues. I surely hope the budget EDITOR serving this great organization as your stalemate is done by the time we get Jeff Burd President. Before I focus on the year there! We are finishing the roll out 412-366-1857 ahead, I’d like to recap some of the of the enhanced website, which is [email protected] highlights from 2015. targeted to be completed in March. I think you will love the improvements. PRODUCTION Our Annual Awards Banquet has We have a strong monthly education Carson Publishing, Inc. Kevin J. Gordon already won awards, but we felt that it platform for you in 2016, which will [email protected] may be time to freshen up the event; include some joint events with the therefore, we instituted some great Pittsburgh Airport Area and CoreNet. ART DIRECTOR/GRAPHIC DESIGN tweaks to the evening. The result was We have added a Political Landscape/ Carson Publishing, Inc. fantastic and from surveys conducted it Advocacy event for later this year. Jaimee D. Greenawalt looks like we made some great deci- Lastly, we are working to line up a sions. We had very successful advocacy signature speaker event for later this CONTRIBUTING PHOTOGRAPHY trips to Washington, DC and Harrisburg year so keep an eye out for details. Riverlife as we were making sure the needs of Charles Uhl Ed Rieker Photography our members were being heard. We 2016 for sure will be over before we Mark Grosso formed very active task forces that know it, and I’m definitely looking Rycon Construction are focused on addressing State and forward to continuing to serve this Horizon Properties Group local permitting issues that impact great organization. Burns & Scalo Real Estate Services our members. Recently we met with the PWSA to open dialogue on plans CONTRIBUTING EDITORS submissions, improved communications Karen Kukish and finding ways to meet our common ADVERTISING SALES goals. 2016 will see a continued focus Karen Kukish on DEP issues relating to processes 412-837-6971 and transparency, and transportation [email protected] will remain a priority as we engage the various agencies in an effort to improve MORE INFORMATION: infrastructure throughout the region. DevelopingPittsburgh is published by Tall Timber Group for NAIOP Pittsburgh We began to make improvements to 412-928-8303 our website, and we reinstituted our www.naioppittsburgh.com Finance Committee which focused on No part of this magazine may be financial reviews and the implementa- reproduced without written permission tion of new cash reserves and invest- by the Publisher. All rights reserved. ment policies to make sure we are focusing on the future. It was a great This information is carefully gathered and com- year, but it went so fast and we have piled in such a manner as to ensure maximum much more to do. Brian Walker accuracy. We cannot, and do not, guarantee NAIOP Pittsburgh President either the correctness of all information furnished nor the complete absence of errors and omis- This year, I’m very thankful to have sions. Hence, responsibility for same neither can another year to serve as your President. be, nor is, assumed. We will finish what we started on the advocacy side, continuing to push Keep up with regional construction forward with our aforementioned task and real estate events at www.buildingpittsburgh.com forces. We were in Washington, DC in February to continue to fight for our key local and national issues of our members. I urge you to visit www. naiop.org to see the 2016 National advocacy agenda. We will be back to www.developingpittsburgh.com 5 feature 6 DEVELOPINGPITTSBURGH | Spring 2016 feature t started with the rivers. When you consider the topography of Western PA, there certainly weren’t many other reasons to stop and settle along the steep hillsides and forests of Pitts- Iburgh. But the watersheds that created the rivers that meet in Pittsburgh (and McKeesport too) gave life to the region, and eventually to indigenous tribes and settlers from Europe. “The rivers were the first superhighways. We fought a war over them, the French and Indian War,” notes Tim White, senior vice president of development for the RIDC of Southwestern PA. “The railroads were the next superhighways. Now it’s vehicle traf- fic but there is still a tremendous amount of material moved by rail. When people say riverfronts, you need to think of them as highway exits. Where riverfronts were developed, it was to give access to the river and the railroads.” www.developingpittsburgh.com 7 feature The master plan
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